DEED OF RELEASE
THIS DEED OF RELEASE is made, executed, and entered into at {{deed_made_place}} on this day of {{month}}, {{year}}:
BY AND BETWEEN:
Mr. {{releasor}}, aged about years, son of {{releasor_father_name}}, Indian Inhabitant, holding PAN: and Aadhaar No: , residing at , hereinafter referred to as the "RELEASOR" (which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include his heirs, executors, administrators, and legal representatives) of the FIRST PART;
AND
(1) Mr. {{releasee_no_1}}, aged about years, son of Mr. {{releasee_1_father_name}}, Indian Inhabitant, holding PAN: and Aadhaar No:
AND
(2) Ms. {{releasee_2_name}}, aged about years, daughter of Mr. {{releasee_1_father_name}}, Indian Inhabitant, holding PAN: and Aadhaar No:
Both currently residing at Flat No. 5298, Building No 166, (Society Name) Kannamwar Nagar, Vikhroli East, {{deed_made_place}} - 400083, hereinafter collectively referred to as the "RELEASEES" (which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include their respective heirs, executors, administrators, legal representatives, and assigns) of the SECOND PART.
RECITALS (WHEREAS):
WHEREAS Late Smt. Nirmala Pradip Rane (who was the legally wedded wife of the Releasor and the biological mother of the Releasees) was the absolute owner, allottee, and completely possessed of the residential property consisting of Flat No. 5298, admeasuring approximately sq. ft. carpet area, on the floor of the building known as "Building no. 166", belonging to the Co-operative Housing Society Limited, situated at Vikhroli, {{deed_made_place}} – 400083, more particularly described in the Schedule of Property written hereinunder (hereinafter referred to as the "Said Flat").
WHEREAS the Said Flat was originally acquired by Late Smt. Smt. Nirmala Pradip Rane via a registered Agreement for Sale dated , bearing Registration No. and she was registered as a bonafide member of the said Co-operative Housing Society holding Share Certificate No. covering share distinct numbers from to inclusive.
WHEREAS the said owner, Smt. Nirmala Pradip Rane, passed away intestate at {{deed_made_place}} on the day of 23.08.2023, leaving behind the Releasor (Husband) and the Releasees (Son and Daughter) as her only surviving Class-I legal heirs according to the provisions of the Hindu Succession Act, 1956.
WHEREAS by virtue of intestate succession, the Releasor (Husband) and the two Releasees (Children) have jointly inherited the Said Flat, each holding an undivided one-third (1/3rd) share, right, title, and interest in the Said Flat and the associated shares of the Society.
WHEREAS out of natural love, affection, and familial bond, and with a view to ensuring the future welfare and settlement of his children, the Releasor has voluntarily decided to renounce, relinquish, and release all his undivided 1/3rd share, right, title, and interest in the Said Flat in favor of the Releasees (Son and Daughter) so that the Releasees shall become the joint 100% absolute and exclusive owners of the Said Flat in equal parts (50% each).
WHEREAS no monetary consideration or compensation of any nature has passed or will pass between the Releasor and the Releasees for the execution of this Release Deed.
NOW THIS DEED WITNESSETH AS FOLLOWS:
Relinquishment and Transfer of Title - In pursuance of the said intention and in consideration of the natural love and affection borne by the Releasor towards the Releasees, the Releasor doth hereby grant, release, remise, surrender, quit claim, and forever relinquish all his undivided one-third (1/3rd) share, right, title, interest, claims, and demands whatsoever, both in law and equity, in the Said Flat described in the Schedule hereunder written.
Absolute Ownership Vesting - Consequent to this execution, the Releasees shall henceforth hold, occupy, and enjoy the Said Flat as the absolute, exclusive, and unencumbered joint owners thereof with 100% total share (in equal halves of 50% each), free from any interruption, claim, demand, or obstruction by the Releasor or anyone claiming lawfully through or under him.
Covenant of Non-Interference - The Releasor covenants and declares that he has not created any prior charge, mortgage, lien, encumbrance, or third-party rights over his undivided share in the Said Flat. He further covenants that he, his heirs, or representatives will never raise any legal disputes, claims, or partition suits concerning the Said Flat in the future.
Authority for Society Mutation - The Releasor hereby grants full authority and gives his explicit No Objection to the managing committee of the Co-operative Housing Society Limited to transfer the Share Certificate No. and mutate the names of the Releasees (Son and Daughter) as the sole 100% absolute joint owners of the flat in the Society registers, property tax records, and maintenance bills, without requiring any further signature or consent from the Releasor.
Delivery of Possession - The Releasor confirms that he has surrendered his constructive/physical right of joint possession of his share in the Said Flat to the Releasees on the date of execution of this deed.
SOCIETY TRANSFER: The Donor authorizes the Co-operative Housing Society Ltd. to transfer the Share Certificate and record the names of the Donees as absolute owners in the society records
Valuation for Stamp Duty - For the purpose of registration and determination of stamp duty, the market value of the Said Flat as per the current government Ready Reckoner rate is computed at Rs. . However, as the deed is executed between a father and his children without consideration, a nominal stamp duty is paid under Article 52 of the Maharashtra Stamp Act.
SCHEDULE OF PROPERTY
All that piece and parcel of residential Flat No. 5298, admeasuring approximately Sq. Ft. (Carpet Area), located on the Floor of the residential building known as"Building No 166", constructed on land bearing CTS No. of Village Vikhroli, Taluka Kurla, within the Registration District of {{deed_made_place}} Suburban, together with Share Certificate No. containing share distinctive numbers from to inclusive issued by Co-operative Housing Society Limited.
The Property is bounded as follows:
On or towards the East:
On or towards the West:
On or towards the North:
On or towards the South:
IN WITNESS WHEREOF, the Releasor and the Releasees hereto have set and subscribed their respective signatures on the day, month, and year first hereinabove written in the presence of the following witnesses.
WITNESSES:
Signature:
Name:
Address:
Aadhaar No:
Signature:
Name:
Address:
Aadhaar No:
Mr. {{releasor}}
(RELEASOR)
Mr. {{releasee_no_1}}
(RELEASEE NO. 1)
Ms. {{releasee_2_name}}
(RELEASEE NO. 2)