The instrument of Release may be in the following Forms:
Deed of Exchange of Property is one of the oldest features of the property deeds & documents like Deed of Sale/Purchase, Deed of Lease, Deed of Leave and License, Deed of Property Development Agreement, and Deed of Power of Attorney drafted subsequent to the drawing up of Search Report and issuance of Certificate of Title.
Under this feature the transfer takes place with exchange of one property for another resembling the barter system as prevalent in the ancient days. By Exchange Deed the Transferor actually passes and transfers all his/her title, ownership and all legal and equitable interest in the property to and in the name of the Transferee in exchange for Transferee’s title, ownership and all legal and equitable interest in the property.
The Deed of exchange is subject to various Union and State statutes and legislations as applicable to and affecting the nature of the property exchanged as for e.g. the Indian Registration Act 1909; Cantonment Act 1924 the Maharashtra Regional and Town Planning Act, 1966; Maharashtra Land Revenue Code 1966; the Maharashtra Rent Control Act, 1999; the Urban Land Ceiling (Ceiling And Regulation) Act, 1976; the Maharashtra Rent Control Act, 1999; the Indian Easements Act, 1882; Land Acquisition Act, 1894; Laws relating to Freehold & Restricted Properties; Laws relating to Flats & Apartment Ownership; Laws relating to Agricultural & Non-Agricultural lands; Guardian and Wards Act, 1890 to name the few.
The Forms of Exchange deed:
- Agreement for Exchange of Properties
- Deed of Exchange of Two Properties
- Deed of Exchange for Adjustment of boundaries
- Deed of Exchange of moveable & immoveable properties
- Deed of Exchange of properties one being subject to mortgage & other subject to lease