A release deed is a relinquishment of your rights. It is mostly used in property cases. A special provision has been made for it in the law. A disclaimer is made in respect of property inherited by a person.
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When is a waiver made?
Probate is done in situations where a property has more than one heir. In case there is no dispute regarding the property between any of the heirs, one heir can issue a release deed to another heir. In the relinquishment letter, it is mentioned that I have inherited this property and am leaving it for someone else. In this type of release deed, the right is given up for a certain amount or even for free.
Just as there are forms of acquisition of property, there is also a form of relinquishment in that form. Relinquishment entitles any person to any property. A relinquishment is similar to a contract of sale. The only difference is that rescission is done only in close relations and between persons who are both heirs to the same property. A property does not have to have only two heirs, it is stated only for the purpose of clarification, any property can have multiple heirs. Probate is usually done in case of ancestral property, where there are multiple heirs to the same property who have inherited the property and have not purchased such property.
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How are rights created?
A lawyer can be taken for revocation. However, the parties themselves can execute such a deed, there is no compulsion. Such release deed must be registered under Section 17 of the Registration Act. Because under the Indian Registration Act, such a release deed requires registration. Because this release deed gives a person absolute right over the property. No release deed should be prepared only by notarial attestation, but such release deed must be registered.
This type of registration charges very little stamp duty and is a registration. Generally people do a gift deed in this case and have to pay more stamp duty, while in case of disclaimer, the stamp duty is less. Haksod has the same legal force as sale deed, gift deed or will. A release deed makes any person the absolute owner of the property.
Who can abdicate
Any person having possession of the property who is not insane or a minor may relinquish the right. Relinquishment of one’s right in a way is called relinquishment of right inherited, so here only heirs can relinquish each other’s rights.
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What are the benefits?
The advantage of disclaimer is that if the parties want to transfer the property to any one person, they transfer the property to him at a very low stamp duty. Thereafter that person becomes the sole owner of such property. He gets all kinds of rights in relation to that property. Such an agreement can be entered into only when the heirs mutually agree. In any case, when there is a dispute between the heirs, such a deed is not prepared.
What is the difference between a gift and a waiver?
Gift and lien look similar but there is a big difference between the two. For example, a gift can be given by any person to any other person. So rescission can be done in relation to the person who is heir to any property.
Waiver cannot be left to any outsider. Another major difference is that money is not paid in lieu of a gift, whereas money may or may not be paid in relinquishment of rights. Nothing is written as consideration in the gift. The similarity is that both have to be registered. Generally people think that registration of withdrawal is not necessary. In fact, no exemption has been given in this. An unregistered waiver is not valid.
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Can the disclaimer be revoked?
In a case in Nashik, the disqualification letter issued by luring a destitute sister has been canceled by the Collector and District Magistrate under Section 23 of the Maintenance and Welfare of Mother, Father and Seniors Act, 2007 Act. This disenfranchisement was canceled by the Collector and District Magistrate informing that it is mandatory to take care of the senior citizens of the family. (Laws change from time to time. The above information is as per the current law. So consult a legal expert before taking any legal action.)
(The author is a legal scholar and is also working as a legal consultant in Pune and as an advocate in the Pune District Court.)