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Deed Of Redemption

Deed Of Redemption Template for India

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Key Requirements PROMPT example:

Deed Of Redemption

"I need a Deed of Redemption for my residential property in Mumbai, where I've fully repaid my mortgage loan to HDFC Bank, with the final payment completed on January 15, 2025; the original mortgage was for Rs. 50 lakhs created in 2015."

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Document background
The Deed of Redemption is a crucial document in Indian property law that marks the successful completion of a mortgage arrangement. It becomes necessary when a mortgagor has fully repaid their loan and needs formal documentation to prove the property is free from mortgage encumbrance. The deed must comply with the Transfer of Property Act, 1882, the Registration Act, 1908, and relevant state stamp duty laws. It typically includes details of the original mortgage, property description, confirmation of full payment, and explicit release of the mortgagee's rights. This document is essential for maintaining clear property titles and is often required for subsequent property transactions or new financing arrangements.
Suggested Sections

1. Parties: Details of the Mortgagor (property owner) and Mortgagee (lender), including their full names, addresses, and legal capacity

2. Background: Recitals detailing the original mortgage deed, its date, registration details, and the desire to redeem the mortgage

3. Definitions: Key terms used in the deed including 'Mortgage Deed', 'Property', 'Redemption Amount', and other relevant definitions

4. Details of Original Mortgage: Comprehensive details of the original mortgage including date, amount, interest rate, and registration particulars

5. Property Description: Brief description of the mortgaged property (with detailed description in Schedule)

6. Redemption Amount: Statement of the final settlement amount including principal, interest, and any other charges

7. Confirmation of Payment: Acknowledgment of receipt of the redemption amount by the Mortgagee

8. Release and Discharge: Formal release of the mortgage and discharge of all obligations

9. Return of Title Deeds: Confirmation of return of all original property documents to the Mortgagor

10. Representations and Warranties: Standard warranties about authority to execute and absence of encumbrances

11. Execution and Attestation: Formal execution clause and witness attestation requirements

Optional Sections

1. Partial Redemption Clause: Required when only a portion of the mortgaged property is being redeemed

2. Third Party Redemption: Required when redemption is being made by someone other than the original mortgagor

3. Outstanding Claims: Required when there are any pending disputes or claims related to the mortgage

4. Power of Attorney: Required when either party is acting through an authorized representative

5. Indemnity Clause: Optional protection against future claims or disputes

6. Governing Law and Jurisdiction: Required when parties are from different jurisdictions or specific jurisdiction needs to be established

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the mortgaged property including boundaries, measurements, and title details

2. Schedule B - Original Mortgage Deed: Copy or extract of the original mortgage deed with registration details

3. Schedule C - Payment Details: Breakdown of the redemption amount including principal, interest, and other charges

4. Schedule D - Title Documents: List of all title documents and other property papers being returned

5. Appendix 1 - Property Maps: Maps and plans of the property if applicable

6. Appendix 2 - Payment Proof: Copies of payment receipts or bank transfers evidencing the redemption payment

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking

Real Estate

Financial Services

Housing Finance

Property Development

Legal Services

Construction

Mortgage Lending

Relevant Teams

Legal

Real Estate

Mortgage Operations

Loan Administration

Property Management

Documentation

Compliance

Title Services

Banking Operations

Relevant Roles

Legal Counsel

Property Lawyer

Mortgage Officer

Bank Manager

Real Estate Manager

Property Administrator

Loan Officer

Compliance Officer

Legal Documentation Specialist

Property Title Examiner

Real Estate Attorney

Banking Operations Manager

Mortgage Underwriter

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