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Simple English definitions for legal terms
release deed
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A quick definition of release deed:
A release deed is a legal document that transfers ownership of property from one person to another. It is a type of deed, which is a written agreement that shows who owns a piece of land or property. A release deed is used when someone wants to give up their rights to a property and transfer it to someone else. It is important to have a release deed to make sure that the transfer of ownership is legal and binding.A more thorough explanation:
A release deed is a type of legal document that surrenders full title to a piece of property upon payment or performance of specified conditions. It is a written instrument that is signed, sealed, and delivered, and it conveys some interest in property. A release deed is also known as a deed of release.
For example, if a person owes money to another person and uses their property as collateral, they may sign a release deed to surrender their ownership of the property to the creditor upon repayment of the debt. This releases the debtor from any further obligation to the creditor.
Another example is when a co-owner of a property wants to release their ownership to the other co-owner. They can sign a release deed to transfer their share of the property to the other co-owner.