Importance of Conveyance Deeds

The word ‘conveyance’ itself means the process of transferring something from one person or location to another. Hence, a Conveyance Deed literally denotes a legal document signed and sealed by an owner (seller) and a buyer stating the transfer of the purchased property from one to the other. It is the final document given by the builder to the buyer, transferring the ownership of the land on which the house is built. The conveyance deed declares the complete legal ownership of the purchased property by the buyer. It is a very important document as it conveys the ownership title of the entire structure of the property and the land attached to it from the original owner to the final purchaser.

Importanc

A Conveyance Deed is mandatory for the proper registration of the purchased property from the owner to the buyer. It is of the utmost necessity that it should be done within 3 to 4 months after registration of the property. It is the responsibility of the builder to submit the registration application with the co-operative housing society stating the change in ownership of the property, which then confirms the sale. This deed is considered vital as it hands over the legal rights of the purchased property to the owners.

Some of the benefits of the conveyance deed, sometimes known as deed of conveyance, include getting legal title ownership of the property, tax and all other benefits of purchasing and owning the property, getting compensation from the builder on redevelopment of the property. Finally, the conveyance deed guarantees the sale of the property and it can be used as solid proof in times of need. Apart from all this, one of the most important points to be noted is that Conveyance Deed is executed only in the case of freehold allotments only. This freehold status is granted by the government to all residential, commercial and Industrial plot owners.

Conveyance Deed – Processes Involved

•    The sale price of the building/property is decided by the Engineering Management.
•    Society Registration of the building with the Registrar.
•    Building plans and other technical details to be provided by the engineering department.
•    Sale deeds and lease deeds are prepared by the estate management office or by the community development wing.
•    Draft copy of the agreement is sent to the Legal Advisor or the department for verification.
•    Final copy is then sent to the Co-operative Housing Society for the completion of the process.

After the completion of all the above mentioned processes, the payments and other necessary documents are received. The right of ownership of the flat is handed over to the allotted person or the buyer, and the property possession is taken over by the purchaser.

The most important objective of this deed is the legal ownership of the property with free and marketable title for the owned property. This is considered the most important document for all property owners, and it is highly recommended to have this deed signed and documented within a few months of the registration of the property.