What is a Conveyance Deed & why is it
Important?
A conveyance deed is a legal document that is used to transfer the title of property from one person to another as a gift, an exchange, a lease, a mortgage, etc. A gift deed, mortgage deed, lease deed, or sale deed can also be called a conveyance deed.
A conveyance deed is a process to acquire ownership of the land with the consent of the Developer.
of the Maharashtra Ownership Flats Act, 1963 the Promoters/Developers are required to form a society within 4 months from the date on which a minimum number of persons required to form such organization have taken premises/flats.
What is the difference between sale deed and
conveyance deed?
Conveyance deed is a broader term that includes any property ownership transfer in the form of a gift, mortgage, lease, exchange, etc. in favor of the buyer. A legal document to transfer ownership through property sale is called a sale deed. All sale deeds are conveyance deeds, but not all conveyance deeds are sale deeds. All deeds that are used to transfer property rights are conveyance deeds, and the sale deed is one among them.
What should be there in a conveyance deed?
Conveyance deed should have the following:
Defined boundaries of the property
Power of attorney (if any)
Chain of title that includes all legal rights to the present seller
The details on how the property will be handed over to the buyer
A memo stating how property ownership has been received
Signatures of both parties that implies the buyer and seller
Other terms and conditions that are concerned with the property transfer
Things to check before executing a conveyance deed
The seller must clarify that the property is free from any legal encumbrance.
In the case of mortgage property, the mortgage must be cleared before the deed is signed. Buyers can check these details at a local sub-registrar’s office.
The conveyance deed must include the exact possession date on which the property will be handed to the buyer.
Within four months of the execution of the deed, all the original property documents should be submitted to the local sub-registrar for registration.
At the time of registration, the conveyance deed has to be signed by at least two witnesses.
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DEEMED CONVEYANCE
Deemed Conveyance is the transfer of right, title & interest of the land/building in the name of the Housing Society.
As per the MOFA Act (Maharashtra Ownership Flats Act,1963), Maharashtra Government has given the right to the Competent Authority to sign the ‘Conveyance Deed’ on behalf of Land Owners & Developers.
CONVEYANCE DEED
A conveyance deed is a process to acquire ownership of the land with the consent of the Developer.
Under Section 10 of the Maharashtra Ownership Flats Act, 1963 the Promoters/Developers are required to form a society within 4 months from the date on which a minimum number of persons required to form such organization have taken premises/flats.
SOCIETY FORMATION
As per the Maharashtra State Cooperative Society Act, 1960 it is the duty of the Builder/Developer to form society & hand over the Account & Documents to Provisional Working Committee (PWC).
Society Formation deals in two ways, with the consent of the Builder & without the consent of the Builder e., Flat purchasers can apply for registration of Cooperative Housing Society under Non-cooperation.
