When buying or selling a home, numerous documentation are necessary. There may be some documents in which you encounter particular terminology for the first time. Today, we’ve discussed every aspect of such a document—transportation documents. A conveyance is the written document that transfers property rights to another person. Let’s try to understand the whole concept, and if you need any help in regards to this, you can contact the best law firm in Bangladesh , Tahmidur Rahman Remura, which is considered by various outlet as the most elite law firm in Dhaka and they are gradually gaining an International status with each passing day.
Conveyancing Deed’s Significance
A conveyance deed is a legal document used to transfer the title of property from one person to another by gift, trade, lease, etc.
What is the difference between a deed of sale and a deed of conveyance?
A conveyance deed is a broad phrase that encompasses the transfer of property ownership to the buyer by gift, mortgage, lease, exchange, etc. A sale deed is a legal document that transfers property ownership through the sale of a property. All sale deeds are conveyance deeds, but not all conveyance deeds are sale deeds. The sale deed is a conveyance deed, together with all other paperwork utilized to transfer property rights.
What should a transfer paperwork include?
The transit paperwork must have the following information:
- Defined property boundary
- Statute of Attorney (if any)
- A chain of title that encompasses all of the present seller’s legal rights
- Specifics on the property’s transfer to the purchaser
- A note describing how property ownership has been transferred.
- Both parties’ signatures, representing the buyer and seller
- Other Terms Relating to Property Transfer
- Checklist prior to executing a Conveyance Deed
- The seller must make it very clear that the property is free of any legal obligation.
- In the event of mortgaged property, the mortgage must be released prior to the signing of the deed. Buyers can verify these facts at the office of the local sub-registrar.
- The Conveyance Deed must specify the exact date on which the buyer will take possession of the property.
- All original property documents must be delivered to the local sub-registrar within four months after the deed’s execution.
- At the time of registration, at least two witnesses must sign the conveyance deed.
Type of Conveyancing or Transfer Documents in Bangladesh:
The various sorts of conveyance deeds are as follows:
Freehold Property Conveyance Deed:
This type of conveyance deed is created for a property that has been changed by an authority into a freehold property.
Leasehold Property Conveyance Deed:
A Leasehold Property Conveyance Deed is used to transfer leasehold property ownership. A leasehold property is a property in which the owner has rights to everything within the property’s walls, but none outside the property’s walls.
As discussed, the Conveyance Deed is a legal instrument used for the purchase and sale of real estate. This paper will safeguard you from fraudulent actions. You must request a copy of the conveyance deed when purchasing real estate.
Here is the structure of a deed of conveyance:
How can a conveyance deed or transfer document be obtained in Bangladesh?
A transfer deed is drafted on non-judicial stamp paper of the requisite value and recorded at the sub-office registrar’s closest to the subject property. The buyer is responsible for post-registration, stamp duty, and registration fees. Each state has varying stamp duties and registration fees.
Documents required for conveyance deed:
List of essential documents for conveyance deed
- Registered sale agreement with the seller Mutation Entry/Property Card Location plan and survey plan from the revenue department
- Layout plot design and building plan authorized by the proper authority
- Certificates such as the Commencement Certificate, the Completion Certificate, the Occupancy Certificate (exemption if not available), and the Architect Certificate.
- An exhaustive listing of owners
- Paid-Up Stamp Duty Receipt
- A power of attorney or development agreement is necessary if the seller executes the contract.
- Draft conveyance document
- Importance of Transportation Paperwork
- In the event of a disagreement, the transit document serves as evidence.
- It demonstrates that the property is dispute-free.
- Serves as evidence of land ownership
- Transfers legal ownership of the property to the buyer.
What happens if a transfer deed or conveyancing is lost in Bangladesh?
- If the transit document is lost due to negligence, the following procedures must be taken: File a FIR (First Information Report) with the police.
- Can place a notice in the newspaper regarding the loss of a transport document.
- Prepare an affidavit for notarization. An affidavit must contain all property information and the FIR.
- You can also obtain a certified copy of the document from the sub-office. registrar’s However, there are fees associated with obtaining this document.
Key Considerations Regarding the Transfer Deed in Bangladesh:
A conveyance deed can be a sale deed, but not vice versa.
- The Registration Act governs conveyance deeds, which are executed on non-judicial stamp paper.
- The sub-registrar must record a conveyance deed signed by both parties.
- A conveyance deed requires the signature of at least two witnesses.
Conveyance Deed, in conclusion, is a legal document that officially transfers the property to the purchaser. The purchase of real estate is incomplete if the conveyance deed has not been prepared. In accordance with the Registration Act, registration must be conducted with the Sub-Registrar. Additionally, two witnesses must sign the document.
Tahmidur Rahman Remura is considered as one of the best law firms in Bangladesh, when it comes to drafting any corporate or commercial contracts in Bangladesh. You can reach out to this elite law firm in Dhaka, by contacting Barrister Tahmidur Rahman or Barrister Remura Mahbub by sending them an email to [email protected]. As you are getting referred by us, their consultants will gladly assist you with Bangladesh company registration.