by akshayWhy conveyance deed is important?
A conveyance deed is a very important document that transfers the property and its adjoining rights from one party to another. A person cannot transfer the real estate rights to a buyer without signing the deed. Read along to know everything about this deed in the section below.
What is a conveyance deed?
A conveyance deed is an essential legal document that is required while purchasing a property. Through this document, a seller transfers the wilful ownership of a property to a buyer. More precisely, a conveyance deed is a legal paper that acts as proof of your ownership of your property. Property transactions will remain incomplete without the registration of a conveyance deed.
What are the 3 types of conveyance deeds?
All the below-stated types of conveyance deeds serve different purposes and are also used in different situations.
Freehold conveyance deed- Any authority can convert real estate into freehold status. This type of deed states that the buyer has the full authority to enjoy the property. - Leasehold property conveyance deed- This type of deed states that the owner has the right to do anything within the four walls of the property.
- Mortgage property conveyance deed- It states that buyers can access their property from time to time.
Other than these above-stated three major types of deeds, there are two other deeds as follows:
- Relinquish conveyance deed
- Gift conveyance deed
What is the importance of a conveyance deed?
In real estate transactions, it holds significant importance as it serves as a legal document. To explore more about the importance of it, continue reading:
- A conveyance deed acts as proof of ownership transfer. It acts as legal evidence of the fact that ownership has been transferred from the seller to the buyer.
- It adheres to all legal requirements of property transfer in accordance with the law.
- This deed establishes a public record of the property’s ownership history.
- It not only transfers the physical property but also transfers the adjoining legal rights with
it. - The owners can use this conveyance deed to transfer property ownership to heirs.
- A conveyance deed also acts as the most important document in any legal dispute.
- It also states almost all terms and conditions related to the ownership of a property.
What should be there in a conveyance deed?
Here are the following things that need to be there in a conveyance deed:
- A conveyance deed must have the signatures of both parties.
- The actual boundary of the property should be in the deed.
- It must have all the personal details of both the parties like name, permanent address,
age, and others. - All the terms and conditions related to the property transfer must be stated in detail.
- This deed must have all the chain of titles in it.
- The method of transferring the property should be in a conveyance deed.
- It should contain a memo of the consideration and also about the owner of the property.
What documents are required for the conveyance deed?
Read along to learn the documents that are necessary for a conveyance deed:
Location play - City survey plan
- The approved layout of a plot plan
- Architect plan
- Occupancy certificate of the property
- Sales agreement
- Property card/Mutation entry
- Commencement certificate
- List of the property owner
- Proof of payment and registration
- Declaration deed
- Power of attorney
What to do if the conveyance deed is lost?
In any way, if you lose your property’s conveyance deed, take the following measures immediately:
- Visit your nearby police station and file an FIR. Remember to keep a photocopy of the report.
- Get it notarized by drawing an affidavit.
- Visit your local sub-registration office and get a legal copy of your document.
Conclusion
A deed of conveyance is an important document that every buyer must obtain from their seller. People often get confused about the difference between sales and conveyance deeds. Although, both are legal documents that prove the owner of a property they differ in a few aspects.
It is a document that transfers ownership of property from a seller to a buyer in exchange for money or a gift. A sale deed is a document that transfers ownership of a real estate in exchange for money.
Frequently asked a question about conveyance deed
1. What will happen if you do not own a conveyance deed?
If you do not have a deed, it would simply mean that you do not have any evidence of owning your property.
2. Who prepares a conveyance deed?
Usually, lawyers prepare this legal document. They may also need the assistance of real estate agents.
3. How much does it cost to register a conveyance deed?
The total charge depends on various factors like registration charges and the cost of stamp duties.
4. Is any witness required during the signing of a conveyance deed?
Yes, you might need a few people as a witness while signing a conveyance deed.
