Release Deed is a legal document that is used to relinquish someone’s claim over a property. A deed of release can be used to commence the release of the parties from any previous obligations.

A release deed is also known as a relinquishment deed, for immovable property is a valid, legitimate document recognized under law in India. It involves a transfer of right, title, and interest in the immovable property, and is considered valid only when it is signed by parties in the presence of witnesses, adequately stamped and registered. 

It must be registered with the sub-registrar’s office to have a legal sanction, after the payment of stamp duty and registration charges. States apply varied stamp duty rates on the release deed since property transfer is regulated by state legislation. The Stamp Duty for Release Deed is 500 rupees and the Registration amount is 1000 when it is with consideration, within Maharashtra. If it is without consideration then the Stamp duty shall be 6% and Registration would be 1% over the value of the property within Maharashtra. 

Implications Of A Release Deed  

The transfer of a property becomes irreversible once it is free of all legal obligations through the execution of a release document. This is valid even if the party relinquishing his claim to the property has not received any monetary compensation. 

The deed of release ensures that no party participating in the previous agreement or any dispute relating to the subject can continue to do so. 

Essentials Of A Release Deed 

• Releasor and Releasee: The person receiving the Relinquished title/rights/shares is known as a releasee and the person who releases himself from such a title/right/shares is known as the Releasor/Executant.
• Property Details:  The details of the entire property are important including the name of the last owner. It is needed to mention all minute details such as a complete address, registration details, survey number, Sub-registrar office details, etc.
• Heirs: All present heirs to that property must be named preferably in a table with details like age, address, details of name/title, and relationship to the deceased ‘absolute owner.’
• Shares Details: The property will be owned by heirs according to the applicable “Succession Act”.If no will exists when the relinquishment deed is created, the proportion of shares held by each heir should be mentioned.
• The Relinquishment Clause: The Release Deed shall clearly mention that the executant is relinquishing his claim from the property. It must be accompanied by a declaration that they and their legal heirs will have no claim above the mentioned property in future.
• Authorized Signatures: The paperwork must be signed by all of the releasees and executors. It must be attested by two witnesses where the property is located before being registered at the designated Sub-registrar office.