The Promoter (Builder/ Developer) is legally required to convey the land and the building within 4 months of formation to the society or any legal body of the flat purchasers. However, it has been the experience that many promoters (Builders/Developers) have not conveyed the land and building to the legal bodies. Therefore, government has amended the Maharashtra Ownership Flats Act, 1963 (MOFA) and provided for the deemed conveyance in favor of the legal bodies. Under the provision, deemed conveyance means after the expiry of 4 months of formation of the legal body, the land and building is deemed to have been conveyed to the legal body and to bring the same in the revenue record, Competent Authority has been designated who will hear the parties on the basis of applications received from the aggrieved party and transfers the title in favor of the legal body by passing the necessary order and deemed conveyance certificate and appoint an authorized officer to execute the conveyance deed in favor of the society and execute on behalf of non-co-operative builder or the land owner. Getting the title of land and building by adopting the above procedure is known as deemed conveyance.
Defined boundaries. A deed needs to describe the defined boundary lines of the property. Parties involved may need to order a land survey to accurately define and document the exact parameters of the property in question. It is important that the boundaries are accurate to avoid property line and ownership disputes down the road. The document should also clearly state the rights that come with ownership of the property.
Conveyance. The deed must include clear language that conveys the property from one party to the other. The deed must transfer the chain of title, or all the legal rights of the property, from the owner to the buyer. The deed should also state how the grantor delivered the property to the buyer, as well as how the grantee received the property. If there are any terms or conditions that go along with the transfer, the deed should describe these as well.
Signatures. All parties involved in the transfer – including the current owner of the property and the “new” owner – must sign the deed of conveyance for it to be valid. Upon signing a conveyance deed, the original owner transfers all legal rights, ownership, and authority over the property to the buyer. The seller signs away his or her rights to legally own, keep, or use a particular property.
Seal. To qualify as a “deed,” the document must be in writing. Oral contracts are difficult or impossible to enforce in court, and are not technically deeds. The written deed will identify the names of the seller, or owner, of the home (the grantor) and the buyer (the grantee). The grantor must sign the deed in front of a notary, who will then seal the document.
Registration. The grantee will need to register the deed of conveyance with the appropriate county. Presenting the signed and sealed deed of conveyance to the local registrar’s office can complete this action, with a registration fee. The transfer then becomes part of the public domain, searchable via the public records. The conveyance is complete, and the grantee becomes teh official, legal owner of the property.
A real estate agent can help two parties compose, sign, and register a deed of conveyance during a real estate transaction. The same is true if the conveyance of ownership is as a gift, such as from one family member to another. The final written and signed document is a deed that will be enforceable in a court of law.