CONVEYANCE SERVICES FOR SOCIETIES

CONVEYANCE SERVICES FOR SOCIETIES:-

In most of the cases people believe that a Purchase Agreement is the final document they need to own. However, a mere purchase agreement does not pass on the developer’s rights on the land to the society. Societies need to make sure they have the complete right to the land, and mere society registration and formation does not provide those rights.

A Conveyance Deed helps societies to gain the right of their land. Post this builder relinquishes his legal right on the land.

We the “VED LEGAL” provide end-to-end conveyance services to the societies including execution of Conveyance Deed, Deemed Conveyance, and Deed of Apartments. We work closely with co-operative societies and government officials and make sure the complete process is hassle free.

With our team of legal advisers and professional approach, we have handled more than 100 cases across Pune. We guide our clients through the complete process of transferring builder’s rights, allocation of additional space and finally establishment of society rights, as per the law.

Our conveyance services include:

Apartment formation:

Deed of Declaration • Deed of Apartment

Co-operative Societies Conveyance:

Conveyance deed with builder’s consent • Deemed Conveyance – without builder’s consent

By admin|April 20th, 2019|Conveyance Services for Societies|Comments Off

ADVOCATES FOR REGISTRATION OF HOUSING SOCIETY

ADVOCATES FOR REGISTRATION OF HOUSING SOCIETY:

A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. The builder may also be statutorily obligated to form a society. For example, under Maharashtra Flat Ownership Act, 1963, a builder must form a society within four months of selling 60% of the flats.

But you needn’t wait for the builder to form the society. In many states, including Delhi and Maharashtra, ten flat-owners are enough to promote a co-operative housing society. A building without a housing society usually indicates that there is a dispute between members or a general lack of interest. If you’re considering buying a house in a building where the society has not been formed, find out what the problem is. If the builder does not form a society, rights to the terrace and the compound continue to rest with him.

We, the “VED LEGAL” provide registration and formation services which help you at every step of society formation, right from inception to final handover. We look after all the legal complications involved in society formation and carry out necessary negotiations with developers.

We have also completed the registration process for various projects. We specialize in society formation of housing societies, commercial societies, maintenance societies and large townships. We help developers and societies with complex registration process during society mergers, society split, and federation registrations.

Our specialized services include:

Initial screening
Gap identification and ratification
Process documentation and finalization
Dispute resolution
Society name reservation at respective co-operative departments
Account formation and legal documentation

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|April 18th, 2019|ADVOCATES FOR REGISTRATION OF HOUSING SOCIETY PUNE|Comments Off

A COMPLETE GUIDE TO DEEMED CONVEYANCE

A COMPLETE GUIDE TO DEEMED CONVEYANCE

Most of the flat-owners of the newly constructed Societies/apartments do not have their sale deeds or conveyance deeds. Mostly in the newly constructed buildings, the builders provide for forming a housing co-operative society to which they shall transfer their interest in the property. Then the builders form the society but do not transfer the title of the property (read ownership) to the flat-owners or the society till he has transferred all the rights in the building/ Societies/apartments. Thus the builders/promoters are benefiting from the buyers lack of awareness and information.

To curb this practice, amendments were carried out in the Maharashtra Ownership Flats Act, 1963, in 2008 to appoint a Competent Authority (Registrar of Co-operative Housing Societies) to hear the grievances of such Societies/apartments owners and to safeguard their interest by executing deemed conveyance of such societies u/s 11(3) of Maharashtra Ownership Flats Act, 1963.

Ved Legal is having enough experience to deal with these kinds of Deemed Conveyance of Co-operative Housing Societies, in and around Pune. Any aggrieved society or apartment holder can get resolution from us in regards of the same.

MEANING OF DEEMED CONVEYANCE:

A deemed conveyance means when the builder/ promoter/ developer of the project refuses to sign the conveyance deed the court can sign the same on behalf of the builder and record the same in the government records.

NEED FOR DEEMED CONVEYANCE:

In a situation when a promoter or owner of residential premises/ buildings does not transfer/convey the ownership of the flats to the housing society or association of persons (AOP), the society or AOP can make an application to Registrar of Co-operative Housing Societies, to transfer the ownership of the said flats to them. This process is carried on through Deemed Conveyance of the title of the buildings and land in favour of the Society or AOP without the need of the builder to do so.

IMPORTANCE AND PROVISIONS OF LAW ON CONVEYANCE:

As per the Housing Society bye-laws, the main objective of formation of the Society is to obtain the Conveyance; and if Conveyance is not given by the Builder within four months from the date of registration of the Society, a case can be filed against the Builder to obtain the Conveyance. As per Section 13 of Maharashtra Ownership Flats Act, 1963, failure to give Conveyance is an offence and the Builder can be imprisoned up to 3 years or fined or both.

ADVANTAGES OF CONVEYANCE:

Getting a proper and legal title in the name of the Society.
Retaining the additional FSI as per the Government announcements.
Property will be free and marketable.
Society can raise the loans for repairs and reconstruction by mortgage.
Permission from planning authorities is possible if the building has to be reconstructed at a later date due to dilapidation of the structure due to age or by earthquake.
Society can take the benefit of TDR.
Members can receive compensation from Builder on redevelopment of the building.

DISADVANTAGES OF NOT HAVING CONVEYANCE DEED

Even though you have purchased ownership flat, you are not the owner of the land and building. 2. In the event of a building collapse or damage to the building, you cannot reconstruct the building without the permission of the Builder / Land owner.

The Builder/Developer may mortgage the property purchased by you as he is the legal owner and holding the Title Deeds of the Property.
The Builder/Developer may tap the benefits in case the building is later taken up for redevelopment or if the plot has some unutilized floor space index.
The Builder may make profit by sale of open spaces, gardens, terrace, parking space belonging to the Society.
The Builder may demand a huge amount from the Society, if Conveyance is sought by the Society after a lapse of many years.
The Builder may sell the entire Development Rights and the Legal Rights on the land to third party and create a third party interest in the Property and the Society will have to incur a huge amount to clear the same.

CONDITIONS PRECEDENT FOR GETTING A DEEMED CONVEYANCE:

There are certain important conditions which need to be fulfilled to go ahead for deemed conveyance, some of them are:

At least 60% of the flats in that scheme should be sold.
A Co-operative Society or Association of Persons should have been formed of the flat-owners and at least 3-4 months should have been passed since then.
There should be communication between the builder and the society or AOP regarding Deemed Conveyance wherein the builder should have made a promise of completion of conveyance or refused to do the same.

PROCEDURE FOR FILING AN APPLICATION FOR DEEMED CONVEYANCE:

After the above mentioned conditions are fulfilled, the following steps shall be taken:

Write a letter /email to builder/ promoter requesting him to provide a draft of the SALE DEED/ CONVEYANCE DEED or providing the draft to him and requesting him to sign the same.

If the Builder rejects or postpones the same, send him a legal notice through an advocate requesting for the same.
Even then if the builder refuses, File an application with the Registrar of Co-operative Societies together with all the relevant documents and 2000 Rs. Court stamp fees.
Self-attestation all the copies enclosed (by the society)
The Competent Authority will assess the application and if any documents are missing he will ask the applicant to correct the mistake within fifteen days.
Thereafter, notice would be sent to the promoter and the land owners.
After receipt of the notice by the land owners and the promoters, the authority will hear both parties in the first hearing and ask both parties to produce further evidences in next hearing.
Thereafter, second hearing would be held and if the builder or landowners do not attend both first and second hearing then the authority will pass an exparte order.
Thereafter, the third and final hearing would be held and the authority would be held and order would be passed unless a legal question is raised.
Normally the whole process is completed within a period of 6 months.

DOCUMENTS REQUIRED:

Further, the application required to be made with the Registrar shall be accompanied by copies of certain 20 odd documents which the society shall have to prepare or get prepared.

The papers required for doing Deemed Conveyance are as follows:

Application Form 7 to the District Deputy Registrar, Co-operative Societies, affixing a court fee stamp of Rs 2,000 on the application
Affidavit made before the Notary or Executive Magistrate True copy of the Society Registration Certificate
Stamp duty paid and registered agreement copy of 1 individual flats/ shops with Builder/Developer
List of members in prescribed format
Index-II for each member as issued by the Sub-Registrar of Assurance
Copy of the Development Agreement between land owner and builder
Copy of the Power of Attorney between land owner and builder
Copy of the legal notice issued to the original owner or developer for doing conveyance
Details of corresponding address telephone number etc. of the original owner or developer
Draft conveyance deed/ Declaration proposed to be executed in favour of the applicant

Documents to be obtained from City Survey Office, for submission:

City (CTS) Survey Plan
Property Registration Card or
7/12 extract of the Land
Village form 6 (Mutation entries from Revenue Office)

Documents to be obtained from the Collector’s Office, for submission:

Copy of the Non-Agricultural Order
Certificate of the exclusion from Land Ceiling Act (ULC) Certificate

Documents to be obtained from the concerned Municipal Authority Office, for submission:

Copy of the approved plan
IOD
Commencement Certificate
Building Completion Certificate
Occupation Certificate (not compulsory)
Property taxes paid
Location plan of the building

Documents to be obtained from other professionals, for submission:

Search Report of the land issued by the Solicitor/Advocate
Title Certificate of the Property issued by the Solicitor/Advocate (Search by minimum for last 30 years)
Land Measurement Map/ Architect’s Certificate (layout plan of the plot)
Certified copy from Panel Architect about the utilization of full FSI or FSI if any left in respect of the said property /Plot.

After, the Application is heard by the Registrar he may grant an order for deemed conveyance which shall then be produced before a court for execution and hence the conveyance may be done by a court order.

PROCEDURE:

Stage 1- Preparation for Deemed Conveyance
During this stage the Managing Committee prepares the Members of the Co- Operative Housing Society for Deemed Conveyance.

Stage 2- Documentation for Deemed Conveyance
During this stage the Documents Required for Deemed Conveyance are collected/ organized & the Case is prepared.

Stage 3- Legal Case for Deemed Conveyance
During this stage the case is filed before the Competent Authority & after contesting the same the Order & Certificate upholding the right of Deemed Conveyance of the Society is obtained.

Stage 4- Registration of Deemed Conveyance
During this stage the Deemed Conveyance Deed is Adjudicated, properly Stamped & Registered.

Stage 5- Transfer of Property after Deemed Conveyance
During this stage the Society Name is incorporated in the Land Revenue Records.

Let’s discuss each step in detail:

Preparation for Deemed Conveyance:

This is a very important stage where the Managing Committee prepares the Members of Co- Operative Housing Society for the Deemed Conveyance.

The Managing Committee convenes a Special General Meeting (SGM) of the Society by giving suitable notice highlighting the agenda.

The Managing Committee places before the SGM the difficulties faced for obtaining the Conveyance from the Land Owners/ Property Developers. The Managing Committee explains the effects of non- availability of Conveyance to the Members. The Managing Committee explains the Procedure & Benefits of Deemed Conveyance to the Members.

During this SGM the following Resolutions are typically passed.

Resolution for going ahead with Deemed Conveyance
Resolution for Appointment of Authorized Representative
Resolution for Appointment of Legal Consultant for Deemed Conveyance
Resolution for Per Member Contributions

Documentation for Deemed Conveyance:

This is the most crucial step in obtaining deemed conveyance. It is a very meticulous job and make sure all the documents are lined up within the right format. You would require land revenue records, municipal corporation records, society records, property development records and professional certificates.

All these documents can be obtained from various departments such as Land revenue records from City Survey Office, Tahasildar/Talathi Office & District Collector Office, municipal corporation records from Building Proposal Department of the Municipal Corporation. Society records and certificates can be obtained from society offices and professionals.

Once all the documents are lined up, society needs to fill in Deemed Conveyance Application- Form VII and attached all the related documents. In case of deemed conveyance, a legal notice is sent to the developer for their consent. In regular conveyance procedures, since the developers or promoters are willingly providing the rights lot of documents can be easily recovered from them.

Once the form is filled up and all documents are annexed it is submitted to the Competent Authority- the District Deputy Registrar of Co- Operative Societies of the particular District.

Legal Case for deemed conveyance:

Once the application is submitted to the authorities they issue Deemed Conveyance Scrutiny Report- Form VIII within 1 month. Once the compliance is provided the authorities issues Summons & Newspaper Notices to the Land Owners & Property Developers for appearing for the hearing.

During the hearing process authorities take into consideration the arguments of the both parties. The process takes place within 3-4 months. Once all the arguments are documented the office issues a Deemed Conveyance order within 1 month. The whole process is completed within 6 months as this is a time bound activity.

Registration of deemed conveyance:

A deemed conveyance deed is created during this phase and is signed by both societies and developers. If developers do not appear for hearing in the prior stage (Which is the case in deemed conveyance), authorities have the power to sign the deed on behalf of developers.

The society needs to conduct a meeting and appoint 3 members to sign the deed. Post that the deed is submitted to district stamp office for adjudication. If all the members have paid their stamp duty and if there is no balance FSI, the office issues adjudication certificate. (Note – Deed only requires Rs 100 stamp duty). The adjudication certificate needs to be then franked from local bank and resubmitted to registration office.

The registration office then issues notice to land owner/developer to verify if there is any stay order against the deed of conveyance. (Note – The developer can get the stay order only from high court). If there is no stay order the deed of deemed conveyance is registered and then the office issues scanned documents and Index II. This mark end of registration process and the society becomes the owner of the land and structure.

Transfer of property:

In this phase a new application is submitted to various departments to make mutation entries in their records. This would make the process complete.

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|April 18th, 2019|A complete guide to Deemed Conveyance|Comments Off

BUILDER-NON COOPERATION CO-OPERATIVE HOUSING SOCIETY

If builder/promoter procrastinate in registering the Co-operative Housing Society, then in that case, the application for registration of society be submitted in Form 6 (Rule 12) before the authorized officer (District Dy. Registrar in the respective district, who have given power under section 10(1) of the Maharashtra Ownership Flats Act 1963 (For making regulation for encouraging their constructions, their sale, management and transfer).

While submitting the said proposal, following documents are Necessary.

7/12 extract of the land or property card.
Competent Authority Certificate regarding non-Agricultural land.
Order regarding applicable/non-applicable Land ceiling Act Map of the construction approved by the competent authority.
Letter of given permission for construction.
Completion certificate of Construction.
Development Agreement if the land is taken for development.
Power of Authority letter of the Land.
Copy of the Title search Report.
Agreement copy of the flat purchased.
Architect certificate regarding construction.
List of the Members.
Scheme of the Society.
Application regarding reservation of Name.
Minimum 10 Members shall necessary for the registration of the Society.
Application for registration of Society (A Form)
Table containing information of the society (B Form)
Table containing information of the members (C Form)
Statement of Accounts of the members (D Form)
Notarized guarantee letter of the chief promoter of society on the stamp paper of Rs. 100/-
Notarized Indemnity Bond of the members who applied for the registration of society on the stamp paper of Rs. 200/-
Affidavit of the Members (Minimum 10 promoters’ Affidavit)
Two copies of bye laws approved by the Commissioner, Co-operation and Registrar, Maharashtra State, Pune.
Bank balance statement of the promoter members who have deposited Rs.500/- each as a share and admission fee Rs.100/- in District
Central Co-operative Bank after getting sanction for the reservation of name in district of Rs.2500/- paid as society Registration fee in the Government Treasure.

The proposal submitted after fulfillment of above mentioned documents, the competent authority by taking hearing, issued orders to the concerned officer for registering the society.

The scrutiny of the registration proposal submitted after fulfillment of documents as mentioned above and criterion will be done after taking into consideration the instructions in the circular/ directives regarding registration issued by the Government/ Commissioner, Co-operation. It is obligatory on the concerned Registrar to make registration by considering various provisions in the Act and Rules and instructions given in the circular/ directives.

By admin|April 17th, 2019|BUILDER-NON COOPERATION CO-OPERATIVE HOUSING SOCIETY|Comments Off

BUILDER’S HANDOVER PROCESS

BUILDER’S HANDOVER PROCESS

The date of handover from builder to the registered owners association is an important day for new apartment owners and all residents. It has to be taken seriously and detailed due diligence must be done when interacting with the builders during this handover process. Once the formal handover to the Owners Association is completed, the onus is on the association to run the affairs of the society and to ensure its smooth functioning. The association must be prepared for this day for 3+ months leading to this event.

It is recommended that owners collaboratively engage with the builder right from late construction stages that will help them to take-up this responsibility in future. The builders can also reach out to representatives from the owners group to assist in the selection of maintenance agency which prepares them for the handover process.

Based on our experience in interacting with various builders and associations, we have collated a check list that associations can use when in dialogue with the builder on the handover process:

Get approved building plan which includes block-wise and floor-wise details
Collect the Completion Certificate which ensures adherence of the approved plan
No Objection certificates from pollution, fire, water and electricity authorities
Hard copy and soft copy (in CD) of all approved engineering drawings; look for approval seal on the drawings
Registration and parent documents
Drainage, sewage, Fire protection and common area power layout drawings
Car parking layout drawings (with numbering)
Asset Inventory of all movable and immovable equipment purchased; numbered in order (list needs to be exhaustive)
Record of recent service history on key equipment’s like lifts, DG sets, STP and WTP
AMC and warranty details; Original bills of equipment purchased (motors, Sewage and Water Treatment Plant, Generators, Gym items like treadmill)
Lift license details and next renewal date
STP/WTP vendor details, plant layout, operation manual and drawings
Receipts of property, electricity and water payments paid
Handover of corpus amount to the association
Share recent expenses incurred on various maintenance activities and account heads; will assist to budget coming year (staff salaries, purchase of cleaning material, swimming pool maintenance etc)
Contract signed with maintenance agency; agreed SLAs
Insurance taken for assets and third party lift insurance
Audited account statement at the time of handover
Arrange for introductory meeting with important suppliers and vendors

By admin|April 17th, 2019|Builder’s Handover Process:-|Comments Off

PROVISIONS FOR DEEMED CONVEYANCE UNDER MOFA

PROVISIONS FOR DEEMED CONVEYANCE UNDER MOFA

Amendments in Maharashtra Ownership Flats (Regulation of the promotion of construction, sale, management and transfer) Act, 2005 giving a huge relief to hundreds and thousands of flats purchasers in Maharashtra. Conveyance to the societies was a burning issues which have integrated many problems like property tax, housing finance documentations and major repairs or redevelopment.

The highlights of the amendments are as under:

Builder/s will have to execute the conveyance.
Power is given to the District Deputy Registrar to act as Competent Authority. (Sec. 5A)
Power is given to Competent Authority for registration of Co-operative Society under the provisions of Maharashtra Co-operative Societies Act, 1960. (Sec. 10(1) )
It is the duty of the promoter (builder) to file with the Competent Authority within the prescribed period a copy of the conveyance executed by him (Sec. 11(2))
If the promoter fails to execute the conveyance in favour of Co-operative Society, Company or Associations or Apartment Owners as the case may be, then the flat purchasers can approach the Competent Authority with true copy of registered agreement of all the flat purchasers including Occupation Certificate, Registration Certificate of the society then in such circumstances the Co-operative Society, Company or Associations is entitled to have unilateral deemed conveyance (Sec. 11(3))
The proceedings before the Competent Authority have to be completed within a period of 6 months. The Competent Authority must verify the authenticity of the document produced before him and after giving a reasonable opportunity to the promoter, if satisfied will issue a certificate to the Sub-Registrar or any other Registration Officer under the Registration Act, 1908, certifying that it is a fit case for enforcing unilateral execution of conveyance deed conveying the right, title and interest of the promoter in the land and the building in favour of the applicant, as deemed conveyance(Sec. 11(4))
The sub registrar after receipt of the certificate issued by the Competent Authority along with the unilateral instrument of conveyance can issue summons to the promoter to show cause why the unilateral instrument should not be registered as deemed conveyance. However, reasonable opportunity of being heard may be given to the promoter. If the Sub-Registrar is satisfied then he will register the unilateral conveyance as ‘deemed conveyance’. (Sec. 11(5))
The Competent Authority has been created who has powers to award criminal imprisonment to the builder/s for a period not less than 6 months and not more than 1 year and / or along with fine ranging from Rs 10,000/- to 50,000/-. (Sec. 13(3)(a) & 13(3)(b))
The builder/s if convicted will not be able to carry on construction activities for a period of five years. However, the disqualification shall not affect the permission for construction of flats already granted. (Sec. 13 (4), 13(5) & 13(6) )
The Competent Authority shall be deemed to be a public servant as per the provisions of Indian Penal Code. (Sec. (13B)
Proceedings before Competent Authority shall be aimed to be judicial proceedings as per the provisions of Indian Penal Code. (Sec. 13C)
Competent Authority shall be deemed to be a Civil Court for certain purposes. (Sec. 13D)
No action can be taken against the Competent Authority for acts done in good faith by the Competent Authority. (Sec. 13E)

FOR MORE DETAILS CALL:

VED LEGAL,

Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|April 17th, 2019|PROVISIONS FOR DEEMED CONVEYANCE UNDER MOFA|Comments Off

Documentation for Deemed Conveyance

Documentation is a very important & crucial stage in the Procedure for Deemed Conveyance. It requires absolute focus & meticulous handling to ensure that all the required documents are obtained & organized in an appropriate manner.

The Land Revenue Records of recent origin are obtained by making applications to the respective Government Departments like City Survey Office, Tahasildar/ Talathi Office & District Collector Office. These documents are obtained typically within 8- 10 weeks.

The Municipal Corporation Records are obtained by making application to the Building Proposal Department of the Municipal Corporation. These documents are obtained typically within 8- 10 weeks.

In case it is difficult to obtain the Land Revenue Records & Municipal Corporation Records, Right to Information (RTI) may be invoked.

The Society Records are obtained from Society Office & the Professional Certificates are obtained from Professionals.

Following Documents are required to be prepared.

Deemed Conveyance Application- Form VII
Synopsis of the Case
Vakalatnama
Roznama
Society Special General Body Resolution
Letter of Authority
Affidavit by Authorised Representative
Affidavit by Society Secretary
List of Society Members including their Flat/ Shop Agreement Details

During the Documentation Stage, a Legal Notice is to be sent to the Land Owners & Property developers.

The complete set of the above Documents is to be annexed with the Deemed Conveyance Application- Form VII & to be filed in a neat & tidy manner.

The complete Deemed Conveyance Application- Form VII is to submitted to the Competent Authority- The District Deputy Registrar of Co- Operative Societies of the particular District.

The Documentation Stage from beginning to submission of Deemed Conveyance Application- Form VII can be successfully completed within 90 to 120 days.

By admin|April 17th, 2019|Documentation for Deemed Conveyance|Comments Off

Need for Deemed Conveyance

A Co- Operative Housing Society is the owner of the Land & Building & individual member enjoys the ownership right of the Flat/ Shop based on the Share Certificate issued by the Co- Operative Housing Society.

A vast majority of Co- Operative Housing Societies does not have the Conveyance in their favour & hence are not the owners of their Land & Building. In this situation, even though each member of the Co- Operative Housing Society has paid full consideration and is in possession of the Flat/ Shop allotted, he does not enjoy the benefits of title ownership of the Flat/ Shop.

In case of Co-Operative Housing Societies formed long back, many of the Buildings are in dilapidated condition and their repairs are not economically viable. The best solution available for these Co- Operative Housing Societies is to go ahead with Redevelopment. The non- availability of the Conveyance & therefore free/ marketable Title affects the Redevelopment Process badly.

In case of Co- Operative Housing Societies formed recently, the Redevelopment at the moment is not on the agenda. However the non- availability of the Conveyance and free and marketable Title may affect its present Revenue and may be a hindrance in Redevelopment process in future.

Therefore Deemed Conveyance is in the larger interest of the Co- Operative Housing Societies (and their each and every member) who are denied their right of Conveyance by the Land- Owners & Property Developers.

By admin|April 17th, 2019|NEED FOR DEEMED CONVEYANCE|Comments Off

Essential Elements in a Conveyance Deed

Essential Elements in a Conveyance Deed

The term “Deed” means a written legal contract that binds the parties to its terms and can be proved in the court as evidence.

The term ‘Conveyance’ is used when there is transfer of ownership or legal title in a property from one person to another. Hence, a conveyance deed is a legal document between a transferor and a transferee, which proves that a title or ownership in the property along with all other rights related to the property have been transferred from one person to another.

It informs that the property is free from any restrictions and disputes. Both parties sign it and it can be produced in a court if any dispute relating to the agreement arises in future.

However, a conveyance deed is a wide term which not only includes a sale of the property but also other kinds of transfers such as gift, exchange, lease, mortgage, relinquishment and other transfers.

A conveyance deed is valid only when the property is sold for a valid consideration (usually money) except in the case of a gift deed which results out of love and affection.

It can be signed for either movable or immovable property.

A conveyance deed is executed in accordance with the legal provisions under the Transfer of Property Act 1882, Registration Act 1908 and Indian Stamp Act, 1899.

In order to be valid and acceptable in a court, a conveyance deed needs to contain some essential elements. For instance, it must:

* Establish exact boundaries of the property to avoid any dispute relating to land ownership,

* State that all the rights relating to the property have been transferred along with the property,

* Provide details regarding delivery and acceptance of the property,

* State all terms and conditions relating to the transfer,

* Be made on a non-judicial stamp paper and signed by both parties,

* Mention full names, addresses and other requisite details of the seller and the buyer,

* State that the property is free from any disputes and restrictions,

* Be signed by at least two witnesses

* Be in writing and notarized, and

* Be registered through the local registrar’s office by submitting appropriate registration fee. Registration is proof that the property is free from any disputes and has been transferred to the buyer permanently with a clean title.

Once the registration is complete, the buyer becomes the absolute owner of the property and the conveyance process gets over officially. A lawyer and a real estate agent can help two parties compose, sign, and register a deed of conveyance during a transaction. The government obtains its revenue from the stamp duty and registration fees.

By admin|April 17th, 2019|Essential Elements in a Conveyance Deed|Comments Off

CHECKLIST FOR HANDOVER OF SOCIETY FROM BUILDER

CHECKLIST FOR HANDOVER OF SOCIETY FROM BUILDER

During the handover procedure it is important to record and file all details related to the process so that even if problems arise years later, all you need to do is look through this set of records and, accordingly, figure out what to do next.

The builder-residents society handover procedure needs to be structured, but that’s not where the process ends. There are a few things you should remember to check even after the builder hands over your society.

1)Make sure all society related issues are recorded and filed: All defects that you find should be typed as a letter with a signed acknowledgement of the same from the builder, so he is obligated to fix them. All important e-mails should be printed and kept safely for future references.

2)Make sure you make good use of the builder provided warranty period: Builders generally offer a warranty period within which defects are to be pointed out and duly fixed.

3)Form a team of volunteers to check and cross check all formalities are done correctly: Apart from the Management Committee, it is recommended that you bring together a group of residents to volunteer in making sure all necessary documents have been collected and all required formalities have been done. (To learn what documents you need during society handover, read ‘Keep a Check on These When Builder Hands Over Your Housing Society’)

4)Get a community management software to help you keep a permanent track of records: Getting a society management portal will prove significantly helpful in the overall management of your community activities in the long run. (For example: Common Floor Groups portal. With its many features such as Discussion, Complaints, My Dues, Issue Tracker, Documents repository this portal will serve as a platform to execute and manage community related activities effectively.)

5)Keep originals safely and copies separately with the Committee President: Make sure you keep originals of documents at a safe place such as the Association office and their copies with the Committee President which, when his tenure ends, are passed on to his successor.

6)Make sure you have all documents mentioned on the ‘Handover’ Checklist: Double check that you have all documents mentioned on the handover checklist in ‘Keep a Check on These When Builder Hands Over Your Housing Society’.

By admin|April 16th, 2019|CHECKLIST FOR HANDOVER OF SOCIETY FROM BUILDER|Comments Off

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