Release deed is for relinquishment of share in property
2) in alternative they can execute gift deed in your favour
3) you hav e to pay stamp duty and registration charges
Self owned property. Mother is co-applicant. Mother died in 2019. Best way to have full ownership.
I own a property, its under construction. I am the main applicant. My Mother is the co-applicant. My Mother expired in DEC 2019. I have a loan on property, all documents for loan are mine. I wanted to transfer my loan from a private financial institution to nationalize bank. As the rate of interest is way to high. I have 1 Brother, 1 Sister, Both Married and Father. Bank is asking for Registered Release Deed. What is Registered Release Deed? What is the other good option for complete ownership? Do I have to pay the complete Stamp Duty on my property again ? How much would be the total cost ?
Asked 3 years ago in Property Law
Religion: Hindu
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8 Answers
Dear Sir/Ma'am
A registered release deed refers to a legal document which removes any previous claim made on some property.
Executing a gift deed is another viable option in this case.
Thank you
The registered release deed means that the other legal heirs of your deceased mother have to relinquish their rights in your deceased mother's share in the property by executing a registered release deed.
The stamp duty applicable for this release deed have to be paid which would be applicable to the respective shares alone and not for the entire property.
- As per law, after the death of your mother intestate , her share in the property would be devolved upon all the legal heirs equally
- If your mother was joint owner with you, then after her death without leaving any WILL etc, her 50 % share will go to you, your brother , and sister and father equally i.e. each will get 1/4th share .
- Further, if others are ready for leaving /releasing their shares , then they will have to execute a Relinquishment /Release deed in favour of you.
- As per law this Deed should be registered from the office of the Registrar , and stamp duty will be as per the state provision .
A release deed is declaration by family members that they do not have share in the property and will not claim in future. What you need is only mutation of property in you name in municipal records. It can be obtained by producing death certificate of co-owner. If loan is in your name and you are pying emis you don’t require any release deed from family members. These are usual tricks by lenders to discourage transfers loans. You can approach District Consumer Forum against the bank under new Consumer Protection Act, 2019 under which proceeding are very fast, it amounts of deficiency of service.
1. i assume that the agreement is executed by the builder with you and your late mother jointly
2. so you and you mother have 50% share each in the property
3. as your mother has passed away, her 50% share devolves on her legal heirs who are yourself, your brother, your sister and father
4. thus you, your brother, sister and father each get 12.5%share from the 50% share of your mother
5. your share would thus increase to 50% + 12.5% = 62.5%
6. if your siblings and father are not claiming any right in the 50% share of your mother then they will have to sign a release deed in your favour
7. the stamp duty on the release deed is only Rs. 200/-
8. the registration fee will also be nominal of Rs. 1000/-
9. the registration agent charges and lawyer's professional fee for drafting the release deed will be extra
10. hope your bank will not ask for an heirship certificate from the Court as that will be another expense
11. the release deed has to be compulsorily registered with the Sub-Registrar of Assurances
If you do any ownership document there is stamp duty and registration. You can't avoid the same
1. It appears that your mother is the co-owner of te property in question and she has died intestate.
2. Under the above circumstances, all her legal heirs, including you, shall have equal right on her share of the property.
3. So, you shall have to get a Settlement/Gift/Release Deed registered by the other legal heirs in your favour conveying their share of your mother's share of the said property.
4. Registered Release Deed means a Deed registered by all other legal heirs conveying/releasing their shares of your mother's share of the said property in your favour.
