Release deed
Bhasker Thirumala
(Querist) 19 August 2009
This query is : Resolved
Dear Sir or madam
We have a query, and seek your kind guidance on the matter if possible...
We have a flat in our building where in the flat has two names in the agreement
1) Maternal Aunty (mothers sister)
2) niece
The niece is planning to get married shortly and wants to retract her name from the society records by mutual concent and without any monetry benefit or otherwise etc.. she wants to subrogate her rights on the property back to her aunty..
We had initially suggested them to get
a) Deed of release by the second name to the first nameby mutual concent..
b) Indeminity to our society wherein our society shall not be responsible or liable for such transfer of rights in any way..
c) Formal application to our society..
What are the documents necessary and the procedures therein...
The member expressed that they donot want to register the Deed of transfer but will get it notorised to save on payment of stamp duty & registration charges etc..Is it mandatory to get he registration done for the Deed of release..
Appreciate your kind and valuable advise on the above..
Thanks an regards
Bhasker Thirumala
A V Vishal
(Expert) 19 August 2009
A release deed has to be registered under the Indian Registration Act, without which it is of no use.
The Indian Registration Act 1902 specifies the documents that have to be compulsorily registered and those that are not compulsorily registrable.
This is further clarified under the provisions of the Transfer of Property Act 1882. Apart from statutory reasons, in order to create a permanent record, it is always advisable to register any document related to immovable property.
Documents to be compulsorily registered
There are certain documents, which need to be compulsorily registered. These are specified under Section 17 of the Indian Registration Act 1902. These include:
? Documents related to gift of immovable property. Any gift deed irrespective of the value of the gifted property needs to be registered
? All non-testamentary documents which create interest, right, or title in immovable property
? All non-testamentary documents which extinguish or cancel any right, interest, or title in the immovable property
? All non-testamentary documents which declare, assign, limit or restrict the interest, title, or right in immovable property
? All non-testamentary documents which acknowledge the receipt or payment of any consideration on account of transactions pertaining to right, title, or interest in the immovable property
? All non-testamentary documents transferring or assigning any decree or order, that affects the interest, rights and title in an immovable property
Most types of mortgages need registrations. However, mortgages created by depositing title deeds (also known as the equitable mortgage) are not compulsorily registrable. Under the provisions of Section 54 of the Transfer of Property Act 1882, the sale of immovable property, the value of which is Rs 100 or more, should be registered. If the value of the immovable property is less than Rs 100, the registration of sale deed is not compulsorily registrable. So, effectively, all property sale deeds need to be registered .
