Memorandum of Release

MEMORANDUM OF RELEASE

       This Memorandum of Release is made and executed on this the ___ day of __________ at __________ by and between:

____________ S/o W/o D/o __________, Aged about ____ years, Occupation: _______, R/o H.No. _______________________________________

 (Hereinafter called the RELEASOR which term shall mean and include his /her heirs, successors, administrators, legal representatives and assignees etc., of the One Part)                                 

 IN FAVOUR OF

____________ S/o W/o D/o ___________, Aged about ___ years, Occupation: _______, R/o H.No. ______________________________________

(Hereinafter called the RELEASEE which term shall mean and include his/her heirs, successors, executors, administrators, legal representatives and assignees etc. of the Other Part)                                                         

       WHEREAS: the Releasor and Releasee are the co-owners and possessors of______________________________________________________________  __________________________________________ which was purchased by ________________________________________  which is morefully described in the schedule below and plan annexed herewith, the same shall be hereinafter referred to as SCHEDULE PROPERTY.

                                                      

   AND WHEREAS, the said _________________________________ ____________________ and the said Releasor and Releasee are his/her only legal heirs, as such the said Releasor herein entitled to execute this Release Document in favour of the said Releasee as his/her legal heirs.

       WHEREAS: the said Releasor herein agreed to releases his/her joint right, claim, demand, possession right, etc., in respect of their aforesaid ancestral property in favour of Releasee, by receiving the release amount of Rs.________/- (Rupees ___________________ Only) from the Releasee and the said Releasee herein also agreed for the same.                                                                                                      

       IN PURSUANCE: of the said agreement and in consideration of Rs._______/- (Rupees _______________________ Only) have been paid by the said Releasee to Releasor, and thus having received the entire release amount, the Releasor herein execute this Memorandam of Release in favour of the said Releasee of Scheduled Property and acknowledges its receipt.

NOW THIS RELEASE DEED WITNESSETH AS UNDER

WHEREAS: the said Releasor herein agreed to Releasee all their joint right, claim, demand, possession right, etc., in respect of above said property of the _______________________________________ in favour of the Releasee to hold unto the same for ever as its absolute and sole owner without any obstruction or hindrance either by the said Releasee or anybody else claiming the said Releasee now or in future period.

NOW THE RELEASOR COVENANT WITH THE RELEASEE AS UNDER

             

1.    The Releasor have handed over the vacant possession of scheduled property to Releasee today, and from today onwards the said Releasee shall enjoy the said release property as its absolute owner without any obstruction or hindrance either by the said Releasor or anybody else claiming the said Releasee in future period.                                       

2.    The Releasor has assured and informed the said Releasee that the said release property is free from all encumbrances, sales, gift, wills, sureties, court attachments, prior sales, family disputes, Govt. public litigations, mortgages etc.

3.   The Releasor herein declares the said Releasee shall mutate his/her name in any of the office or offices on the light of this Release Deed.

4.    The Releasor herein declares from the date of this Memorandum of Release, the said Releasor or his/her heirs shall have got no claim, demand, possession, right, etc.

                    

5.    The Releasor herein declares he/she have got perfect and marketable title to execute this Release Document of scheduled property.    

6.    The Releasor herein declare from the date of this Memorandum of Release the said Releasee shall make any additions or alterations over the said release property, and shall transfer the same by way of sale, gift, will, mortgage etc., on the light of this Memorandum of Release as its absolute owner.

7.     That the said Released Property is free from all encumbrances sales, gift, wills, sureties, court attachments, prior sales, agreements, demands, family disputes, bank loans, mortgages etc.                                   

8.    That the contents of this Release Document shall bind the said Releasor and his/her heirs.

9.    That the Releasor have released the scheduled of property in favour of the Releasee forever.

      

10.   That the Releasee shall enjoy the property without any hitch or hindrance from the Releasors.

          

SCHEDULE OF THE PROPERTY RELEASE

All that the __________________________________________________ ____________________________________ morefully described in the plan Red color, and annexed to this Release Document bounded as follows:

NORTH    :      ______________.

SOUTH    :     ______________.

EAST       :     ______________.

WEST      :     ______________. 

                          

       IN WITNESSES WHEREOF the Releasor and Releasee herein put their hands and signatures on this Memorandum of Release  with their own free will without any force after understanding all the contents of this document in presence of the attesting witnesses on the day month, and year first above mentioned at __________.

WITNESSES:                                                         

1.                                                           RELEASOR

                                                                                                           

2.

                                                               RELEASEE