There are various types of documents for the transfer of property rights. To buy or sell a property you make a document as per the nature of the transfer. Here conveyance deed is transferring property rights to another person on a written document made and executed between claimant and executants at the concerned jurisdictional Sub–Registrar office by paying attracted stamp duty and fees.
Conveyance Deed Definition
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.
Hence there is a slight difference between a sale deed and a 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.
A conveyance deed is a legal document that legally transfers the rights to the buyer of a property. A property purchase is incomplete if a conveyance deed is not prepared. According to the Registrations Act, one must register it with the sub-registrar with two witnesses signed.
Different Types of Conveyance Deed
Below are some types of conveyance deeds as follows.
Mortgage Property Conveyance Deed: A mortgage property conveyance deed is for a property that is mortgaged.
Freehold Property Conveyance Deed: This type of conveyance deed is created for a property that is converted into a freehold property by an authority.
Leasehold Property Conveyance Deed: The leasehold property deed of conveyance is for leasehold ownership of property. A leasehold property is a property where an owner has the right to everything within the walls of the property, nothing can be done on external walls.
Some uses of Conveyance Deed
There are some uses of a conveyance deed, it is a legal document that is used for the purpose of buying and selling a property. The execution of this document will save you from fraudulent activities. You must ask for a copy of the conveyance deed when you go to buy a property.
How to obtain a conveyance deed
A conveyance deed is drafted on a non-judicial stamp paper of requisite value and is registered at the nearest sub-registrar office. Post-registration, stamp duty, and registration fees should be paid by the buyer. Each state has different charges for stamp duty and registration charges.
Conveyance deeds are regulated under the Registrations Act and executed on non-judicial stamp paper.
A conveyance deed should be registered with the sub-registrar once it is signed by both parties.