Today, more and more people are opting for real estate as an investment option. But before you invest in any real estate, check first if it is a good idea. That’s where a conveyance deed can come in handy. A conveyance deed is a document that transfers ownership of property from one person to another. Not only does it transfer ownership of the property, but it also specifies the terms and conditions under which the new owner will be allowed to use or occupy the property. In this article, we will discuss conveyance deed meaning and their different types, important points to note while drafting one, and much more…
What is Conveyance Deed?
Conveyance, in the law, is the act of transferring ownership of property from one person to some other. A deed is any self-notarized legal instrument. However, it most commonly alludes to those dealing with property or legal rights. In its most basic definition, a conveyance deed is a legal instrument used to transfer property ownership from one person to another.
What are the elements of the Conveyance Deed?
The conveyance deed format comprises the following:
- Property distinction.
- Inherent chain of title that encloses all lawful rights to the current owner.
- Property transferor’s name and address.
- Address and name of the property recipient.
- Conveyance date.
- Rights of the property and its use that are relevant to it.
- Precise information about the property transfer.
- Memorandum regarding property ownership.
- Each party’s signature.
- The delivery method of the property.
- Terms and conditions connecting to the transfer of property.
- An enduring power of attorney, if used.
- Other rights of ownership that may apply.
How to obtain a conveyance deed?
In addition to being executed on non-judicial stamp paper, a conveyance deed must be registered at the office of the local registrar. Registration fees and stamp duty are payable after the document is registered. According to the conveyance deed new rules, it is necessary to provide the following documents:
- Registered Sale Agreement.
- Transformation entries.
- Site Plan.
- Survey plan from the revenue department or the city survey plan.
- Certificates such as conception certificate, completion certificate, occupancy certificate (omitted if not available), architect certificate
- Approved layout plot plan
- Certificate under Urban Land Ceiling Act, 1976
- List of owners
- Stamp duty payment and proof of registration
- Draft conveyance deed
What are the types of conveyance deeds?
- Deed of conveyance of freehold property,
- Deed of conveyance of leasehold property,
- Deed of conveyance subject to a mortgage.
What are the steps to getting a conveyance deed?
The document will be prepared on stamp paper and will be submitted to the local sub-registrar.
The registration is complete once the registrar has validated the deed. The deed will be complete once the stamp duty and registration fees have been deposited and the approval has been received.
The conveyance deed charges are calculated in accordance with the responsibilities assumed by the state. Stamp taxes and registration fees are not uniform across the country.
What is the conveyance deed’s importance?
A conveyance deed is a document that is governed by the Registration Act and is an important document for both purchasers and sellers. This is because a transaction is not legally finalized until the document is authorized by both parties involved in the transaction. Additionally, the signatures of at least two witnesses are required to be included.
In addition, the loan on the property in question needs to be paid off before the transfer deed can be completed if it was used as collateral for a loan. The paperwork is also essential since it certifies that there are no liens or other legal claims against the property.
Is it possible to revoke a conveyance agreement?
If a person believes that a conveyance deed is unenforceable or would cause him/her damage if not addressed, that person may seek cancellation of the deed under Sections 31 through 33 of the Specific Relief Act, 1963. If the conveyance deed was documented in accordance with the Indian Registration Act of 1908, any party might withdraw it with the other’s approval.
In case of loss of a conveyance deed, what do you do?
The affidavit should be prepared and notarized. All property-related information, FIR information, and information regarding the published newspaper advertisement should be included.
The property owner must immediately file a police report. Potential buyers of your home may ask to see a copy of the FIR, so be sure to keep one safely stashed away.
An announcement of the missing transfer deed papers might be made through a newspaper ad. In the event that the papers are found and returned within the allotted 15 days, you will be notified.
You can get a copy of the transfer deed that has been certified by the local registrar’s office where the property is listed. You have to comply with the rules and submit the paperwork requested.
Important things to keep in mind
The seller is obligated to make it clear that there are no outstanding legal issues associated with the property. In addition, any outstanding debt associated with a loan must be paid off before the deed may be signed.
The particular possession date on which the buyer will get the property must be mentioned in the conveyance deed. This is the day on which the buyer will take ownership of the property.
Finally, within four months following the execution of the transfer deed, all of the original property papers should be delivered to the local sub-registrar for registration. It is imperative that this step is taken.
Winding Up:
The conveyance deed is one of the most important documents that you will need to sign when purchasing a property. A properly drafted conveyance deed is the only way to ensure that a real estate transaction is completed without a hitch. The conveyance deed expresses the transfer of ownership from one party to another in a very detailed manner. A conveyance deed is essential for anyone who is thinking about buying or selling real estate.