What is Conveyance Deed?
A conveyance deed is the transfer of property rights, titles, and ownership from one person to another, not necessarily always for consideration. This usually takes place when the Builder/Developer is voluntarily ready to execute the conveyance deed with the Society/Person to transfer his ownerships rights to the society.
A conveyance deed is necessary to make sure that the buyer, who buys the property, has all the right over it and can hold, or sell it on his or her wish. The seller transfers all the legal rights of the property (movable or immovable) to the name of the buyer after signing the conveyance deed for a valid monetary consideration.
Contents of Conveyance Deed:
- Rights annexed to the property and its
- The actual Area/Demarcation of the
- Applicable terms and conditions for transfer of ownership
- Full chain of
- Memo about the property ownership.
- Power of Attorney if any
- The method of delivery of the property to the
- Signature of both the parties
What is Deemed Conveyance?
Deemed conveyance occurs when the builder/land owner or the legal heir refuses to co-operate in handing over conveyance certificate to the apartment complex management committee. In such case, the housing society has to appear before the designated competent authority who will hear the case of both parties i.e. the housing society and the builder and would pass the required order of conveyance. The provision of obtaining the deemed conveyance, enables societies to get the legal title and ownership of land,property, developing rights and to make entries in the government’s records.
Deemed Conveyance is obtained as a legal remedy against the defaulter builder/ land owner who doesn’t want to part with the land and the building in favor of the society.
The government has amended the Maharashtra Ownership Flats Act, 1963 (MOFA) and provided for the deemed conveyance in favor of the legal bodies. Under the provision, deemed conveyance means after the expiry of 4 months of formation of the legal body, the land and building is deemed to have been conveyed to the legal body and to bring the same in the revenue record, a Competent Authority has been designated who will hear the parties on the basis of applications received from the aggrieved party and transfers the title in favor of the legal body by passing the necessary order and deemed conveyance certificate and appoint an authorized officer to execute the conveyance deed in favor of the society and execute on behalf of non co-operative builder or the land owner.
Contents of Deemed Conveyance:
- • Index II of all the each owner of flat/shop.
- List of members in the prescribed format.
- Application form VII to the District Deputy Registrar, with a court fee stamp of Rs 2000
- Proof of stamp duty payment and registered agreement for sale for all individual apartments.
- Copy of society registration certificate
Conditions for a deemed conveyance:
- At least 60% of the total number of flats in the building should be
- Before applying for a presumed conveyance, the apartment owners should have formed a cooperative organization for at least three to four
- Where the builder has either promised or failed to produce a complete conveyance deed, there should be clear communication between this cooperative organization and the builder.
- Before applying for a presumed conveyance deed, a resolution should be passed on the subject.
Difference between Regular Conveyance & Deemed Conveyance:
|Regular Conveyance||Deemed Conveyance|
The Builder/ Developer/ Land Owner prepare a conveyance deed and appear before the Sub- Registrar of assurance.
The Aggrieved parties appear before the Designated Competent Authority due to non cooperation from Land Owner/ Builder/ Developer.
The sub Registrar of assurance checks all formalities and admits their signature to the deed.
The Designated Competent Authority listens to both parties and passes the necessary order of conveyance.
Without any problem the legal bodies get the conveyance from the builder/ land owner.
Deemed Conveyance is obtained as a legal remedy against the defaulter i.e. builder/ land owner
There is mutual understanding and cooperation from the Land Owner to transfer the property.
The Land Owner doesn’t want to part with the land and the building in favor of security.