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A conveyance deed is a real estate deed that essentially proves that there is no outstanding debt against a piece of property. It is also known as a real estate conveyance instrument to act as the legal evidence of the transfer of title from one person to another at an agreed price.
A conveyance deed is usually used to transfer commercial property but can also be used to transfer personal property. Conveyance deeds are legally required documents when selling your home in India. A conveyance deed’s primary purpose is to avoid confusion regarding who owns the property being sold.
A conveyance deed can also transfer rights associated with land or other property, such as easements if listed in the deed’s body. Read on to learn more about its types, meaning, purpose, and more.
Types of Conveyance Deed
Given below are the types of conveyance deeds.
Mortgage Property Conveyance Deed:
This refers to a conveyance deed meant for a mortgaged property.
Leasehold Property Conveyance Deed:
This conveyance deed is meant for leasehold properties, i.e., properties where owners have ownership of everything within the walls of the properties.
Freehold Conveyance Deed:
This conveyance deed is meant for a property converted into a freehold property by any authority.
Documents Required For Conveyance Deed
A conveyance deed can be used to transfer any real estate, including land, buildings, and homes. It contains information about the buyer and seller, how much they paid for the property, a description of the property being transferred, signatures from both parties, and sometimes other details like mortgage agreements or leases on the premises.
The requirements for these documents vary by state but generally include the following.
- Property card
- A complete list of owners- name(s) of all owners/sellers involved in the transaction, their respective addresses, and phone numbers.
- A receipt of stamp duty payment, the conveyance deed draft.
- Certificates such as occupancy certificates, commencement certificates and completion certificates.
- A description of all parties who have rights about the said deed (i.e., mortgage holders), survey, and location plan.