A conveyance deed is the legal proof of transfer of ownership with regard to a particular property (moveable or immovable). When the transfer of ownership of a property takes place, it is important to make it legally evident to avoid any dispute in the future. Transfer of ownership can happen in the form of gift, exchange, mortgage or lease.
If you want to own an immovable or movable property, you must have a conveyance deed in place. Here’s why a conveyance deed is important, its type, how to get one, the documents required and the cancellation procedure. Read on!
A conveyance deed is a legal document required at the time of transfer of ownership of immovable or movable property. This document is signed by the buyer and the seller; and declares the rightful ownership of the buyer. If you are planning to purchase a property, to validate your ownership, you must get a conveyance deed.
A conveyance deed has these details in it:
Both buyer and seller should consider checking the conveyance deed before any transaction takes place. Here’s why:
Below is a deed of conveyance sample for a clear concept of how it works.
*Image Source: Allahabad High Court
A conveyance deed is drafted using a non-judicial stamp paper. Registration is done at the local sub-registrar office. After registration, a buyer needs to pay stamp duty and registration charges to complete the registration process of the property. Stamp duty and registration fees vary from one state to another.
Depending on the type and status of the property, there can be different types of conveyance deeds. They are discussed below:
There are numerous documents one needs to submit to register a conveyance deed. A list of the required documents for a conveyance deed is given below.
|Conveyance Deed||Sale Deed|
|A conveyance deed is used for transferring ownership of property.||A sale deed is used to sell a property in exchange for consideration.|
|Transfer of property is only considered for a limited duration.||Transfer of property is considered permanent.|
|Consideration is not necessary.||Monetary or non-monetary consideration is mandatory.|
|Buyer doesn’t hold the right to sell a property.||Buyer can use and sell the property.|
Sale deeds and conveyance deeds are often confused with each other because of their purposes. A conveyance deed can be used as a gift, lease or exchange method to transfer properties. A sale deed is required when a seller sells a property in exchange for consideration. So, any sale deed can be a conveyance deed, but a conveyance deed is not always a sale deed.
A conveyance deed has some legal provisions, and both the buyer and seller need to check them before the transfer of property.
It is possible that a conveyance deed is eligible for cancellation after the transfer of the property has taken place. As per Section 31 to 33 of the Specific Relief Act, 1963, cancellation of a conveyance deed is only possible when and if an individual feels that the deed is voidable or can cause him/her harm if left unsettled.
If the deed followed all rules and regulations mentioned in the Indian Registration Act, 1908, then cancellation might occur with the mutual consent of both parties involved.
Also Read: Encumbrance Certificate: Definition, Types & Steps To Apply
A conveyance deed is a legal proof that the previous owner has transferred all rights of the property to the current owner, but if needed, it can be challenged in a court of law. While buying a property, you must obtain a conveyance deed to avoid legal complications.
Ans: A conveyance deed is one of the necessary documents you need to submit while applying for a home loan. If you do not own the deed and there is a legal dispute, you might lose the legal battle due to a lack of proof of authority.
Ans: To apply for a deemed conveyance deed, one needs the following documents:
Copy of the agreement between owner and developer concerning the development of property
Copy of building plan approved by the local authority
Land documents like municipality records, land revenue etc.
Ans: If you lose the conveyance deed due to negligence or any other reason, you should take the following legal steps:
First, you should file a police complaint and keep a copy of the FIR as proof.
You can also get a copy of the deed from the sub-registrar’s office where you initially registered the deed.
You can also get an affidavit, including all details and the FIR number and get the same notarized.
Ans: A conveyance deed is a legal document for which the government intervenes to check if the transaction is legal and collects revenue from the stamp duty paid. The assistance of a lawyer and real estate agent is also important as they know all legal procedures.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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