A society conveyance deed is a crucial legal document that officially transfers ownership of immovable property, such as flats and common areas, from the developer to the housing society and its individual members. Without this transfer, legal ownership of the land remains with the builder, which can create problems, especially when the society needs to undertake redevelopment or significant repairs. This article will provide the complete information about the conveyance deed for housing societies.
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What is the Conveyance Deed of Society?
A conveyance deed is a legal document that transfers the ownership of a property from one entity to another. In the context of cooperative housing societies, it is a document representing the official transfer of land and building ownership from the builder to the society. This process is called society conveyance and is important as it grants full legal rights over the property to the society and its members.
The society conveyance deed ensures that all stakeholders’ rights are protected and that the society has full control over the land and the building.
Importance of Society Conveyance
Completing the society conveyance deed is crucial for several reasons:
- Legal Ownership: The conveyance deed gives the housing society legal ownership of the land and building, securing their rights.
- Protection of Members’ Rights: The society conveyance deed protects all society members’ rights by ensuring that the society legally owns the property that prevents potential disputes or legal complications.
- Compliance with Law: In many states, it’s mandatory for housing societies to obtain the conveyance deed as part of their legal compliance under cooperative housing society laws.
- Redevelopment and Repairs: Without the society conveyance, the builder still retains ownership which will create hurdles in redeveloping the property or undertaking major repairs.
The Society Conveyance Process
- Formation of the Cooperative Housing Society: The first step is the registration of the cooperative housing society, which will act on behalf of its members.
- Request to the Builder: After registration, the society requests the builder to execute the society conveyance deed and transfer the property.
- Drafting the Conveyance Deed: A legal team drafts the society conveyance deed, ensuring that all essential property details and legal rights are documented
- Stamp Duty and Registration: The deed is stamped, and the applicable duties are paid, followed by its registration with the local Sub-Registrar’s office.
- Deemed Conveyance (if required): If the builder refuses to cooperate, the society can apply for deemed conveyance through the relevant authorities.
- Final Registration: Once the society conveyance deed is registered, the society officially becomes the legal owner of the land and building.
Documents Required for Conveyance Process of Society
Several important documents required for conveyance of society that are need to be submitted to complete the conveyance process:
- Registered Agreement for Sale: Proof of the original agreement between the builder and the flat owners.
- Title Certificate: It is evidence of the builder’s ownership of the land.
- Commencement and Occupation Certificates: It is a certificate that is issued by local authorities which confirms construction and occupation approval.
- Approved Building Plans: It is a document that shows the building was constructed according to approved plans which were approved.
The correct preparation and submission of these documents required for conveyance of society are essential for the success of the conveyance process.
Challenges in Society Conveyance
- Builder Non-cooperation: Many builders delay or refuse to execute the society conveyance deed, which leads to legal complications for the society.
- Incomplete Documentation: Missing documents required for conveyance of society can hinder the process.
- Lengthy Legal Process: In cases where the society needs to apply for deemed conveyance, the legal process can be time-consuming.
How Society Management Software Can Help with the Society Conveyance Deed Process
ADDA, a society management software, streamlines the conveyance process by allowing a society to track ownership changes, store legal documents securely, and update financial records(if relevant) easily. With automated reminders and reporting tools, ADDA ensures compliance and makes property transactions smoother for everyone involved.
Additionally, specialized accounting software for cooperative housing societies can manage the expenses related to the conveyance process, such as legal fees and stamp duties.
Conclusion
The society conveyance deed is a critical legal document that secures the society’s ownership over the property. By understanding what is a conveyance deed of society, societies can avoid future legal complications, protect their members’ rights, and have full control over property-related decisions.
Completing the conveyance process with the help of proper documentation and tools like society management software ensures smoother transitions and a secure future for all stakeholders involved. Make sure your housing society takes timely steps to obtain the society conveyance deed to ensure your legal claim over the property.