ತ್ಯಾಗ ಪತ್ರ vs ಬಿಡುಗಡೆ ಪತ್ರ: ಒಂದೇ ಅಲ್ಲ! || Difference Between Relinquishment Deed vs. Release Deed

Описание: Relinquishment Deed vs. Release Deed
Relinquishment deeds are legal documents that allow a person to give up his or her legal right to property to another person with their consent. A deed of release, also known as a deed of reconveyance, is a legal document used to renounce one’s claims against a specific property. A release deed completely releases the parties from their previous obligations. While there is no discernible difference between the two, the context in which the terms are used vary. However the essential purpose of the two (relinquishment deed and release deed) is the same.

Relinquishment Deeds
For instance, if a person dies without leaving a will and his property passes to his legal heirs (his two sons). Now, one of the sons, for personal reasons, transfers his rights to the property to his brother. The transfer of rights is referred to as a relinquishment deed online in this context. However, in the case of relinquishment, the person receiving the deed must be interested in acquiring the property. In addition, that person must give full consent to take over the entire share of the property. Otherwise, the deed of relinquishment will become void and cannot be legally enforceable. Also, it must be noted that a relinquishment deed can only be executed towards a member of the family in most cases or a co-owner of the property and not anyone else.
Release Deeds
When it comes to a release deed, the deed can be enforced against anyone who previously had a vested interest in the property, regardless of whether they were coparceners or not. When a person applies for a loan from a bank, the bank takes complete control of the homebuyer’s previously owned property as collateral. When the loan is paid in full, the mortgage is returned to the owner along with a release deed. Through the mortgage release deed, the bank relinquishes temporary possession of the mortgage to its owner. As a result, in a mortgage release deed, the parties involved do not have to be relatives or coparceners.
Moreover know about relinquishment deed can only be used for inherited properties and not for the release of services. An employment release deed, for example, can be executed to release both the employer and the employee from previous obligations. Or, in some cases, to establish the terms of the employee’s severance package. The release deed can also be used to prevent an employee from disclosing certain highly confidential company information and/or from forming his own company using such confidential information.
Requirements of a Relinquishment Deed
A relinquishment deed is a legal document used to transfer a claim from one person to another. It must be meticulously executed and registered as per Section 17 of the Registration Act,1908.
The deed must be drafted on a ₹ 100 stamp paper. It should then be submitted before the sub-registrar within whose jurisdiction the property lies along with the registration fees. Executing this deed also requires the signature of two witnesses.
Requirements of a Release Deed
A release deed must also be registered in the same manner as prescribed above, such a deed doesn’t need to be notarized.
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