- Are you new to Real Estate?
- Is the word “Deed” sound a bit confusing? – especially the most famous “Conveyance Deed” in Real Estate!
- We are here to help, here’s all about the different types of deeds and especially the former. So let’s start with the basics and then move onto Conveyance Deed meaning.
- So what is a deed?
- A deed is a document or legal instrument which confirms or passes the rights of an entity, usually a property, that is signed and authorised by law. More specifically,
- A deed is a legal document between two parties, i.e., the seller and the buyer, for a contract. It is regulated and governed in India by the Registrations Act, 1908. So then,
- What is a Conveyance Deed?
- A conveyance deed is a legal agreement from the seller to the buyer to grant access like movable or immovable properties or assets.
- Purchase of properties is invalid without conveyance deed.
- Conveyance deed must be executed in the presence of two witnesses. Their due signature in the act is mandatory.
- A Sale deed can be a conveyance deed, but not all conveyance deeds are sale deeds.
- Types of Conveyance deeds
- Sale deed: This deed is all bout selling Properties that the court approves. However, the buyer has no guarantee that the property belongs to the seller. This deed is standard while purchasing apartments.
- Property details like the current owner, new owner, loan details, property tax details are mentioned in the sale deed. So,
- What’s the Difference between sale deed and conveyance deed?
- A Sale deed can be a conveyance deed, but not all conveyance deeds are sale deeds.
- 1. Gift deed
- An asset transferred legally to the buyer in the form of a gift. It can be a commercial or residential property.
- 2. Warranty deed
- These deeds are used for residential real estate projects. This deed indicates that the seller has all rights to sell his property.
- 3. Special Warranty deed
- It is the same as the warranty. A special Warranty deed will not cover the whole property given to the buyer.
- 4. Quit claim deed
- Family members use quitclaim deeds. Spouse is the legal person who often uses this deed.
- 5. Fiduciary deed
- These deeds are usually taking place when the seller is a trustee for the property. This deed commences when the trustee has all the power to transfer the ownership.
- 6. Trust deed
- It is a written agreement wherein the seller will transfer the property to a trustee on an obligation like promissory note or mortgage. The trustee has all the rights to sell the property if there is any default in the obligation.
- 7. Court order deed
- There are various types of Court order deeds which the court performs after the court order. The court carries these deeds without the owner’s consent. These deeds take place when the seller is no longer able to pay for his house. So, the court executes the act without the seller’s permission. Hope this article helped you boost your real estate knowledge today.
- Source: Homes247
Conveyance Deed & Many Other Deeds In Real Estate
