The grantee typically pays rent to the grantor for the right to use the property. Conveyance of leasehold interest: This type of conveyance grants the grantee the right to possess and use the property for a specific period of time, known as the lease term.The grantor gives up all rights to the property, and the grantee has the right to pass the property to their heirs. Conveyance of fee interest: This type of conveyance transfers complete ownership and control of the property to the grantee, including the right to possession, use, and disposition of the property.
There are several different types of conveyances that can be used to transfer ownership of real property. The conveyance of real property is usually done with the assistance of a lawyer or a real estate agent and will typically involve the execution of a purchase agreement, the payment of transfer taxes, and the recording of the deed with the appropriate government agency. The grantee receives a physical copy of the deed. The conveyance of real property must be done in writing, and it’s usually recorded in a public registry. This type of deed provides guarantees and warranties, but they are limited to only those defects that occurred during the grantor’s ownership of the property. Special warranty deeds are a hybrid of the quitclaim and warranty deeds, they are typically used in commercial transactions. The grantor is responsible for any defects in the title or any outstanding liens on the property. It does not provide any guarantees or warranties about the property’s title or condition.Ī warranty deed, on the other hand, includes guarantees and warranties about the property’s title and condition.
The most common types of deeds are the quitclaim deed, warranty deed, and special warranty deed.Ī quitclaim deed is a legal document that transfers whatever interest the grantor (the person transferring the property) has in the property to the grantee (the person receiving the property). This transfer can be accomplished through a legal document known as a deed. However, in a Conveyance Deed, there is no such restriction.A conveyance of real property is the transfer of ownership of real estate from one person or entity to another. the first party actually sells the title of the property to the second party in return of a specific amount of money. The main difference is that the Sale Deed transfers the legal title of property from one person to another in case of a sale, i.e. All sale-deeds are deeds of conveyance but all conveyance-deeds are not sale-deeds The Differences:Īll deeds transferring the property-rights are conveyance-deeds. The conveyance in the immovable property may take place by way of sale deed, gift deed, exchange deed etc. Conveyance records the transfer of an interest in immovable property. This can be done in the form of a gift, sale, lease or mortgage. Conveyance Deed:Ĭonveyance Deed is a legal document that acts as a proof of transfer of ownership from 1 person to another. The sale deed is the main document by which a seller transfers his right on the property to the purchaser, who then acquires absolute ownership of the property. The sale deed is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement as agreed upon between the buyer and the seller. Further, it also acts as the main document for further sale by the buyer as it establishes his proof of ownership of the property.
Sale Deed:Ī sale deed acts as the primary legal document for evidencing sale and transfer of ownership of property in favour of the buyer, from the seller. Conveyance and Sale Deed essentially have no difference as in both the property document, the right, interest and title of the previous owner is transferred to the purchaser. Once Sale deed or Conveyance Deed is executed duly stamped and registered the purchaser will become the absolute owner of the property.
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