3 Major Types of Transfer Deeds

During instances of serious illness, retirement or sale of a property, the owner is entitled to transfer the property rights to someone else or the buyer. A legal procedure must be followed to register the property transfer from the existing owner to the new owner along with the submission of a legal document called as deed. A deed ensures that transfer of property is lawfully valid and that the ownership is clearly defined.

Here are the 3 major types of deeds used for transferring commercial and residential property:

1.    Sale Deed

A sale deed is a document that registers any property transfer done through sale or purchase. It is considered as an important document under the Registration Act and is mandatory for both sellers and buyers. It includes all important details regarding the buyer, the seller and the property. It should also disclose that the property for sale is free from any kind of encumbrances and legal disputes.

2.    Relinquishment Deed

A relinquishment deed is used when the owner is willfully transferring the property to the co-owner and has decided to relinquish his entire share on it. It is irreversible after the deed is signed and registered by both the parties.

3.    Transfer Deed

Transfer deed is used in transferring the existing property title to someone else. Here, the owner transfers property rights along with the benefits rising from the property. Also, this document cannot be executed during the sale and purchase of a property.

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