Conveyancing means any instrument or deed which transfers the interest upon a movable or immovable property from one living person to another living person. Conveyancing is the exchange of title ownership, rights, and interests in the property from the owner to the buyer legitimately.
The legal and administrative work required for the transfer of the ownership of land or building from one person to another is known as Conveyancing. Conveyancing ensures that the settlement and title transfer process is valid under the law. The process of conveyancing starts after the offer is made. It involves the contract and the execution of such contract legally.
Conveyance Deed Definition
Any transaction related to a property is incomplete without a conveyance deed. A conveyance deed is a contract between the transferor and the transferee. The conveyance deed proves that the title or ownership of the property, along with all the rights related to the property, has been transferred from the owner to the buyer.
Conveyance deed is used in a wider sense; it includes all the deeds required for property ownership transfer in any form, for example, sale deed, gift deed, mortgage deed, lease deed, etc.
The conveyance deed is executed according to the provisions under the Transfer of Property Act, 1882, Registration Act, 1908, and Indian Stamp Act,1899.
Conveyance Deed Essentials
- The exact boundaries of the property to avoid any dispute relating to land ownership
- All the rights relating to the property that has been transferred should be stated clearly
- Details regarding the delivery and acceptance of the property
- All the terms and conditions relating to the property should be mentioned in the deed
- A non-judicial stamp paper is signed by both parties
- The name and address of the seller and the buyer should be stated clearly
- Proof of property is free from any dispute, and restrictions should be stated clearly
- The deed should be signed by two witnesses
- That it should be in writing and notarized
- It is registered at the local registrar’s office
The Conveyance deed is drafted on a non-judicial stamp paper and registered at the registrar’s office. The stamp duty and the registration fee have to be paid once the registration is done.
Documents required for Conveyance Deed
- Registered agreement for sale entered into with the seller
- Mutation entries
- Location plan
- Survey plan from the revenue department
- Layout plan approved by the local authority
- Certificate of architect about the claim of undivided interest in the whole plot layout common areas and amenities by each of the entity or the structure constructed or to be constructed on such layout plot
- Certificate under urban land ceiling act 1976
- Building structure plan approved by the appropriate authority
- Commencement Certificate
- Completion Certificate
- Occupancy certificate not necessarily
- List of owners
- Proof of payment of stamp duty
- Proof of Registration
- Power of Attorney or agreement or for sale is executed by the seller
- Drafted conveyance deed/ declaration proposed to be executed in favor of the buyer;
The registered conveyance deed shows that the property is free from any dispute or restrictions. It can be produced in court in case any dispute arises related to the agreement.
A conveyance deed is a necessary legal document that transfers the ownership of land to a cooperative housing society from a developer or from the previous landowner.
In many cities like Mumbai, housing societies face difficulty in obtaining the Conveyance of land. For which deemed Conveyance was introduced by the Maharashtra Government.
According to section 11 of the Maharashtra Ownership Act, 1963, the builder or landowner must convey the title within a period of four months of formation to the society or the legal body of the flat buyers when the developer fails to provide the same within the specified time period a deemed conveyance is obtained by the housing society through a competent authority under the MOFA.
To obtain the deemed Conveyance, the housing society can go to the Deputy District Registrar(DRR) of the cooperative societies and submit an application and the required documents. The registrar would pass an order and a deemed conveyance certificate of the land in favor of the society after the verification of the documents.
Documents required for Deemed Conveyance
In addition to the documents required for the conveyance deed, the following documents are needed-
- Proof of sale executed by the landlord with the promoter for development or for transferring the right title and interest in the land in favor of the promoter.
- Legal notices are to be sent to the promoter and other interested parties to execute the conveyance deed or declaration as provided under the Maharashtra Apartment Act, 1970, in favor of the applicant.
- Conveyance deed declaration proposed to be executed in favor of the applicant.
When landowners or builders fail to convey the title of land within the stipulated time deemed, Conveyance becomes necessary. Deemed Conveyance enables the society to get a legal title, ownership rights, and transferable developing rights which help them in getting permission from the planning authorities for structures redevelopment.
Conclusion Conveyancing is thus a necessary process without which any purchase of property is incomplete. Conveyancing empowers dependence on open records and guarantees buyers of land that they are taking acceptable title. Once the registration process is complete, the buyer becomes the absolute owner of the property. Conveyancing helps the government in maintaining a proper record of properties and collecting revenue.