Everything You Need to Know About Conveyance Deed
Meaning of “Conveyance” and “Deed”
The term "conveyance" describes the act of transferring ownership, rights, and interests in real estate from one entity to another. The word "deed" refers to a formal document that all contracting parties must sign, in this example, the seller and the buyer.
Conveyance Deed
An agreement memorialised in a conveyance deed is enforceable in a court of law. Therefore, the seller transfers all rights to the legal owner through a deed of conveyance. A property transaction cannot be consummated without a valid transfer document. There is a slight distinction between a sale deed and a conveyance deed, even though both terms refer to the same transaction and are sometimes used interchangeably.
Also Read: Property Registration Online Procedure and New Rules in India
A sales deed or conveyance deed is used to formally confirm that the seller of a property has given the buyer full control and ownership of the asset in question. Due to legal nuances, the conveyance of property document's implications is crucial. It will probably protect you from various types of dishonest claims and actions.
Contents of Deed
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Details of the property along with the demarcation.
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Ancillary rights in the property
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Complete title chain.
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Delivery method.
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Consideration and details regarding its receipt.
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Other terms and conditions, if applicable
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PoA
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Details of property ownerhsip
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Signatures of both parties.
Types of Conveyance Deed
Conveyance deeds are available in three different types:
Deed of conveyance of freehold property: The responsible entity, such as the Delhi Development Authority (DDA) or any state authority, has the power to change a property's status to freehold. The final document, the conveyance deed is delivered to the owner.
Deed of conveyance of leasehold property: The term "leasehold ownership" refers to a property's ownership of everything inside its four walls, but not of its external or structural walls. The building's communal areas, as well as the land on which it is situated, all belong to the landlord.
Deed of conveyance subject to mortgage: In this instance, the purchaser is permitted to occasionally enter the property in issue and its surroundings, own the property, or enjoy it, subject to the aforementioned mortgage.
Deemed Conveyance Deed
One must submit an application to the relevant authorities along with the necessary documentation in order to obtain a presumed conveyance deed. The developer should also make sure that both sides are present since only after hearing from both parties will the authorities law provide a ruling.
A Conveyance Deed's obtaining process
By presenting the conveyance deed at the closest registrar's office, it is registered after being executed on non-judicial stamp paper. The registration fee and stamp duty must be paid after the registration is complete. State-specific variations exist for the Stamp Duty and registry fees.
Also Read: Flat Registration - Procedure, Charges and Required Documents
Requisite documents for a Conveyance Deed
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Registered sale agreement.
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Approved building plans.
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Commencement Certificate
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Mutation entries/ Property card.
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Location plan.
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City survey plan or survey plan from the revenue department.
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Approved Layout Plot
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Architect certificate
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Certificate under Urban Land Ceiling Act, 1976.’
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.Completion Certificate.
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Occupancy Certificate (exempted if not available).
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Ownership details
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Stamp duty payment receipt.
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Proof of Registration..
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Draft conveyance deed / Declaration proposed to be executed in favour of the applicant.
Also Read: Can Homebuyers take Legal action against builder for delay in possession of Property?
What if the Conveyance Deed is misplaced?
The following actions should be taken if the conveyance deed is lost as a result of the banker's negligence:
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A police complaint must to be made by the owner as soon as feasible. Keep a secure copy of the initial information report (FIR) on hand in case the buyer of the home requests it later.
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You can publish an ad regarding the missing conveyance deed documents in a newspaper. You might have to wait until a predetermined length of time—say, 15 days—to find out whether someone has located and returned the documents.
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Affidavits are easily prepared and notarized. It must contain all the property information, FIR information, and data regarding the newspaper ad that was notified.
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The sub-registrar’s office where the property was registered, can provide you with a legally certified copy of the conveyance deed. You must pay the required fees and submit the necessary paperwork.
Is it possible to cancel a Conveyance Deed?
In accordance with Sections 31 to 33 of the Specific Relief Act of 1963, cancellation is permitted whenever and wherever a person believes that the deed is voidable or develops a reasonable suspicion that such a deed would harm him if it remains in effect. If the deed was registered in accordance with the rules outlined in the Indian Registration Act of 1908, it may be canceled with the approval of all parties.
Also Read: Planning to transfer a property? Know the process and costs involved
Conclusion
Last but not least, all sale deeds are conveyance deeds, but the inverse is not true. The Registration Act governs conveyance deeds, which are written on non-judicial stamp paper. The conveyance deed must be registered at the local sub registrar's office after it has been signed by all parties, and the registration fee must be paid. A conveyance deed will outline the transaction between a buyer and a seller, including the parties' names and addresses, the location of the property, the borders, the details of the title, the method of delivery, and any other terms of the transaction. The conveyance deed must be witnessed by at least two people and bear all of their details.