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Registration (All Deed)
What is a Deed?
A deed is a signed legal document that transfers ownership of an asset to a new owner. Deeds are most commonly used to transfer ownership of property or vehicles between two parties.
A deed must describe with reasonable certainty the land that is being conveyed. The purpose of a deed is to transfer a title, the legal ownership of a property or asset, from one person or company to another.
A deed to real property must be properly filed with the local government for its owner to be able to sell it, refinance it, or obtain a line of credit on it.
Types of Deeds:
1) Sale Deed (खरेदीखत)
The most common way of property transfer is through a sale deed. A person sells a property to another person, and then a sale deed is executed between the two parties. The ownership of the property is transferred to the new owner once the sale deed is filed in the sub-register office.
2) Gift Deed (बक्षीसपत्र):
Another popular way of transferring property ownership is by ‘gifting’ the property using a gift deed. As per Section 122 of the Transfer of Property Act, 1882, gifting a property must be done voluntarily. When compared to a sale deed, it is a better method as there are no taxes to be paid if the gift is made to relatives.
3) Partition Deed/ वाटणीपत्र:
Partition deed is another way of transferring property ownership from one person to another. It can be used in case of jointly-owned properties. However, this is executed to divide the property so that each person’s share is clearly defined.
4) Conveyance Deed:
A conveyance deed is a contract in which, the seller transfers all rights to the legal owner. The purchase of a property is not complete without a valid conveyance deed.
5) Deed of Trust:
A deed of trust transfers the title of an asset from a trustor to the trustee for the benefit of a third party, known as the beneficiary. Most often, a deed of trust is used instead of a mortgage, acting as security against a loan that a trustor has transferred to a trustee. Essentially, the trustee holds the property until the borrower has paid off the debt, agreeing to sell the property in the event that the borrower defaults on their loan.
6) Mortgage Deed:
A mortgage deed is a document signed between a homeowner and a bank or lending institution, allowing said institution to put a lien on the property if the loan isn’t repaid. This deed secures property as collateral for a loan – meaning a “mortgage payment” is paid towards a loan debt, with the house serving as security in the event of a default. When a mortgage deed is in effect, the legal title to the property is held by the financial institution for the duration of the loan repayment period.