April 2023 - The government has allotted a 3-month window for builders to provide the pending conveyance and sale deeds to co-operative housing societies. The stamp duty fees have been reduced to a special rate of just 1% of the conveyance deed’s market rate. This rate is effective from May 1 and will be applicable in case of sale agreements signed prior to March 2014.
March 2023 - In Maharashtra, the State Housing Federation members launched a new mobile app for easy conveyance deed proceedings. Housing societies will now be able to undertake the required procedures for deemed conveyance or conveyance deeds online. The app called the ‘Housing Co-op Master’ can be downloaded for free from Google Play Store.
Conveyance deed is one of the most crucial legal documents through which the seller asserts the wilful transfer of ownership of a property to the buyer. It signifies the transfer of the asset’s ownership from one party to another. The sale and purchase of a property concludes only with a conveyance deed.
The conveyance deed can also be produced before a court in the form of evidence during a property-related dispute. Other than the buying or sale of property, conveyance deeds are created even in the case of property gifts, leases, mortgages, relinquishments, and other transfers.
Therefore, you need a conveyance deed primarily because it works as evidence during a legal dispute and acts as land ownership proof. Besides, the deed certifies that the concerned property is not part of a dispute.
Below are the elements that should be present in the legal document:
Details regarding Clear demarcation of the property
Information of all parties involved
Signatures of all parties involved
Terms and conditions of the transfer
Chain of Title
Details of other applicable transfer of ownership rights
Conveyance deeds are usually created in 3 different scenarios as listed below:
The leasehold ownership of a property means that the owner has the rights to everything within the confines of the four walls of the property. The rights to everything outside of it, such as the land it stands on and the common building areas, or the outside structure, on the other hand, stay with the previous owners.
Freehold ownership means that the owner has the right to every part of the property, including the land it is on. The owner is free to do whatever he or she pleases with it, as long as it is done in accordance with the guidelines laid out by the local regulatory authorities.
If the property acquired is mortgaged, the owner can enter its premises and reside there from time to time. However, they cannot live there permanently. In such cases, a conveyance deed, which is subject to a mortgage, is provided to the owner.
A closely related term to the conveyance deed is the sales deed. Both the legal documents affirm the sale and transfer of ownership of the property from the seller. So, how are they different? Here are a few points to distinguish between the two.
Is a broader term, that includes the transfer of property rights from one party to another as a mortgage or gift
Is a legal document to transfer ownership via property sale
All conveyance deeds are not sales deeds
All sales deeds are conveyance deeds
Sales and other deeds involved in the transfer of property rights are an integral part of a conveyance deed
Transfer of interest is an integral part of sales deeds
To get a conveyance deed, you will need to follow the below-mentioned steps:
Step 1: Visit your nearest sub-registrar office.
Step 2: Fill and submit Form-7 along with the documents required for the conveyance deed
Step 3: Post this, a conveyance deed will be made for you.
Step 4: Pay the stamp duty and the registration fee.
Note that each state charges a different amount as stamp duty and registration fees.
You will need to submit the following documents to get a conveyance deed made:
Registered agreement for the sale of property
Property card/mutation entries
Location plan and a survey plan from the concerned revenue department
The relevant plot plan and structure plans that have been approved by the appropriate authority
Certificates like the Commencement Certificate, Completion Certificate, Occupancy Certificate (if available) and Architect Certificate.
List of owners
Payment receipt of the stamp duty
Power of attorney or development agreements (if the seller executes the deal)
Draft of the conveyance deed
Yes, it is possible to get the conveyance deed cancelled. As per the Specific Relief Act of 1963, Section 31 and Section 33, the cancellation of a conveyance deed is allowed, in case of the following situations:
If and when an individual considers the deed to be voidable or may cause harm
If the deed is India Registration Act registered, and both parties agree to the cancellation mutually
In a scenario where the conveyance Deed is lost or misplaced, you must take the following steps:
Post an advertisement in a newspaper regarding the lost document. Note that you may have to wait for a few days to know its whereabouts.
Prepare an affidavit and get it notarised. It must include the property details, the information related to the FIR, and even the newspaper ad.
Alternatively, you can get a certified copy of the deed from the relevant local sub-registrar’s office. Note that you will have to pay the charges specified and submit the required documents to get them.
A conveyance deed plays an important role in your property purchase as it acts as proof of transfer of ownership. Additionally, it is a crucial document which plays a significant role in home-related disputes and home loan approvals. It is advisable to get your conveyance deed at the earliest, prior to applying for a home loan on Bajaj Markets.
Yes, a conveyance deed is a necessary document for availing a Home Loan.
Conveyance deeds state that the ownership of the property, in its entirety, has been transferred to the new buyer. It also essentially protects the buyers from any other third party that may try to make any kind of fraudulent claim over the property.
The absence of conveyance deeds would mean that you don't have any proof that you own the property. A conveyance deed is a legal document, which can act as proof during a property dispute in court. Without the deed, you won’t be recognised as the rightful owner of the property.
Typically, lawyers draw up a conveyance deed. In some cases, a lawyer may need the help of the real estate agent, who facilitated the transaction. After that, the drafted deed is registered at the relevant local sub-registrar’s office, along with the registration amount.
All the parties that are involved in the sale/ purchase of the property have to sign the conveyance deed.
The cost to register a conveyance deed can depend on a number of factors. These include the registration charges, stamp duties that differ from state to state, any pending dues, and so forth.
No, the two are different. A deemed conveyance comes into play when the builder or land owner refuses to hand over the conveyance certificate. In such a situation, the housing society members have to present their case to the designated authority. The concerned authority would pass the order of conveyance as a remedial measure.
Yes, you need a couple of witnesses to sign the conveyance deed.