Those who read this Article also Consulted a Lawyer about Conveyance deed. Identity, and Address, Proofs of all the parties and the attesting witnesses. Proof of payment of the registration fees payable, if any. Some states may require the advocate, or registered deed-writer, who drafted the Conveyance Deed to affix a declaration, and their registration number, on the Deed. The duly executed and stamped Conveyance Deed must be presented to the office of the local Sub-Registrar of Assurances for registration. People Also Read This: Buying a House? Have You done your Legal Checks? Documents Required for Conveyance Deed It must clearly identify, at the very least, the land and other properties being transferred, the identity of the parties, the title history of the land and properties in question, and the fact that ownership rights are being transferred. It must be compulsorily registered with the local Sub-Registrar of Assurances. To ensure this, the Deed must be executed on non-judicial stamp paper of the same value as the stamp duty required to be paid. It must be attested by at least two independent witnesses. It must be written and signed by the parties. Keep the following pointers in mind while executing each required Conveyance Deed: Thus, the buyers will then become the owners of their respective flats, and all the buyers will then become the common owners entitled to jointly use the common areas. The developer must execute the Conveyance Deeds of flats and common areas to transfer their ownership rights to the respective owners and the housing society. To transfer the ownership of the whole land and the buildings standing on it to the respective buyers, the developer must execute Conveyance Deed new rules.Ī Conveyance Deed is a legal document that conveys some rights over an immovable property from one person to another. Hence, in some sense, the developer can still continue to lord over you since they have more rights over the property than you do. A possessor has some but lesser rights than an owner. The developer continues to own the whole land and all the buildings which stand on it. As a buyer, you have only acquired possession of your flat. When construction is completed, the developer hands over the flats to the respective buyers. Amongst these, the most important one typically states that the developer promises to hand over the flats to the owners once the construction is completed. There may be a number of clauses in this agreement. This agreement may be called by different names, such as ‘Sale Agreement’ or ‘Purchase Agreement’ and so on, but they are all the same in essence. Those who agree to buy the completed flats enter into an agreement with the buyer. They commence construction and meanwhile begin marketing the to-be-completed society to prospective buyers. With their newly acquired rights over the land, the developer can now develop society on this land. The ownership of the land is first transferred from the original landowner to the developer. The Importance of Conveyance Deed of Housing Societies Having a Conveyance Deed confers the legal ownership of the common areas of the housing society and plays an important role in proving legal ownership and later redevelopment projects. It uses the proceeds to service the common areas, provide common services (such as electricity backup and water supply), hire employees for maintenance and housekeeping, and so on. The housing society regularly raises subscriptions from the members. The flat-buyers then come together to form a housing society. The buyers come to own the individual flats, and they all have a common right to utilize the common areas. After developing a housing structure with a number of flats, common areas, etc., the developer sells these flats to multiple buyers for a price (making a profit in the process). Intellectual Property Assignment Agreementĭid you know that a Conveyance Deed of society is required to acquire property in a housing society? Many people do not know that such a Conveyance Deed exists. Property Document Review (upto Two Documents) Property Registration (sale Deed Registration)
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