A sale deed, on the contrary, is a type of conveyance deed which is issued upon selling a property. This includes, but is not restricted to sale, relinquishment, mortgage, or an exchange deed. How is Conveyance Deed Different from a Sale Deed?Ĭonveyance deed is a broad term that constitutes different types of property ownership methods. If you apply for a bank loan by keeping your real estate asset as collateral, then you will be issued a deed of mortgage. This occurs when a project developer fails to furnish the document within 4 months. This is possible through a relinquishment deed.Ī deemed conveyance is granted by a competent authority to property owners of housing societies. Through gift deeds, the ownership of a real estate asset can be transferred without monetary exchange.Ĭo-owners of a property can give up their property rights and transfer its ownership to another co-owner. DeedĪ legal document that confirms the transfer of a property from a seller to a buyer is called a sale deed. Given below are the 5 broad categories of CD that you must be aware of. You will have no guarantee of whether the land or property concerned is free from any legal encumbrance.Īs discussed, the conveyance deed is a broad term that enumerates the different types of methods for owning a real estate asset.The property concerned will not be registered with the government authorities.In the absence of a conveyance deed, you will be unable to renovate your real estate asset without the permission of the property owner.You cannot be declared the owner of a property.If you are not in possession of a CD, you will be unable to perform the activities listed below: It is required to complete the process of sale and purchase of land or property. What is the Significance of the Conveyance Deed?ĭrafted on a non-judicial stamp paper and regulated by the provisions of the Registration Act (1908), a conveyance deed is one of the most important property documents. Signature of both transferor and transferee.Details specifying that the asset is free from legal encumbrance.The date on which the real estate asset will be handed over to the owner.A memo that explains how the property has been received.The method through which the property/land is delivered.Property specifications such as the plot or house number.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |