Convenyance Deed OR Deemed Convenyance
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A conveyance deed is a legal document used to transfer the ownership of property, such as land or buildings, from one party to another. It is commonly used in real estate transactions to formally convey the title or ownership rights of the property.
In cases where developers fail to execute conveyance deeds, leaving societies or individual buyers in limbo regarding property ownership, deemed conveyance comes into play. Deemed conveyance is a legal provision that enables societies or individual purchasers to obtain the title of the property directly from the competent authority without the developer's cooperation.
Convenyance Deed
Deemed Conveyance refers to a legal provision in some jurisdictions that allows for the automatic transfer of ownership rights of a property, typically from the builder or developer to the cooperative housing society or association, without the need for a formal conveyance deed.
Key aspects of deemed conveyance include:
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Application Process: Societies or individual buyers need to apply to the appropriate authority, such as the Registrar of Co-operative Societies, with relevant documents and proofs to initiate the deemed conveyance process.
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Verification and Approval: The authority verifies the application, conducts necessary inspections, and if satisfied, grants deemed conveyance, thereby vesting the ownership rights of the property in the society or individual owners.
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Legal Validity: Deemed conveyance holds the same legal validity as a regular conveyance deed, providing conclusive evidence of property ownership.
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Benefits: Deemed conveyance empowers societies or individual buyers to assert their rights over the property, facilitating proper maintenance, redevelopment, and dispute resolution.
Deemed Conveyance
My Society Accounts offers comprehensive assistance for housing society conveyance in both conventional and deemed scenarios. Our team of experts provides tailored legal advice and support throughout the entire process, ensuring a smooth execution of your conveyance. From initial consultation to the finalization of documentation, including coordination with government departments, we handle every aspect diligently. Whether it's obtaining a Conveyance Deed or navigating the complexities of deemed conveyance, My Society Accounts is committed to facilitating a seamless experience for your housing society.
Legal Ownership
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The conveyance deed establishes clear legal ownership of the land and building in the name of the housing society. This helps in avoiding disputes over ownership and provides security to the members of the society.
Autonomy
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With ownership established through the conveyance deed, the housing society gains autonomy and control over its property. It can make decisions regarding maintenance, development, and use of the property without dependence on external entities.
Property Development
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Owning the land and building enables the housing society to undertake development projects or renovations as needed without seeking permission from external parties. This facilitates the improvement of infrastructure and amenities within the society.
Access to Funding
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Having a conveyance deed enhances the credibility of the housing society in the eyes of financial institutions. It enables the society to secure loans or financing for various projects or improvements using the property as collateral.
Stability and Investment
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A conveyance deed provides stability to the members of the housing society, assuring them of long-term ownership and investment security. It also increases the market value of the property, which can be beneficial for individual members looking to sell their units.
Legal Rights and Protections
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Ownership established through a conveyance deed grants the housing society legal rights and protections under property laws. This includes the right to defend the property against encroachments, unauthorized construction, or other legal disputes.
Maintenance and Management
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With ownership comes the responsibility for maintenance and management of the property. However, having a conveyance deed allows the housing society to manage these responsibilities collectively, ensuring fair distribution of costs and resources among members.
Compliance and Governance
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Owning the property through a conveyance deed enables the housing society to comply with relevant legal and regulatory requirements more effectively. It also facilitates better governance and transparency within the society's operations.
Advantages of Conveyance Deed of Housing Society
Below are the documents necessary for Conveyance Deed or Deemed Conveyance:
7/12 Extract
Search Title Report
Single copy of an Agreement (First Buyer)
N.A. Order & U.L.C Order
Architect Certificate of Area
All Index- II of all flats/shops
Resolution & Notice to Builder
Society Registration Certificate
Power of Attorney
Development Agreement
Commencement Certificate
Layout Plan (Blueprint)
