What are a Conveyance Deed and Why Does It Matter?

A conveyance deed is a legal instrument that transfers ownership of property from one person to another as a gift, an exchange, a lease, or a mortgage, among other things. A conveyance deed can also be referred to as a gift deed, mortgage deed, lease deed, or sale deed.

Conveyance Deed

What is the difference between a deed of sale and a deed of conveyance?

A conveyance deed is a broad term that refers to any property ownership transfer in favor of the buyer, such as a gift, mortgage, lease, or exchange. A sale deed is a legal document used to transfer ownership of a property through a sale. Conveyance deeds are all sale deeds, but not all sale deeds are conveyance deeds. Conveyance deeds are any deeds that are used to transfer property rights, and a sale deed is one of them.

 

What should a transfer deed contain?

The following should be included in the conveyance deed:

o Property lines are clearly defined.

o The Power of attorney (if any)

o All legal rights to the current seller are included in the chain of title.

o The process in which the property will be transferred to the buyer

o A communication describing the process in which property ownership has been received.

o Both parties’ signatures, implying the buyer and seller

o Other terms and conditions relating to the transfer of property

o What to look for before signing a conveyance deed

o The seller must state that there are no legal encumbrances on the property.

o If the property is mortgaged, the mortgage must be paid off before the deed may be signed. These facts can be verified by buyers at a local sub-office. registrar’s

o The precise possession date on which the property will be handed over to the buyer must be included in the conveyance deed.

o All original property documents must be presented to the local sub-registrar for registration within four months after the deed’s execution.

o The conveyance deed must be signed by at least two witnesses at the time of registration.

 


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What is the procedure for obtaining a deed of conveyance?

A transfer deed is drawn out on non-judicial stamp paper with the required value and filed with the local sub-registrar office. The buyer is responsible for post-registration, stamp duty, and registration fees. Stamp duty and registration fees are assessed differently in each state.

 

Documents needed to complete a conveyance deed

Documents Required for a Conveyance Deed:

o Property sale agreement with the seller that has been registered

o The Mutation entries/ Property card

o The revenue department provided a location plan and a survey plan.

o The appropriate authority has approved the plot plan and structure plan for the layout.

o Certificates such as the Commencement Certificate, the Completion Certificate, the Occupancy Certificate (if available), and the architect certificate are all examples of certificates.

o The entire list of owners

o The Stamp duty & payment receipt

o A power of attorney or a development agreement is required if the seller executes the deal.

o The Draft conveyance deed

o The Importance of conveyance deed

o The conveyance deed serves as evidence in the event of a dispute.

o It attests to the fact that the property is free of encumbrances.

o It serves as evidence of land ownership.

o The property rights are legally transferred to the buyer.

 


 

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