Execution of conveyance, lease deeds to cost more
Tribune News Service
Chandigarh, August 4
In a setback to a number of property owners, the Estate Office will now charge fee for execution of sale deed and conveyance deed on the basis of the prevailing collector rates.
Sources said the UT Administration had recently informed this to the Estate Office after the latter sought a clarification on the issue.
The Estate Office had put on hold applications for the execution of sale deed and conveyance deed for the past four months for want of clarification.
In the past, the Estate Office had been charging 3 per cent of the allotment price for execution of conveyance deed in case of freehold properties.
Similarly, 5 per cent of the allotment price of leased property was charged for execution of lease deed.
Lease deed is a legal document that lays out the prescribed terms and conditions under which the property is leased out.
It contains information about the lessor, lessee, tenure of lease, lease payments payable and other terms to be followed by the lessee and lessor during the lease term.
On the other hand, conveyance deed for freehold property refers to the act of transferring the title, ownership, rights and interests in a property from one entity to another. A conveyance deed is a contract in which the seller transfers all rights to legally own and keep a property.
The purchase of a property is not complete without a valid conveyance deed or the lease deed.
Vikas Jain, an advocate, said charging fee for the execution of lease or conveyance deed on the basis of collector rate was not right, adding that any such decision cannot be implemented retrospectively.
He said there were hundreds of cases wherein owners failed to get the lease or conveyance deed executed.
3% of allotment price charged in past
In the past, the Estate Office had been charging 3 per cent of the allotment price for execution of conveyance deed in case of freehold properties. Similarly, 5 per cent of the allotment price of leased property was charged for execution of lease deed. The purchase of a property is not complete without a valid conveyance deed or the lease deed.
