Conveyance of property meaning12/31/2023 For the purpose of transfer of ownership, interest, title in an immovable property, an Agreement is prepared between the original owner/s and the purchaser/s and such an agreement is known as Conveyance Deed.Ī Deed is an instrument which is written on a paper executed by a party under seal and delivered as his act, or deed.Ĭonveyance Deed is nothing but a document in writing between the vendor / seller / transferor and the purchaser / transferee evidencing the transfer of right, title and interest in the movable or immovable property in favour of the purchaser / transferee. The method of system of drafting a Deed is also known as conveyancing. Conveyance is a transfer within the meaning of Section 5 of the Transfer of Property Act, 1882.Ĭonveyance also means transfer of title of ownership of movable and immovable property from the original owner/s to the ultimate purchaser/s by executing the conveyance deed. Section 2(10) of the Indian Stamp Act (Act 11 of 1899) defines it as including a sale and every instrument by which property movable or immovable is transferred. ![]() “Conveyancing” has been derived from the word “Conveyance” which means to convey the title to a property from one person to another by an instrument. Therefore, now it is very important to understand the meaning conveyance and its advantages.Ĭonveyance means the action of conveying. As per section 11(3) of the MOFA, 1963, after the expiry of statutory period of four months, the legal body formed by the flat owners shall deemed to have received the conveyance of land and building which is called deemed conveyance. (i.e society, company or a condominium).Īnd as per section 11 of MOFA, 1963 read with Rule 9 of the Maharashtra Ownership Flats Rules, 1964 within 4 months of registration of society/ company or a legal body, the builder/ promoter is legally bound to convey the land and the building to such legal entity. MOFA has made necessary provisions that, the promoter/builder is legally bond to form a society or a company or condominium within 4 months of sale of minimum number of flats required to register such legal entity. ![]() This is because, builder sells the flats to individual flat buyers but the land and building may be conveyed only to the collective legal entity formed by the flat owners. Section 10 of MOFA, 1963 provides for formation of legal body such as cooperative housing society, company or condominium to obtain the conveyance of land and building and then manage and maintain the common areas. All construction activities in Maharashtra since 1963 is governed by Maharashtra Ownership Flats Act, 1963( in short MOFA).
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