Transferring Ownership with Confidence: Your Guide to Conveyance Deeds.
A conveyance deed is a legal document that transfers ownership of real property from one person or entity to another. It typically includes information about the property, such as its location and description, as well as the names of the parties involved in the transaction. The conveyance deed must be signed by the grantor (the person transferring ownership) and may need to be notarized and recorded with the local government in order to be legally valid.
Who Can apply for Conveyance Deed?
A conveyance deed can be executed by anyone who has a legal right to transfer ownership of real property, such as the owner of the property. In the case of a sale, the grantor is the seller and the grantee is the buyer. In other cases, a conveyance deed may be executed by an executor or administrator of an estate, a trustee, or a legal guardian on behalf of another person. The conveyance deed must be signed by the grantor, and the grantee may also need to sign the document, depending on the laws of the jurisdiction in which the property is located.
Documents required for Conveyance Deed
The documents required for a conveyance deed can vary depending on the jurisdiction and the specific circumstances of the transaction. However, some common documents that may be required include:
The conveyance deed itself: This is the legal document that transfers ownership of the property. It must be signed by the grantor and may also need to be notarized and/or recorded with the local government.
Proof of ownership: This can include the original copy of the sale deed, the title deed or any other document that proves the grantor's ownership of the property.
ID proof: Grantor and grantee need to submit their ID proof such as passport, voter ID, PAN card, Aadhar card etc.
NOC: No objection certificate from the bank if the property is on mortgage.
Tax clearance certificates: Such as property tax clearance certificate and the Non-Agricultural Tax Clearance certificate.
Encumbrance certificate: This certificate from the sub-registrar's office states that there are no outstanding debts or claims on the property.
Survey map: A survey map of the property is required to be submitted.
Approval from local authorities: If the property is located in a development area, the grantee may need to obtain approval from the local authorities for the conveyance deed.
It's important to note that the requirement of documents may vary by jurisdiction and the specific circumstances of the transaction. It's always best to consult a lawyer or a local authority to confirm the requirement of documents.
Benefits of Conveyance Deed
A conveyance deed has several benefits, including:
Legal recognition: A conveyance deed creates a legal record of the transfer of ownership of real property, which is recognized by courts and government agencies.
Title transfer: A conveyance deed transfers the title of the property from the grantor to the grantee, which means that the grantee has the legal right to use and occupy the property.
Clarity of ownership: A conveyance deed clearly establishes who the owner of the property is, which can help to prevent disputes over ownership.
Tax benefits: Depending on the jurisdiction, the grantee may be eligible for certain tax benefits, such as a lower property tax rate, as a result of the conveyance deed.
Evidence of purchase: Conveyance Deed serves as evidence of purchase of property and it's important for legal and financial matters.
Easier transaction: A conveyance deed can make the process of transferring ownership of property easier, by providing a clear and legally recognized document that can be used to record the transaction.
Faq