The conveyance deed should state the exact date on which the property will be handed over to the buyer. Buyers have the option of having this checked at the local sub-registrar’s office. If a loan was taken against the property in question, then, the mortgage must be cleared before the deed is signed. The seller is required to certify that the property is free of any legal encumbrance. Important points to consider, to ensure smooth purchase/sale of a property: Any further applicable terms and conditions for the full transfer of ownership rights. A memo of the consideration, stating how it has been received.Ħ. The method of delivery of the property to the buyer.ĥ. The full chain of titles, that is, all legal rights up until the present seller.Ĥ. Other rights annexed to the property and its use.ģ. The actual demarcation of the property.Ģ. The purchase of a property is not complete without a valid conveyance deed.Ī valid conveyance deed must contain the following:ġ. A conveyance deed is, therefore, a contract in which, the seller transfers all rights to legally own and keep a property. It is a binding contract that is enforceable in a court of law. The term ‘deed’ refers to an instrument, like a written document that is signed by all the parties to a contract, in this case, the seller and buyer. Conveyance refers to the act of transferring the title, ownership, rights and interests in a property, from one entity to another.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |