What is deemed conveyance document in India?
In India, a deemed conveyance is a legal provision that allows for the transfer of the title of a property from the builder or developer to the housing society or the association of apartment owners in case the builder fails to convey the property’s title within the stipulated time frame. The deemed conveyance document is essentially a legal document that signifies this transfer of ownership.
Typically, when a housing project is developed, the builder or developer is responsible for obtaining the conveyance deed and transferring the title of the land and the building to the housing society or association of apartment owners. However, there are instances where builders may delay or avoid completing this process.
To address this issue and protect the rights of property owners, the Maharashtra Ownership Flats Act (MOFA) in Maharashtra, and similar acts in other states, include provisions for deemed conveyance. If the builder fails to convey the property within a specified period, the housing society can apply for deemed conveyance. The Competent Authority then has the authority to issue a deemed conveyance order, and the society becomes the legal owner of the property.
The deemed conveyance document essentially serves as evidence of the transfer of ownership from the builder to the housing society or association of apartment owners, and it is an important legal instrument in the real estate sector in India. Keep in mind that the specific procedures and regulations may vary across states, and it’s advisable to consult with legal professionals or authorities familiar with local real estate laws for accurate and up-to-date information.
What was the object of deemed conveyance deed?
The primary object of a deemed conveyance deed is to facilitate the transfer of ownership of a property from the builder or developer to the housing society or association of apartment owners when the builder fails to complete the formal conveyance process within the specified timeframe. The term “deemed” implies that, under certain circumstances defined by the law, the conveyance of the property is considered to have taken place automatically, even without a formal deed being executed.
The key objectives of a deemed conveyance deed include:
- Ensuring Ownership Transfer: The main purpose is to ensure that the legal ownership of the property is transferred from the builder to the housing society or association of apartment owners.
- Protecting Property Rights: Deemed conveyance protects the property rights of individual owners within the housing society by providing a legal mechanism for obtaining ownership titles.
- Resolving Delays or Non-Cooperation: It addresses situations where the builder delays or refuses to complete the conveyance process, allowing the housing society to take control of the property.
- Legal Recognition: The deemed conveyance deed provides legal recognition to the transfer of ownership, offering a clear and documented basis for property ownership.
- Empowering Residents: By facilitating ownership transfer, deemed conveyance empowers residents of the housing society to collectively manage and make decisions regarding the property.
- Simplifying Transactions: It simplifies future property transactions within the society, such as selling or leasing units, by establishing a clear ownership structure.
- Compliance with Legal Requirements: The deemed conveyance deed ensures compliance with the legal requirements specified in relevant state housing laws, providing a legal framework for property ownership.
In summary, the object of a deemed conveyance deed is to rectify delays or non-cooperation from builders, protect the property rights of residents, and establish a legal basis for the transfer of ownership, thereby empowering the housing society to manage and govern the property effectively. The specific objectives may vary slightly based on the legal provisions and regulations in different states of India.