Cancellation of a Release Deed by mutual consent
My friend is an NRI (while his wife is an ordinary Indian citizen) and they both have an apartment that they bought together on both their names. Since they want to sell that property and the law says that the buyer needs to retain 20% of the sale consideration and pay to the government, my friend thought it is less complicated if he transfers his 50% share of the apartment to his wife who is an ordinary resident of India (unlike him) and his wife can easily sell the property without the complications of the 20% tax...etc.
Accordingly, my friend executed a "Release Deed" in February 2020 that transfers his part of the property to his wife without any money consideration. So far so good. However, after the Release Deed was executed, they have realized that that "Release Deed" they executed has far toomany typographical mistakes. The husband was mentioned as "late" for example. Also, in some places, the Document numbers of the parent document were ommitted. In some places, Car Parking is ommitted. Since the mistakes are far toomany (the mistakes are silly and typographical in nature however), instead of executing a "Rectification Deed", (which may not be to the liking of the potential buyers, if they see toomany complications in the documents, the buyers may back-out), they are considering CANCELLING the original Release Deed with mutual consent and then again executing a fresh Release Deed with properly revised, mistake-free wordings.
For a fact, I have also gone through their Release Deed and felt that it has far toomany silly but impactful mistakes that a potential buyer will find them as problematic.
Could you please suggest whether they can CANCEL their old Release Deed with mutual consent and then again execute a fresh Release deed? If yes, should there be a time difference between the cancellation and fresh execution? Would there be charges for the cancellation of the Released Deed?