Free Co-op Flat Share Release Deed India PDF Word Template

About this agreement

Title: DEED OF RELEASE OF SHARE IN A FLAT IN CO-OPERATIVE HOUSING SOCIETY

Need a professional Deed of Release of Share in a Flat in Co-operative Housing Society Format for smooth property transfer in India? Our customizable legal template simplifies the process, ensuring compliance with co-operative society bylaws and Indian property laws.

What is a Deed of Release of Share in a Flat in Co-operative Housing Society?

A Deed of Release of Share in a Flat in Co-operative Housing Society is a crucial legal document used when one co-owner relinquishes their undivided share or interest in a flat owned jointly within a co-operative housing society. Common in India, especially in urban areas like Mumbai, Pune, and Delhi, this deed facilitates the transfer of ownership rights without selling the entire property. It is often executed in family partitions, settlements, or when a member gifts or releases their share to another family member or buyer. This format ensures the release is legally binding, registered if required, and accepted by the society's managing committee.

Why is it Important?

In co-operative housing societies governed by the Maharashtra Co-operative Societies Act or similar state laws, a properly drafted Deed of Release of Share in a Flat Format prevents future disputes over ownership. It protects the releasing party's interests by clearly stating no future claims and fulfills society requirements for share transfer, membership updates, and mutation of records. Without it, transfers can be challenged in court, leading to delays and legal costs. Using a ready-to-use Deed of Release of Share in a Flat in Co-operative Housing Society Sample ensures all statutory compliances, stamp duty payment, and registration under the Registration Act, 1908.

Key Elements of the Deed of Release Format

A comprehensive Deed of Release of Share in a Flat in Co-operative Housing Society Format must include:

Parties Involved: Full details of the releasor (person releasing share) and releasee (recipient), including names, addresses, and society membership numbers.
Property Description: Precise details of the flat, society name, flat number, built-up area, share certificate number, and location.
Recitals: Background on joint ownership, reasons for release (e.g., family settlement, gift, or consideration).
Release Clause: Absolute and irrevocable release of all rights, title, and interest in the share.
Consideration: Amount paid, if any, or declaration of gift.
Society No-Objection Certificate (NOC): Reference to society's approval for transfer.
Covenants: Assurances against encumbrances and indemnity clauses.
Execution: Signatures, witnesses, date, and space for registration.
Annexures: Copy of share certificate, society bye-laws extract.

Who Should Use This Deed of Release Format?

This legal template is ideal for:

Family members partitioning ancestral property in co-op societies.
Co-owners settling disputes or gifting shares to relatives.
Buyers acquiring partial shares in joint ownership flats.
Societies requiring formal documentation for membership changes.

Common in civil matters like partition suits, inheritance, or business transfers involving society flats.

Download Your Ready-to-Use Deed of Release Template Now

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Important Note

While our Deed of Release of Share in a Flat in Co-operative Housing Society Sample is ready-to-use and compliant with Indian laws, it is recommended to consult a local lawyer for specific advice, stamp duty calculation, and registration. Customize further for court/company requirements. Explore related templates like Share Transfer Deed, Nomination Form, or Flat Purchase Agreement for comprehensive society documentation.

DEED OF RELEASE OF SHARE IN A FLAT IN CO-OPERATIVE HOUSING SOCIETY

Non-Judicial

Deed of Release of Share in a Flat in Co-operative Housing Society

THIS DEED OF RELEASE made at ____________ on this day of __________ in the Christian Year Two Thousand _______ BETWEEN ABC of _______________, Indian Inhabitant, having address at _________________________________________________, hereinafter referred to as ?THE RELEASER? (Which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executors and administrators) of the ONE PART; And XYZ also of ______________, Indian Inhabitant, having address at _____________________________________________________________ hereinafter referred to as ?THE RELEASEE? (Which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executors, administrators and Assigns) of the OTHER PART;

W H E R E A S:

(a) The Releaser and the Releasee are the co-owners and seized and possessed of or otherwise well and sufficiently entitled to Flat bearing No. _____ admeasuring ________ sq. ft. of carpet area on the ______ floor of the building known as ?MKD APARTMENT? belonging to MKD Co-operative Housing Society Ltd., situated at __________________________________ (hereinafter referred to as ?the said Flat?).

(b) The Releaser and the Releasee are also the Joint registered members and shareholders of ?MKD Co-operative Housing Society Ltd.? a society registered under the Maharashtra
Co-operative Societies Act under Registration No. ____________ (hereinafter referred to as ?the said society?) and as such members are the registered holders of 5 (five) shares of face value of Rs. 50/- (Rupees fifty) each, of the aggregate value of Rs. 250/- (Rupees two hundred fifty only) bearing distinctive Nos. ______ to _________ issued by the said society (hereinafter referred to as ?the said shares?) and bearing Share Certificate No. _________ of the said society relating to the ownership of the said Flat. The said Flat and the said Shares are more particularly described in the Schedule hereunder written and are hereinafter collectively referred to as ?the said premises?.

(c) The said flat was jointly purchased by the Releaser and the Releasee from the builders M/s. ____________________ under the Agreement dated _____________. They have paid the full consideration to the said Builders and complied with all their obligations under the aforesaid agreement and since then they are in lawful occupation of the said flat as absolute owners and joint holders thereof holding the same as tenants-in-common thereof. All the flat Purchasers of the said ?MKD APARTMENT? have collectively formed the said society.

(d) The Releaser and the Releasee are brothers and each have 50% undivided share in the said premises.

(e) The Releaser is well established in life and not interested in the said premises and therefore desires to release his undivided (50%) one-half share, right, title and interest in the said premises without any monetary consideration in favour of the Releasee and the Releasee has agreed to accept the said Release.

1. NOW THIS INDENTURE WITNESSETH that in consideration of the premises, the Releaser doth hereby renounce and release his undivided one-half share, right, title and interest in the said premises more particularly described in the Schedule hereunder written and all the rights, benefits and privileges directly and/or indirectly attached to the said premises in favour of the Releasee absolutely to the intent and purpose that the Releaser?s one-half share in the said premises shall hereafter vest in and belong absolutely to the Releasee to the exclusion of the Releaser and all persons claiming under him.

2. The Releaser doth hereby covenant with the Releasee that he has not done any acts, deeds or things, whereby he is prevented from releasing his one-half undivided share in the said premises in favour of the Releasee.

3. The Releaser shall and will from time to time and at all times hereinafter at the reasonable request and cost of the Releasee do execute all necessary instruments for effectively transferring the said premises in the exclusive name of the Releasee.

4. The Releaser confirms that now the Releasee alone is in possession of the said flat as the sole owner of the said properties and henceforth the said premises shall be the exclusive ownership of the Releasee.

5. The applicable stamp duty and registration charges on the present instrument of release shall be paid by the Releasee.

THE SCHEDULE ABOVE REFERRED TO:

(Give detailed description of one-half undivided share of the Releaser in the subject Flat as also of the Shares and Share Certificate)

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands to this writing the day and the year first hereinabove written.

SIGNED AND DELIVERED by the )

Within Named ?RELEASER? ABC )

in the presence of ......... )

SIGNED AND DELIVERED by the )

Within Named ?RELEASEE? )

XYZ in the presence of ......... )

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Important Guidelines

A Deed of Release of Share in a Flat in a Cooperative Housing Society is a legal document used when a member or shareholder in a cooperative housing society wishes to relinquish their ownership or share in a specific flat or property within the society. This document helps formalize the transfer of ownership rights. Here are guidelines for drafting such a deed and

Common Mistakes to Avoid:

Identification of Parties: Clearly identify the releasing member (transferor) and the recipient member (transferee) by their full names, addresses, and membership details in the cooperative society.

Property Details: Describe the flat or property in question, including its location, flat number, and any relevant property identification details.

Ownership Share: Specify the percentage or portion of ownership share being released by the transferor in favor of the transferee.

Consideration: Outline any consideration or compensation, if applicable, for the transfer of ownership rights.

Legal Compliance: Ensure the deed complies with the cooperative housing society's bylaws and local cooperative society laws and regulations.

Signatures and Witnesses: Ensure that both the transferor and transferee sign the deed, witnessed as required, and notarized according to local laws.

Common Mistakes to Avoid:

Incomplete Information: Failing to provide accurate and complete property and member details can lead to disputes.

Non-compliance with Cooperative Society Rules: Ignoring the cooperative society's bylaws or not following their procedures can result in legal complications.

Lack of Proper Consideration: If there is compensation involved, ensure that it is adequately specified in the deed.

Ambiguity: Using unclear language or failing to specify the ownership share being released can create confusion.

Not Consulting with Cooperative Society: Ensure that the cooperative society's management committee is informed and approves of the release.

A Deed of Release of Share in a Cooperative Housing Society is used to formalize property ownership transfers within the cooperative. Proper drafting and legal compliance are essential to avoid common pitfalls and maintain a legally sound deed. Consulting with the cooperative society's management committee and, if necessary, a qualified attorney experienced in cooperative housing society matters can help navigate the process smoothly.

Frequently asked questions

What is a Deed of Release of Share in a Flat in Co-operative Housing Society?→

This legal agreement in India allows a co-owner to release their undivided share in a flat within a co-operative housing society, transferring full ownership to the remaining owner. It is commonly used for family settlements or partitions.

Is this Deed of Release valid in India?→

Yes, it is legally valid across India if executed on stamp paper, signed by parties and witnesses, and registered under the Indian Registration Act, 1908, where applicable by state laws.

Do I need to pay stamp duty for this Deed of Release?→

Yes, stamp duty is required as per state rates (e.g., 0.5% of market value in Maharashtra). Pay on appropriate non-judicial stamp paper before execution; consult local sub-registrar for exact fees.

In what format can I download this Deed of Release?→

Download this customizable Deed of Release in editable Word format or print-ready PDF for immediate use in India.

Can I edit or customize this Deed of Release agreement?→

Yes, it is fully customizable. Edit details like names, flat number, society info, and consideration amount to fit your needs, ensuring compliance with Indian property laws.

Who should use this Deed of Release in a co-operative housing society?→

Co-owners in Indian co-operative housing societies use it when relinquishing share in a flat, such as in inheritance, divorce settlements, or family partitions to simplify title transfer.

DEED OF RELEASE OF SHARE IN A FLAT IN CO-OPERATIVE HOUSING SOCIETY

Non-Judicial

Deed of Release of Share in a Flat in Co-operative Housing Society

W H E R E A S:

(d) The Releaser and the Releasee are brothers and each have 50% undivided share in the said premises.

5. The applicable stamp duty and registration charges on the present instrument of release shall be paid by the Releasee.

THE SCHEDULE ABOVE REFERRED TO:

(Give detailed description of one-half undivided share of the Releaser in the subject Flat as also of the Shares and Share Certificate)

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands to this writing the day and the year first hereinabove written.

SIGNED AND DELIVERED by the )

Within Named ?RELEASER? ABC )

in the presence of ......... )

SIGNED AND DELIVERED by the )

Within Named ?RELEASEE? )

XYZ in the presence of ......... )

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