What is Sale Deed and Conveyance Deed
The real estate industry is currently witnessing immense growth. Not only has property become a valued possession but it has also turned into a financial asset which is worthy of long-term investment.
However, purchasing a property requires you to undertake detailed paperwork. Although there are a number of legal and administrative documents which need to be signed, stamped and verified, the two most significant documents which require your undiluted attention are- sale deed and conveyance deed.
Here are a few details you must know about both:
What is a Sale Deed?
As the name itself suggests, a sale deed is a document which fulfils the following two conditions:
1. An actual sale of the property by means of a financial transaction must have taken place.
2. The ownership of the property must have been transferred from the seller to the buyer.
It is usually drafted upon a non-judicial stamp paper whose value is determined by the government of the state in which the property is physically located.
What is a Conveyance Deed?
A conveyance deed, on the other hand, is a document which provides for:
1. A transfer of ownership, title and rights of a property from the seller to the buyer.
2. It does not require an actual sale to have occurred. Instead, the property could be leased, rented, mortgaged, gifted or exchanged.
Thus, it is basically a contract which legally establishes who the property belongs to, with or without it being sold.
What Information Do They Contain?
Both of these documents must contain a set of specific details, for them to be considered valid. Therefore, if you are still wondering what a sale deed is or what a conveyance deed is, the following list will help you understand them better.
They must carry:
1. Information about both the parties, including their name, address, age and proof of residence.
2. Full details about the property in question, like its location, plot area, number of rooms, construction area etc.
3. The compensation paid in a sale deed and the date of the lease, mortgage or gift, in the conveyance deed.
4. A transfer of title which is duly signed by both parties.
5. Any other terms and conditions which have been mutually agreed upon.
Once the deeds are signed, they need to be registered at the registrar's office.
Nevertheless, if you are purchasing a property by The Wadhwa Group, you wouldn't have to concern yourself with such intricate details. Being competent and reliable developers, they ensure that all legal documents are well-crafted and thoroughly examined before you sign them.
After all, sale deeds and conveyance deeds are the foundations on which trust is built and verifying their accuracy holds paramount importance.