Clarification on making relinquishment deed in favour of brother

 I have a joint property, which is registered under my name, my father and my brother's name. Even there was a home loan sanctioned in all the names. We have closed the loan recently and now myself and my father want to release our shares to my brother and only my brother should be the sole owner. 1. Should the deed be registered and how much it cost ? 2. Is there any compensation to be paid compulsorily from my brother to me and my father although we are not seeking for it? 3. What are the implications to make it a legal document so that it can be produced in court as a proof that the property now belongs to only my brother and nobody else has any rights over it? Kindly advice.