Properties in Hyderabad are in demand and buyers must know the importance of a Conveyance Deed and other legal procedures. Obtaining a conveyance deed is the most important element of the property buying process.
So, what is a conveyance deed, and why is it important? Let’s find out.
What Is a Conveyance Deed?
A conveyance deed is a legal document facilitating the transfer of a property’s title from one person to another. It could be an exchange, lease, mortgage, or gift.
New property buyers looking to buy 3 BHK apartments in Hyderabad may get confused between a conveyance deed and sales deed, as both are pretty similar. So, what’s the difference between the two?
Conveyance deed is a broader term comprising property ownership in any form, such as sale, gift, exchange, etc. A sale deed is a type of conveyance deed used to transfer a property title through a property sale. So, if you buy a property, the legal document verifying the purchase is the sales deed.
Importance of a Conveyance Deed in Buying Property in Hyderabad
A conveyance deed is one of the most important documents in the process of buying residential apartments for sale in Hyderabad or transferring their title in any other form. Here are some uses of conveyance deeds.
• Acts as legal proof of the transfer of property rights
• Works as evidence in a legal dispute
• Acts as land ownership proof
• Confirms that the property is not disputed
Overall, a conveyance deed is a document that confirms a buyer’s ownership rights on a property. If you plan to buy homes for sale in Hyderabad, getting a conveyance deed should be your priority.
What Does a Conveyance Deed Include?
The following are the contents every conveyance deed should have:
• Boundaries of the property
• Chain of title with legal rights to the current owner
• Details of how property ownership will be transferred, handed over, and received
• Signatures of the buyer and seller
• Power of attorney (if applicable)
• Other terms and conditions or important details, if any
• The sale deed if the property is purchased
Additionally, the buyer must check the following things before signing a conveyance deed.
• Confirmation from the seller that the property isn’t legally disputed
• Clearance of mortgage in the case of a mortgaged property
• The date of possession
• Signatures of two witnesses
Also, the property owner must submit the original property documents to the sub-registrar’s office within four months of the execution of the conveyance deed.
Documents Needed to Get a Conveyance Deed
Now that you understand what a conveyance deed is and its importance, let’s look at the documents needed to execute a conveyance deed. Here are the documents needed.
• Agreement for property sale
• Property card or mutation entries
• Structure or layout plot plan from the appropriate authority
• Location or survey plan from the revenue department
• Commencement and completion certifications, occupancy certificate, and architect certificate
• Stamp duty payment receipt
• Draft conveyance deed
• List of all owners
How to Obtain a Conveyance Deed?
Finally, how can you get a conveyance deed? The process takes place on a non-judicial stamp paper at the sub-registrar’s office. Once the registration is complete, the government gets the stamp duty. You also need to pay a small registration fee. That’s it. You’ll now have the conveyance deed.
Now, what if the builder is not alive? In that case, you’ll need to draft and apply for a convenience deed. The legal heirs or representatives of the builder can do the due diligence.
Obtaining a conveyance deed is an integral part of buying residential apartments for sale in Hyderabad. It’s a legal document that verifies a property’s transfer of ownership, and it can come in handy if a legal dispute arises.