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Relinquishment with Future payment clause
07-Jul-2023 (In Property Law)
If one co owner has to Relinquish his share in favour of other co owners but the beneficiaries don't have the funds to pay upfront, can Relinquishment Deed contain a clause that the payment would be made in the future at the time of sale?
Or
Could it contain a clause of an agreement signed between the co-owners to pay the funds on the date of sale?
A Relinquishment Deed may have a clause whereby consideration may be paid on a future date. Likewise, it can also have a clause whereby the co-owners undertake to pay the consideration amount on the date of the sale of the property. Further and better particulars are needed for an effective opinion.
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Adv. Tushar Kumar
Delhi | 200+ Answers
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I have perused your query. I would like to advise you that there is no legal restrictions on incorporating a convenant pertaining to payment at a future date in a relinquishment deed. For further consultancy and legal services you may contact us
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Adv. Anubhav Kathuria
Delhi | 500+ Answers
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Such a clause can be added. But the consideration amount needs to be fixed and certain. It cannot be ambiguous. As s Relinquishment deed can be with or without consideration both. The deed is also compulsorily registerable.
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