what is release deed without consideration ?
Swaroop Godbole
(Querist) 15 November 2010
This query is : Resolved
what is release deed without consideration ?
what is "release" ?
whether release can be effected of limited ownership or absolute ownership ??
s.subramanian
(Expert) 16 November 2010
Release is a form of transfer of property recognised in Indian Laws. A coowner of a property can convey his share to the other co owner by releasing his rights over the property in favour of the other. Release can effected in both the types of rights.In case of limited rights,such limited rights can alone be released.
Shashikant V. Patil
(Expert) 16 November 2010
1. Release deed without consideration is a deed executed without taking any money. In this deed , your interest and rights are given up from the property willingly and volunteerly without taking any money.
2. Release means give up.
3. It is effected in the cases of limited ownership.
Sri Vijayan.A
(Expert) 16 November 2010
Release deed can be executed in favour of existing owner (co-owner) only.
For example, there are 3 brothers inherited a property from their father. all the brothers are co-owners of the property. One brother can relese his share towards any other brother or both the brothers.
Then the other two brothers alon be owners of the property.
Reg. with/out consideration Mr.Patil explained
Uma parameswaran
(Expert) 17 November 2010
The effect of release depends upon the release deed.
