While purchasing or selling a property you will come across quite a few legal documents, and a conveyance deed is just one of the many. It is a written contract related to the sale and purchase of a property that requires the signature of both the parties. This legal contract is enforceable in a court of law and can be produced in court as an evidence if deemed necessary.
As per the contract, the seller asserts the wilful transfer of ownership of the property and any other rights related to the land/property to the buyer. Property purchase is not complete without a conveyance deed. The contract also affirms that the concerned property is free from any dispute. Both the parties are required to sign the document, which can be produced in court if case of any property-related dispute.
Other than the buying or sale of property, conveyance deed also includes property gift, lease, mortgage, relinquishment, and such other transfers.
The procedure is done on a non-judicial stamp paper. After that, it needs to be registered at the Registrar’s office. Post registration, the transfer of property moves to the public domain. The government obtains the stamp duty and registration fees as revenue. Once this is done, the entire procedure of the conveyance deed is completed.
In a situation where the builder is not alive, the process can be completed by the legal representatives or heirs of the builder. In such cases, you will be required to draft conveyance deed and apply.
Sale deed also works as a legal document affirming sale and transfer of ownership of the property from the seller to the buyer. Then what’s the difference? Well, conveyance deed is used in a broader term, as in, sale deed happens to be a part of conveyance deed. In the case of sale deed, the transfer of interest forms the integral part. Whereas, conveyance deed includes sale deed and every other deed involved in transfer of property rights.
Conveyance deed works as a legal document, which you can produce in court in case of property disputes. If you don’t have the document, you won’t have any proof if there’s any property-related legal battle. Other than that, without the deed you won’t be recognised as the rightful owner of the property. Also, your property won’t be registered in the government records. So, in case you want to renovate your property, you may still have to ask for permission from the erstwhile owner because without a conveyance deed, he will remain as the original owner of the property.
In such a situation, the seller has to clear the mortgage loan before the proceedings.
No, it’s slightly different. Deemed conveyance happens when the builder or land owner refuses to hand over the conveyance certificate. In such a situation, the housing society members have to present their case to the designated authority. After hearing both the parties, including the builder, the concerned authority would pass the order of conveyance as a remedial measure.
The deed comes into play when a buyer expresses the desire to buy a property. If the seller agrees then both the parties have to come into an agreement called conveyance deed. The deed is prepared based on the mutual terms and conditions of the buyer and the seller.
Yes, you need a couple of witnesses need to sign the deed.
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