lease deed and conyeance deed
Querist :
Anonymous
(Querist) 24 October 2010
This query is : Resolved
what is the basic difference between lease deed and conyeance deed.
R.Ramachandran
(Expert) 24 October 2010
In conveyance deed, the ownership passes on to the purchaser. It becomes an absolute property of the purchaser. After conveyance the original owner has no claim over the property.
Whereas in the case of a lease deed, the ownership remains with the lessor, and only the right to use is with the lessee.
The lessee is not an absolute owner of the property. The original owner can always take back the property once the lease period is over.
s.subramanian
(Expert) 24 October 2010
Lease is also a form of conveyance. That is why it is considered a transfer of property and brought under the purview of the Transfer of Property Act. Mr.Ramachandran has explained the difference rightly.
Parthasarathi Loganathan
(Expert) 24 October 2010
To further support the views of experts I elaborate as under:
Lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service, or any other thing of value, to be rendered periodically or on specified occasions, to the transferor by the transferee, who accepts the transfer on such terms.
Conveyance Deed is best illustrated as under:
Document conveys of right of ownership of the flat to the allottee, after the payment and the documents are received from the allottee and possession is taken over by him/her. Conveyance Deed is executed in the cases of free hold allotments only.
Devajyoti Barman
(Expert) 24 October 2010
Yes I agree. The lease is also one kind of transfer of property.
