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Conveyance Deed and its Importance

Posted by onlyspareit on June 10, 2021
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Conveyance deed or commonly known to be a gift deed, mortgage deed, lease
deed or sale deed, is a legal document used to transfer property title.

What makes a sale deed different from a conveyance deed ?

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 acts that are used to transfer property rights, and a sale deed is one of them.

What should a conveyance (transfer) deed contain ?

The following should be included in the conveyance deed :

o The property’s defined borders.
o All legal rights to the current seller are included in the chain of title.
o A statement describing the manner in which property ownership has been
received.
o Law firm (if any)
o The manner in which the property will be transferred to the buyer.
o Both parties’ signatures, implying the buyer and seller.
o Other terms and conditions relating to the transfer of property.

Things to look for before finalizing a conveyance deed 

o The seller must state that there are no legal impositions on the property.
o If the property is purchased, the mortgage must be paid off before the deed
may be signed. These facts can be verified by buyers at a local sub –
registrar’s office.
o The precise possession date on which the property will be handed over to
the buyer must be included in the conveyance deed.
o The conveyance deed must be signed by at least two witnesses at the time
of registration.
o All original property documents must be presented to the local sub-registrar for registration within four months           after the deed’s execution.

Documents Required for a Conveyance Deed

o Property prepaid debit entries.
o Location plan and survey plan provided from the revenue department.
o Property sale agreement with the seller that has been registered.
o The appropriate authority having certified 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 A complete list of owners.
o A power of attorney or a development agreement is required if the seller
executes the deal.
o Conveyance deed drafting.

The significance of a conveyance deed :

o The conveyance deed serves as evidence in the event of a dispute.
o It provides strong evidence that the property is free of obligations.
o It serves as an evidence of land ownership.
o The property rights are legally transferred to the buyer.

What would the procedure for gaining a deed of conveyance be ?

A transfer deed is printed 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.

 

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