Release Deed
SERVICE OVERVIEW
Release Deed
A Release Deed is a legal document that removes a previous claim to a lien or an asset. You can use this to transfer your rights in a particular property without exchange of money or any consideration. It must be signed by both parties, stamped, and registered under Section 17 of the Registration Act, 1908.
By a deed of release, a person renounces their claim over a property. Registered under the Indian Registration Act, 1902, this document dismisses a lien or other clinical claim on a property over which the person making the release deed holds a title. It is mandatory for such deeds to be registered to be legally valid.
Key Features of a Release Deed
A release deed is often confused with a gift deed, but they differ in nature. This transfer is irrevocable and usually occurs without any monetary consideration. It restores suspended rights of the owner rather than creating a new title.
The person making the deed is the "Releasor," and the beneficiary is the "Releasee." It is commonly used when a mortgage or debt is paid in full, or when one partner in a share from the property then in that case Release Deed executed. Hence, renouncing a right in the property, to set free all the claims.