Release by an Administrator of deceased tenant in common of a half-share in the immovable property to the other co-owner in consideration of the release of a debt due from the Intestate
THIS DEED is made the _______ day of _____ 20______
BETWEEN
_____________ (Administrator of deceased tenant in common) of (address, etc.) (hereinafter called the administrator) of the One Part
AND
_____________ (other tenant-in-common) of (address, etc.) (hereinafter called the release of the Other Part.
WHEREAS:
- Immediately before the death of (deceased tenant in common) late of (address, etc.) (hereinafter called the Intestate) the intestate and the release were the owners in respect of the property hereinafter described free from encumbrances as joint tenants upon trust to sell the same and TO HOLD the proceeds of such sale and the net rents and profits till sale in trust for themselves as tenants-in-common in equal shares.
- The intestate died on the _______ day of ________ and letters of administration to his estate were on the _________ day of _______ granted by the _________ Court at _________.
- The intestate was at the date of his death indebted to the releasee in the sum of Rs. _________
- The said property has been valued for administration purposes at the sum of Rs._______ and the intestate’s share thereof now vested in the administrator as part of the intestate’s estate is of the value of Rs.________ (one-half the above valuation which is assumed to be approximately equal to the above debt).
- The administrator has agreed with the releasee to assign and release to him the share of the intestate in the said property upon the said debt being released by the releasee in manner hereinafter appearing.
NOW THIS DEED WITNESSETH as follows:
- In consideration of the release hereinafter contained the administrator as personal representative of the intestate hereby assigns release and surrender unto the releasee all that the one half share of the intestate of and in the proceeds of sale of (parcels) and the net rents and profits thereof until sale and all other if any his share and interest in the said property in equity TO HOLD the same unto the Releasee absolutely and for ever to the intent that the assignee shall henceforth stand possessed of the said property as an absolute owner freed and discharged from the said trust for sale and from all right and interest of the intestate’s estate therein.
- The releasee hereby releases the administrator and the estate and effects of the intestate from the said debt of Rs.______ and every part thereof and from all actions proceedings claims and demands in respect of the said debt or any interest thereon or otherwise in relation thereto.
IN WITNESS WHEREOF etc.
[Signatures of both parties]
