Release is a transfer in the form of relinquishment, abandonment, renouncement, surrender of a limited interest or right or share and not the whole or entire title, ownership and interest in the immovable property unlike in case of Sale/ Purchase Deed, Lease Deed, Mortgage Deed, Development Agreement & Development Power Of Attorney or Transfer of Development Rights or Agreement for Sale, with or without pecuniary or monetary consideration or price.
Release Deed assumes various forms depending upon the nature of such interest or right or share in the property. A lawyer undertaking the drafting of Release Deed has to identify such character of the interest or right or share from the instructions recorded from the executants and thus advises as to whether the release is of the Mortgagor’s interest secured against the monetary liability under the Mortgage Deed or Lessee’s leasehold interest under the Lease Deed or co-owner/co-sharer’s share in the property or the purchaser’s beneficial interest under the Agreement for Sale or of the maintenance of the wife/widow and so on.
The instrument of Release may be in the following Forms:
- Mutual Release
- Release of interest in immoveable property
- Release of share fro Consideration
- Release of a claim for maintenance
- Release of a life estate
- Release of a legacy
- Release of Executors by residuary legatee
- Release of an easement
- Release of restrictive covenants in a lease
- Release of trustees on distribution of trust property
- Release of a guardian by his Ward
- Release of a contractor from his contract
- Release of a debtor by creditor