A legal document that is used to transfer the title of the property from one person to another is known as a conveyance deed. The deed can be in the form of a gift, mortgage deed, lease deed, or sale deed. The conveyance deed is signed by both the parties, i.e., the transferee and the transferor of the property. Without the conveyance deed, the sale or purchase of the property is incomplete.
What is the importance of a conveyance deed?
The deed is important at the time of purchasing and selling property. The conveyance deed is a binding and enforceable contract. It acts as proof that the title, ownership, and rights of the property are transferred. It also certifies that the property is free from any legal encumbrances.
What all should be included in a conveyance deed?
The deed is made upon non-judicial stamp paper and is duly signed by the buyer and the seller. Along with them, the signature of two witnesses is equally important. The document must include the below-mentioned details to make it an enforceable contract-
Full name and address of both the parties, i.e., the seller and the buyer of the certain property.
The exact date on which the rights, title, and property ownership are supposed to be transferred.
Acceptance details of the property
Thoroughly defined boundary of the property
All rights are annexed to the ownership of the house.
All terms and conditions regarding the handover of the property rights
Duly to be signed by buyer and seller along with the two witnesses
What are the Documents needed for the conveyance deed?
The following documents are needed for the registration of the conveyance deed-
The sale agreement or a memo stating how the ownership of the property has been received
Property card/ Mutation card
City survey plan, location plan, along with the approved layout plot plan from the appropriate authority.
A good architect certificate states the entitlement of the undivided interest in the common areas, plot, and amenities by each party or structure built.
Urban Land Ceiling Act, 1976
Approved building plan
Completion certificate of the property, Commencement certificate of the property, Occupancy certificate
List of owners if more than one
If the seller executes the deal, power of attorney is required
Other terms and conditions that are concerned with the property
Copy of stamp duty fee payment and registration
The development agreement, sale agreement (if any)
Draft conveyance deed. In case of any dispute, the deed will act as a piece of evidence.
How to obtain a conveyance deed?
The buyer of the property is obligated to register the signed and sealed conveyance deed and take it to the local Registrar's office. Also, the buyer has to pay the stamp duty and registration fees (it may vary from state to state). After the successful completion of the process, the information about the property transfer will become a part of the public documents.
Is there any difference between a Sale Deed and a Conveyance Deed?
A conveyance deed includes any transfer of property ownership in the form of a mortgage, lease, or gift in favour of the buyer. All kinds of deeds that are used to transfer property rights are a part of the conveyance deed, which further on includes the sale deeds themselves. The legal document to transfer the property sale is known as the sale deed. The broader thing to remember is that “All sake deeds are conveyance deeds, but not all conveyance deeds are or can be sale deeds’.
How can I cancel a conveyance deed?
It is possible to cancel a conveyance deed as per Section 31 and Section 33 of the Specific Relief Act, 1963. If the person believes that the deed is voidable or can cause harm if left unresolved, then, in that case, a person can cancel the deed. The mutual agreement of both parties can also cancel it.
Also read: Everything you need to know about Sale Deed