vinodh (-) 06 May 2015

Release among family members

Hi,

We are planning to partition common property among our family members. When we approached document writers / lawyer's they gave us two options:

1) Partition deed

2) Release deed

They explained about the both the deeds and about Stamp & registration charges (which has no difference, charges are same for both deed).

We choosed RELEASE DEED. Because there will not be any dependency on other member (say 1st member of the family) ,who holds main deed were others can have only the copy of docment, and whenever required we have to disturb the other for the main copy in case of any verification.

So, we decided to have separate documents among our family members and choosed RELEASE deed.

My question here is:

1) Is this right approach to go with the RELEASE deed?

2) What are main points to be mentioned here?

3) Is this will be valid, in case if we want resale our property without any legal issue?

Please help in answering the above.

Thank you very much in advance!

Regards,

Vinodh.

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4 Replies

saravanan s (legal advisor) 06 May 2015

if you all are ready to partition the property amicably then you can go for a family settlement with the help of a lawyer.release deed is something which one wants to execute if he wants to relinguish his claims over the property either for a consideration or without consideration

SAINATH DEVALLA (LEGAL CONSULTANT) 08 May 2015

A legal document that removes a previous claim or lien on an asset. A deed of release is usually issued once a mortgage or other type of debt, previously secured against the asset, has been paid in full. After the deed of release is written, the asset is owned free and clear by the owner, and any previous claims against the asset that the lender may have had are dissolved

SAINATH DEVALLA (LEGAL CONSULTANT) 08 May 2015

if there are no differences of opinion between all of U , better go for a family settlement.

Jeetender Gupta (Advocate) 09 May 2015

Release (relinquishment) deed is not a perfect solution. Certain jutisdictions do not recognise it. Getting partition deed decreed from court is best course.