Release Deed

Release Deed

Release Deed

The property can only be released in the name of a person who is co-owner or co-sharer in the property. Or in other words, property cannot be released in the name of any third person other than the already existing co-owner. Hence, for a valid release deed, the person getting the released property must be a legal heir.

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Frequently Asked Questions

A deed which can be enforced towards anyone who has a pure interest in the property.

Yes. For e.g. It is assumed that post the demise of your parents, the flat is owned by all three siblings in equal proportion and the share certificate issued by the society is in the name of all the siblings. Under such circumstances, your siblings may execute a release deed in your favour when they have to give up their share.

Release deed will attract stamp duty for transferring or releasing the deceased interest, depending on the state in which the immovable property is situated

A deed of release is used to end an agreement or dispute and to make sure that no party can continue with the dispute or agreement. For example, when a commercial dispute is resolved with another party, both parties will need to formulate a deed of release.

The following are different types of deeds of release:

  • Ending a personal guaranteeis a deed of release that allows an individual to end personal guarantee and personal liability.
  • An employee deed of release is part of the employment contract. It relates to the termination agreement, redundancy agreement, or is part of a settlement between an employee and employer.
  • Termination of a credit agreement or loan involves ending a mortgage or loan agreement.
  • Resolving a commercial dispute is often in relation with a deed of settlement

This release deed will have to be registered before the concerned office of the sub-registrar of assurances on payment of stamp duty.

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