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A brief introduction to Conveyance Deed and its Importance

A brief introduction to Conveyance Deed and its Importance

A conveyance deed is a type of real estate deed that effectively demonstrates that a piece of property has no unpaid debts against it. It serves as official proof of the transfer of title from one person to another at an agreed-upon price and is also referred to as a real estate conveyance document.

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List of Documents Required for Conveyance Deed

  • Registered Sale Agreement with the Seller
  • Owners’ List
  • Receipt for Payment of Stamp Duty
  • The conveyance deed’s draft version
  • Properties cards or mutation entries
  • the layout plot plan and the structure plan approved by the relevant authority
  • Revenue Department Location and Survey Plan
  • A power of attorney or development agreement is essential if the deal is executed by the seller.
  • Occupancy certificates, completion certificates, and commencement certificates are some additional documents

Importance of Conveyance Deed

When one owns property, they must have a conveyance deed, which is a crucial document. Let’s go into greater depth about the conveyance deed’s significance.

  • A conveyance deed serves as a record of ownership. It makes reference to the possession of property rights.
  • You can swiftly transfer ownership rights to someone else with a conveyance document.
  • It lets the parties know if there are any disputes over their property or not.
  • The deed acts as evidence that one may offer in the case of a conflict of interest.

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How to get a conveyance deed?

Let’s go over the entire procedure for obtaining a transfer deed. In order to avoid any legal ambiguities, you must abide by it.

  • On stamp paper, type the details of the conveyance deed and properly sign it.
  • Submit the necessary paperwork to the local sub-registry office. A minimum of two witnesses must certify to the documents.
  • As soon as the registrar confirms the accuracy of your deed and sends registration approval, your request will go on to the verification stage.
  • To obtain this conveyance deed, you must pay registration fees and stamp duty charges.

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Various Forms of Conveyance Deed

Conveyance deeds come in three variations. Let’s get into further detail about this.

Freehold Property Deed: A property may be granted freehold status by the relevant authority, such as the Delhi Development Authority (DDA) or another state agency. The conveyance deed is provided to the owner as the last document.

Leasehold Property Deed: The term “leasehold ownership” refers to a property’s ownership of everything inside its four walls, but not to its external or structural walls. The building’s common areas, as well as the land it is built on, are all owned by the landlord.

Mortgage Conveyance Deed: In this instance, the purchaser may occasionally enter the property in question and its surroundings and hold or enjoy them, subject to the aforementioned mortgage.

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What details should a transfer deed contain?

The following provisions ought to be written into the conveyance deed:

  • The property’s well-defined boundaries
  • Power of Attorney
  • Chain of title encompassing all lawful rights to the current seller
  • Information about how property ownership has been handled
  • Both the buyer’s and the seller’s signatures
  • Additional terms and restrictions related to the sale of real estate
  • Things to look for before signing a conveyance deed
  • The seller must make it clear that there are no debts or additional obligations on the property.
  • The precise date when the property will be transferred to the buyer must be specified in the conveyance instrument.
  • All original property documents must be delivered to the local sub-registrar for registration within four months after the deed’s execution.
  • At the time of registration, the transfer document must be signed in the presence of two witnesses.

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What should I do if I lose the conveyance deed?

There is a danger that the lenders will accidentally misplace your conveyance deed. If such a situation arises, do the following actions:

  • Complain about this lost conveyance deed in the local newspaper and file a FIR with the police. Give yourself 15 days to get any leads on anyone who might have discovered your document and ask for it back.
  • You should place an advertisement for your missing conveyance document in the local newspaper and then wait at least 15 days to see if anyone who might have found it contacts you with any leads.
  • You can also prepare an affidavit and have it notarized. However, make sure it includes information about your property, such as FIR and details from the newspaper advertisement.
  • The local sub-registrar’s office is another place where you can obtain a copy of your conveyance deed that has been legally certified. But it ought to be the one where you registered it. You will also be required to pay a specific fee and present some necessary documentation.

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It is essential to provide records, such as a deed of conveyance, to support any intention to transfer or acquire ownership of a piece of real estate. This legal record is crucial for establishing the facts of the transaction in the event of a legal dispute.

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