The essential elements include:

• Parties: Clearly identify the Releasor (the person giving up rights) and the Releasee (the person gaining rights).
• Description of property/asset: Accurately describe the property, asset, or claim being released.
• Description of property/asset: Accurately describe the property, asset, or claim being released.
• Consideration: Specify any payment or benefit received by the Releasor (if applicable).
• Covenants: Include promises or agreements, such as indemnification or non-assertion of claims.
• Warranties: State any warranties or representations made by the Releasor.
• Representations: Include any statements or declarations made by the Releasor.
• Indemnification: Specify the Releasor's liability for any claims or damages.
• Governing law: State the laws governing the Release Deed.
• Signatures and witnesses: Include signatures of both parties and witnesses (if required).
• Date: Specify the date of execution.
• Recitals: Optional, but can provide background information or context.

A Release Deed is necessary for:

• Clearing titles: Releasing claims or interests in a property to ensure clear ownership.
• Resolving disputes: Settling disputes or controversies by releasing claims or rights.
• Transferring ownership: Transferring ownership or interest in a property or asset.
• Ending liabilities: Releasing liabilities or obligations, such as debts or contracts.
• Confirming rights: Confirming the rights of the Releasee, ensuring they have complete ownership or control.
• Preventing future claims: Preventing future claims or disputes by releasing all claims or interests.
• Compliance with laws: Complying with legal requirements, such as stamp duty and registration.
• Tax benefits: Potential tax benefits, such as avoiding capital gains tax.
• Estate planning: Facilitating estate planning by releasing assets or interests.
• Business transactions: Facilitating business transactions, such as mergers or acquisitions.

According to the transfer of property Act 1882, a Release Deed is valid only if registered. The registration of a Release Deed includes the releasor's signature and the Releaseeand attestation by two witnesses (mandatory).

In fact, the Release Deed will be enforceable only if it is registered with the registrar’s office. The registration of a Release Deed involves the enumeration of the essential clauses on a stamp paper and payment of the requisite stamp duty. The value of the stamp duty varies from state to state. It must be noted that if the gifted asset is movable, the jurisdiction of the registrar's office will be according to the place of residence of the releasor.

Yes, registration of Release Deed is mandatory in Maharashtra, as per the Indian Registration Act, 1908.

No, a minor can be a Releasee, but the Release Deed must be executed by a guardian or parent on their behalf.

Yes, stamp duty is payable on Release Deeds in Maharashtra, as per the Maharashtra Stamp Act, 1958. The stamp duty on Release Deeds in Maharashtra varies based on the relationship between the releasor and the Releasee, as well as the type of property being released.

1) There are three charges in deed. (Defend on property location) :

Stamp Duty :RELEASE, that is to say, any instrument (not being an instrument as is provided by section 24) whereby a person renounces a claim upon other person or against any specified property.

As per Article 52 of the Maharashtra Stamp Act,

Registration Fees - : Registration fees is also a variable of sale value upto certain limit then it is fix for all value above certain limit.
Note:- registration value if 1% of sale value or 30,000/- whichever if higher.

Document Handling Charges (DHC) Fees - Online through collected Sub Registrar office for document handling, for every page of the document, a fee of Rs. 20/- is applicable.

Investing in a property is a most sought after investment option. However, there might come a situation when you would want to transfer the ownership rights to another person. To transfer the rights there are three way-selling the property for which you must make a sale deed. If you want to gift the property then you need a Release Deed and Will is required while the testator is alive and takes effect after his or her death. Let us understand the difference Release Deed and Gift Deed

Yes, a Release Deed can be cancelled if the releasor and Releasee agree, or if the court declares it void due to fraud, coercion, or undue influence.

Generally, a Release Deed cannot be revoked, but in certain circumstances, like fraud or coercion, it can be challenged in court.

The tax implications vary depending on the property type, value, and location. Generally, the Releasee may be liable for income tax or capital gains tax.

Benefits include:

1. Tax benefits
2. Avoidance of disputes
3. Legal transfer of ownership
4. Clarity on ownership rights

Typically registered within 4-7 working days

The process involves

1. Prepare the agreement document
2. Signing by both parties
3. Pay stamp duty (as applicable)
4. Submit the document to the Sub-Registrar's office
5. Sign in the presence of the Sub-Registrar
6. Receive the registered document

Shivay Services provides the best services to make a sale deed. All you have to do is provide your contact number and information, consult with our expert ,provide relevant documents and get it done.

A title search is a search which gives answer to the question if the owner is really a legal owner of the property and if there are any outstanding claims on the property. This can be done by going through records of property at sub registrar’s office.

If a property has encumbrance on it like mortgage deed or other claim on property then it is known as title defect.

When a property is sold and ownership passes from one owner to other on more than one occasion then title of the property creates a chain of ownership which is called chain of title.

An encumbrance is a thing which creates difficulty in transfer of property from one owner to other for example outstanding mortgages, liens on real estate, unpaid property taxes etc.

Sub registrar’s offices are divided according to regions and specific jurisdiction is allotted to specific office to handle property registrations in that area.

Encumbrances:
An encumbrance is a thing which creates difficulty in transfer of property registration details from one owner to other for example outstanding mortgages, liens on real estate, unpaid property taxes etc.A buyer must check for any encumbrances on the property before buying and should get the property cleared from any encumbrances. This can be checked at the sub registrar’s office within whose jurisdiction the property comes.
Chain of Documents:

Any buyer should check for all the chain of documents before buying a property. Chain of documents are the documents which specify when and how the property has been transferred from one owner to other.
Payment of Dues:

Any property should be free from any dues like property taxes, electricity bills, water bills etc. It is the responsibility of the buyer to check this before registering the property.

Preparation of Deed:
A draft of the deed(Sale Deed, Lease Deed, Gift Deed etc.) that needs to be executed must be prepared on which the details of all the parties involved and the property involved along with terms and conditions must be mentioned clearly before registering the deed.

Stamp duty calculation:
Stamp duty is the fees charged by the government and it varies from state to state. Stamp duty is calculated on the basis of market value of the property involved.

Govt. Payment:
The registration fee and stamp Duty, DHC charges must be paid before the time of registration.

Signing of Release Deed:
Both the parties and the recipient must sign the Release deed in the presence of two witnesses.

Registration of Release Deed
The deed must be registered with the Sub-Registrar of Assurances within four months from the date of execution.

A) For Government Valuation

1. All Index 2/ 7/12 extract / Property Card
2. Parking Letter (if allotted Covered/open Parking)
3. Building Completion Certificate OR Electricity Bill

B) Registration

i) Agricultural Property

1. Chain of Document - all previous registered Documents with index 2 & Registration Receipt.
2. Search Title Report
3. 7/12 extract
4. Ferfar
5. Zone Certificate
6. Donor & Donee ID card - Aadhar Card & PAN card
7. 2 Witnesses - Aadhar Card & PAN card
8. 2 Identifiers - Aadhar Card & PAN card
9. All Parties Photo - 2 Nos.
10. All Parties Mobile No. & Email ID

ii) Residential Property (House/Flat)

• Flat/Raw house/Shop/Office First Sale Documents List:-
  • All title documents of land owner, Joint development agreement, GPA, & Sharing/supplementary Agreement, between land owner and builder, Power of Attorney if any, Search Title Report (Master File)
  • 7/12 extract or RTC (Records of Rights and Tenancy Corps)
  • Na Order
  • Building Plan copy sanctioned by the Statutory Authority
  • Commencement Certificate
  • Rera Certificate
  • Purchaser/Seller/Witness-2, Identifier-2 ID card
  • Photo-2
  • Power of Attorney (if available)
• Flat/Raw house/Shop/Office Resale Documents List:-
  1. Chain of Document -
     • Builder To 1st Owner, 1st Owner To Present Seller, All Registered Document With Index 2, Registration payment of Receipt.
     • A Copy of all registered previous agreements
  2. Search Title Report
  3. 7/12 extract / Property Card (for House/Row house/Bungalow)
  4. Ferfar (for House/Row house/Bungalow)
  5. Zone Certificate (for House/Row house/Bungalow)
  6. Non-Agricultural (NA) Order
  7. Building Plan copy sanctioned by the Statutory Authority
  8. Commencement Certificate
  9. RERA Certificate (After 2017 Construction)
  10. Completion Certificate
  11. Society Conveyance Deed
  12. Society Registration Certificate
  13. Society Share Certificate
  14. Society No Dues Certificate (for bank)
  15. Society No Objection Certificate (for bank)
  16. Electricity Bill
  17. Property Tax Receipt
  18. Property Tax No Dues Certificate
  19. Possession Letter from the Builder
  20. Parking Letter from the Builder/Co-Operative Society/Housing Board/BDA.
  21. If any loan on the property (Current or past) / Original Property Documents with Bank
  22. Seller (Vendor) & Buyer (Purchaser) id card - Addhar Card & Pan card
  23. 2 Witnesses - Aadhar Card & PAN card
  24. 2 Identifiers - Aadhar Card & PAN card
  25. All Parties Photo - 2 Nos.
  26. All Parties Mobile No. & Email ID