A conveyance deed is a legal document that depicts the transfer of the title/ownership of the property from one party to another. The deed comprises several elements which bind it legally before the law and serves as a proof in case of any future conflict.
In the wake of increasing number of fraudulent confiscations or sale of properties reported in the past, it is essential to have a conveyance deed that lawfully safeguards your rights. Typically, a conveyance deed is a legal document that protects the rights of a property owner. It can be referred to as a contractual document that is sealed and signed by all the parties involved in the property transaction and comprises by-laws that are enforceable in the court of law.
Elements of a conveyance deed
Written document- To qualify as a ‘deed' the contract should be in writing. Oral agreements will not be considered valid before the law.
Property demarcation- The deed entails proper demarcation of the property under question. An accurate demarcation should be mentioned to avoid disputes.
Transfer-The deed should explicitly state the transfer of the property from one person to another. This includes names of the seller and buyer, their address proofs and identity proofs. In case there are more than one owners then their names should also be mentioned in the document.
The delivery- The deed should also state the delivery of the property from the seller to the buyer, as well as how the buyer received it.
Signatures- All the parties involved in the transfer of the property should duly sign the deed. Upon signing the deed, the original owner transfers all legal rights of the property, ownership and authority of the property to the new owner/s. Two witnesses should also sign it and all their details should be included in the deed. All necessary signatures should be made in the presence of the notary.
Legal encumbrances- The deed should explicitly incorporate that the property is free from legal encumbrances. If in case there is a loan or mortgage against the property then it should be cleared before the transfer
Registration- The deed is drafted on a non-judicial stamp paper and should be registered with the local registrar within four months of the transaction, followed by a small fee amount.