Redemption deed, also known as "jar deed" in Urdu, is a legal document that signifies the repayment or release of a mortgaged property. In simple terms, it is a written agreement between a mortgagor (debtor) and a mortgagee (creditor), wherein the debtor pays off the outstanding loan amount to regain full ownership of the property. There are two primary types of Redemption deeds meaning in Urdu: 1. Rah Deed: Rah deed refers to the redemption of a mortgaged property through regular payments over a specified period. Under this method, the debtor repays the loan amount in installments, including interest, until the full amount is settled. Once the payment is complete, the property is redeemed, and the mortgage is discharged. 2. Wait Deed: Wait deed signifies redemption through a third party or "wait." In certain cases, a third party intervenes to pay off the mortgage debt on behalf of the debtor. This might occur when the debtor is unable to repay the loan directly, and another person (such as a family member, friend, or benefactor) assists in settling the outstanding amount. Once the third party fulfills the payment obligations, the property ownership transfers back to the debtor. These types of redemption deed hold immense significance in the field of real estate and property loans, ensuring transparent transactions and providing a legal framework for the repayment process. It is important for individuals involved in mortgage agreements or interested in real estate matters to have a clear understanding of redemption deeds to safeguard their rights and interests.
Redemption Deed Meaning In Urdu
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