The government has implemented several laws and regulations to deal with property transfers and fraudulently seized property. These laws are induced to protect the rights of an owner as well as to ensure a hassle-free and transparent process. Therefore, when someone is buying or selling a property, there are a lot of legal documents that need to be drawn up and signed.
One of the most important is the conveyance deed. But what is a conveyance deed? What does it mean? How is it different from other deeds? In this blog post, we will discuss the conveyance deed’s meaning, conveyance deed charges, and other important things! So, to know everything about this document, read on!
What is a Conveyance Deed?
A conveyance deed is a legal document that is used to transfer the ownership of property from one person to another. It is also known as a sale deed or transfer of property deed and is executed when a property is sold.
The deed contains all the important details about the transaction, such as the names of the parties involved, the date of sale, the consideration amount, the description of the property, etc. It also must be registered with the sub-registrar for the transfer of ownership to be completed.
Importance of Conveyance Deed
In the event of any disputes that may arise in the future, a conveyance deed can act as evidence to prove the ownership of the property. It is also important to register the deed at the sub-registrar office so that it becomes a part of the public records. This will help to avoid any legal complications that may arise in the future.
The procedure for registering a conveyance deed is relatively simple and straightforward. The buyer needs to submit certain documents along with the deed itself. The registration fee needs to be paid, depending on the value of the property.
Procedure to execute a Conveyance Deed
While completing the conveyance deed, there are several things that one needs to watch out for.
- The Conveyance Deed must be signed by both parties.
- The Sub-Registrar of Assurances must eventually register the Deed of Conveyance. This is a necessary step that cannot in any way be bypassed.
- A minimum of two witnesses must certify the execution of this document.
- Stamp duty must be paid since it is a necessary and unavoidable cost because it is how the government makes money from this.
- Both parties must have a thorough understanding of the procedure’s implications. Regarding the transfer of the property and the rightful ownership and power over it, there shouldn’t be any room for doubt. No one should take part in dishonest behavior.
Documents Needed for the Conveyance Deed
Here are the major documents amongst others that are needed while registering a conveyance deed:
- An ID Proof (Aadhar Card, Passport, Voter’s ID, Driving License)
- Two Photographs
- Residence Proof (Passport, Aadhar Card, Electricity Bill/Gas Bill/Water Bill)
- Office Address Proof (Aadhar Card, Passport, Driving License)
- Income Tax Returns for the Last Three Years
These are some of the essential documents that are needed while registering a conveyance deed. However, there might be some additional documents required by the lawyer or the bank. Make sure to contact the attorneys in advance so that they have time to compile all the necessary paperwork before the procedure begins.
Now, as we know what a conveyance deed is and what documents are required for it, one can start the procedure with ease. Just remember to take time and not rush into anything. After all, a conveyance deed is a legal document, and it is important to get it right.
The Bottom Line
A conveyance deed is a legal document that is used to transfer the ownership of property from one person to another. The deed must be signed by both parties and should be registered. The procedure for registration of the deed is simple and straightforward and can be done at the relevant Sub-Registrar’s office.
Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim/disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.