What does relinquishment deed mean?
If you are wondering what relinquishment deed’s meaning is, it would be better to explain the same with an example. In case three sons of a person have inherited a large property in their hometown after their death who has not left a written will. If two of the three sons work in far-off cities and find this cumbersome in managing the estate in their hometown, they can transfer the rights in the name of the third brother who lives near the ancestral property and can handle the estate well.
Suggested Read: What is Gift Deed?
Objective of relinquishment deed
Generally, the use of relinquishment deed arrives when the owner of the property dies without writing a will. Let us understand with an example:-
If Mr Ashok, who has two sons, dies due to heart attack without having a will. Now, the elder son wants to give property rights to the younger brother, in this case a relinquishment deed will be needed. When such a situation arises, a relinquishment deed is created. The deed can only be created only between the co-owners. Once the deed is ready, you should get it registered.
Benefits of a Relinquishment Deed
Avail the following benefits when you get relinquishment deed made:-
Seamless transfer: WIth relinquishment deed in place transfer of property becomes easy.
Secure transfer if no Will: If a no will is written by a deceased person then relinquishment deed helps in easy transfer of property.
- Other heirs: A legal heir can transfer the property to additional legal heirs if relinquishment deed is in place.