Owner of any property has following rights on the property –
- Right to use
- Right to sell
- Right to Mortgage
- Right to rent
If the owner wants to transfer one or more of these rights, he needs to enter into a deed. Depending on the kind of transaction, a deed is prepared.
Transfer all the rights – To transfer the ownership rights, one can enter into one of the following deeds
- Sale Deed – This is used when the transferee is purchasing the property from transferor
- Gift Deed – This is used if the property is gifted to a relative or anyone else
- Relinquishment Deed – This is prepared if one of the part owners of the property wants to relinquish his ownership in the property
- Exchange deed – This is used if one exchanges the property ownership with another person/entity
Right to use
Right to use can be transferred by way of Rent Agreement
Right to Mortgage
To mortgage the property, a mortgage deed is prepared
In all the above cases, the documents prepared are conveying(transferring) the rights from one party to another. And therefore all the above are examples of Conveyance deeds. Each of the above is a different kind of conveyance deed.