What is a release deed? When do you execute one?
A ‘deed of release’ or ‘release deed’ is a legal document which you execute when you wish to remove any claims or rights you may have to the property, to allow the buyer to purchase the property free from encumbrances. Release deeds are typically executed when one of the co-owners of a property is giving up her share in favour of the other owner.
Contents of a release deed
- Date of release
- Statement of release- This refers to to the statement which declares that the seller/co-owner will cease to have any claims to the property after the execution of the deed;
- Name, age and address of the transacting parties who are executing the deed;
- Description/specifications of the property;
- Signatures of the transacting parties;
- Names and signatures of the witnesses.
How to register a release deed in Navi Mumbai?
- You can pay the stamp duty for your release deed online.
- Visit the Maharashtra e-Gras portal.
- If you do not want to register yourself on the website, click on ‘Pay without registration.’ Then click on the ‘Citizen’ button.
- Click on the ‘Pay stamp duty and registration fee together’ option under the ‘Make payment to register your document’ tab.
Fill up the following information in the form that appears-
- Department details: Choose the district and sub-registrar office in whose jurisdiction your property is located. Choose the article code ‘Release’.
- Payment details: Under payment details. Specify the stamp duty and registration fee you must pay.
- First party details: Enter the name, PAN, and mobile number of the buyer.
- Second party details: Enter the name and PAN of the seller.
- Property details: Enter flat/survey number in case of a plot, locality or road, area/city, and pincode of the property.
- Property value details: The market value of the property and consideration amount which is the amount you actually paid to the seller.
- Payment mode: choose the mode of payment from the given options,
Once you have made the payment, visit the relevant SRO to register your deed.
How is a release deed different from a relinquishment deed or an encumbrance certificate?
Relinquishment deeds, unlike release deeds, are exclusively signed between the co-owners of a property who are also its legal heirs. Encumbrance certificates state that the transacted property does not have any encumbrances. In contrast, release deeds state that the particular seller or transferor who is transferring the property to you will cease to have claims on it.
Image by Parth Savani on Unsplash
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