What is the procedure for the redevelopment of a housing society?

Conveyance is the term that refers to the act in which the ownership of a property is transferred from one person to another. It is a legal document that is made when transferring the said ownership from the seller to the buyer. You can also say that conveyance is a contract under which sellers and buyers are bound to stand by their commitments.

This legal contract, lease, title or deed can be referred to as an instrument of conveyance which is used to solidify the deal made between the buyer and the seller. The document, be it a contract, lease, title or deed will include all the terms that the seller and buyer have agreed upon. This includes the purchase price, date of transfer, along with all the other obligations and responsibilities which both parties have to abide by. In case either of the parties fail to carry out these obligations and responsibilities, the other party can move to court against the former party which is not considered to be a defaulter.

The whole conveyance process is quite lengthy and includes a review for liens, a check ensuring that all conditions have been met, settlement of taxes and other charges that are concerned with the property transfer, confirming the access to finance and preparing all the necessary documentation for the transfer of ownership of the property.

Now that we have seen in brief what the term conveyance stands for, let us go a little deeper and try to understand how conveyance works. As we discussed above, conveyance represents the act of legally transferring a property from one part to another. In simple terms you can say that when two people or entities transfer ownership of a property among themselves, it is done through the process of conveyance. Conveyance is a term that is often associated with real estate transactions and the conveyance of ownership of real estate is also referred to as conveyancing. There is a legal representative that looks over the whole process that takes place, this representative is called the conveyancer. A real estate tax also known as the conveyance tax is levied upon the real estate transactions. These taxes are imposed on real estate transactions that take place at the country, state or municipal level.

A conveyance instrument is needed to execute a conveyance. This instrument can be a legal document which is in the form of a lease, contract or deed is a legal proof of the transaction that takes place between two parties and represents all the necessary details of the transaction that both parties have agreed upon. This document is the ultimate proof that the ownership of the property has been transferred from one entity to another.

As mentioned above, the conveyance instrument, whether it is a deed, contract or lease includes all the terms of the deal—price of purchase, time of transfer, obligations and responsibilities that both parties have agreed upon. There also have been cases where either one of the parties have failed to follow through this contract and abide by the said obligations and responsibilities. In such cases, the other party has legal rights to take the former party to court for not following through their responsibilities.