When an individual dies intestate, i.e. without leaving a will or testamentary will), the property of that individual is inherited by his/her legal heir. Then it’s up to the heirs as what they want to do with the said property. If the heir’s concluded separation of property, then anyone of the co-owner does not wish to keep the property can relinquish his share in favor of the other owner. “Relinquishment of Property” is the process of transferring ownership over the property from one heir to another.
Meaning of Relinquishment Deed
“Relinquishment of Property” is executed through a “Relinquishment deed” which is a legal document/instrument by which a legal heir releases his legal rights in an inherited parental property and transfers it to another legal heir.
Sample format of Relinquishment Deed
This Deed of Relinquishment is made and executed on this ………………… day of ………………….. by Shri ……………….. s/o ……………………. residing at ……………. (hereinafter called “the EXECUTANT/RELEASOR”).
IN FAVOUR OF
Shri ………………………… s/o…………………………, residing at ………………………… (hereinafter called the “RELEASEE”).
Whereas the EXECUTANT/RELEASOR is the legal heir of the deceased Late Shri/Smt…………………………. who died intestate (Death Certificate enclosed) leaving behind the following legal heirs:-
SL. No.- Names- Age- Relationship- Address
1.
2.
AND WHEREAS consequent upon the death of Shri…………………………. the said Shri………………………… has left behind the Executant/Releasor a property i.e. House No………. situated in………………………… admeasuring about…………………sq. Ft. Consisting of ………………rooms at …………………………
AND WHEREAS during the lifetime of Shri/Smt. …………………………he had expressed his desire to bequeath the said House to the Releasee.
AND WHEREAS the Executant/Releasor was also aware of the same and as such for transmitting share an interest in the said House no. ……………….. in favor of the Releasee and Executant/Releasor has shown his willingness to execute necessary documents by relinquishing his share and interest as a legal heir in the above-mentioned property.
AND WHEREAS the Releasee to become the exclusive owner of the premises, the Executant/Releasor relinquishes and ceases to have any right, title or interest therein.
AND WHEREAS it is necessary to bring this fact on record.
NOW, THIS DEED/INDENTURE WITNESSES:
1. The Executant/Releasor out of natural love and affection and without any monetary consideration has released and relinquished in favor of the Releasee all their rights, titles an interest in the said house situated at …………………. and to hold the same as the absolute. And the Executant/Releasor do hereby declare that the said premise and has been the exclusive property of the Releasee with effect from …………………..
2. That the Executant/Releasor does hereby declare that the Releasee is entitled to have his name incorporated as the owner of the said House in the records of the society by transferring share, title and interest in his name. And the Executant/Releasor will do every such assurance or thing for further or more perfectly assuring the property released to the Releasee as may be reasonably required.
IN WITNESS WHEREOF the parties hereto have executed this instrument on the date, first hereinabove mentioned.
(…………………………) (…………………………)
RELEASEE
(…………………………)
EXECUTANT/RELEASOR
WITNESS
1.
2.
Regards
XYZ
