Ac o n f i r m at i o n deed is also known as a correction deed. It is entered into between parties to rectify an error made in a deed. These errors may include printing mistakes, spelling mistakes, error in locality or property description, or any other error in the execution of the documents.

Legal documents involving property are lengthy, and it may so happen that due to oversight errors may creep in. These mistakes can be corrected later through a supplementary document like a deed of confirmation. Confirmation deed is an assent to an estate already created. With this confirmation, parties further strengthen and give legal validity to the estate. One person may confirm and give assent to the documents of conveyance executed by another person.

It may so happen that the party to a document has made some mistake while signing the main document or has failed to admit the execution before the sub-registrar within the prescribed time. As such, the sub-registrar may refuse to register the document. Or, the parties may have executed the documents, but may have failed to register them at the sub-registrar's office to admit execution, and the registering authority, refuses to register the document. In order to remedy these defects, a deed of confirmation has to be executed by the party concerned, where he confirms the execution of the principal deed and further adds that the principal deed is valid and binding on him. He also confirms that he has no right, interest, or title to the property transferred which belongs to the purchaser or transferee.

Also, a copy of the principal deed should be annexed to the deed of confirmation. This copy should also be signed by the party executing the confirmation deed. This avoids execution of fresh documents, and payment of additional stamp duty and registration charges.

The Indian Registration Act recognises a confirmation deed. According to Section 17 of the Act, any deed confirming an interest in property needs to be registered. The confirmation may be given either by acquiescence, limitation or by a deed.

Cancellation deed

Correction deeds are separate and distinct from cancellation deeds. It may so happen that there may be certain written documents, which by their nature, by operation of law or by some other reasons, are either void or voidable under certain circumstances. These documents may be against the interests, rights or titles of some party. There may be documents of contract which are void.

In such cases, the parties to the document may cancel them by mutual consent without referring to a court. An agreement for sale, mortgage, lease, partition, licence etc may be cancelled with the consent of all parties involved in the transaction. In case the parties do not have mutual consent, the affected party needs to file a suit under Section 13 of the Specific Relief Act. The person concerned may institute a suit, and request for cancellation of the written documents. The court may, at its discretion, order the cancellation of the written documents.

A cancellation deed attracts stamp duty in accordance with the Indian Stamp Act. If a main deed is required to be registered under the law, the cancellation deed also needs to be registered. Unregistered documents may be cancelled with the consent of all the parties. All the parties concerned should sign the document, certifying its cancellation. It is to be noted that a duly executed and registered deed of conveyance cannot be cancelled by a mere deed of cancellation. The parties need to execute a reconveyance deed and get it registered.

Year 2008 has been an action packed one in all respects. It started off with stock market correction in mid January, later it turned out to be a bear market and eroded Billons of dollars of investor money.
By then sleeping giant was awaken, the sub prime. It had cascading effect all walks of the economy only in US nut all across the world. Then came the big investment bank failures. Fed has to Bail out leading mortgage lenders of the country Fannie Me, Freddie Mac. But, worst was yet to come, Lemon Brothers, a hundred year old investment bank went bankrupt.

It was the situation with Merrill Lynch and Morgan Stanley as well. Goldman Sachs was also taken a beating but was slightly better off. Merrill Lynch was acquired by Bank of America. Wachovia acquired by Wells Fargo, Washington Mutual (WaMu ) acquired by JP Morgan. Both Goldman and Morgan were converted to conventional banks. Meanwhile, Warren Buffet, greatest investor that the world has seen also showed confidence in Goldman.

On the other side Worlds largest insurance company AIG (American Insurance Group), has become the victim of sub prime. Stock price was as low as to $1. To life the ailing economy and overcome the sub prime problem US government came up with $700 Billon package. Later it found that it was short by couple of hundreds of Billon dollars. So second bail out package followed soon. Fed was cutting rate to give stimulus to ailing economy.

Mean while across the world there was severe liquidity problem. Credit Tsunami had hit the world and whole world was in shock. Central banks had to cut interest rate to inject liquidity. There was a fear of global recession all central Governments and banks were trying their best to hold situation under control. Central Governments of Germany, France, UK, Switzerland, were coming out with bailout/stimulus package to save the economy. Some of the biggest name like UBS, Credit Suisse, Barclays, HSBC all have become victims of sub prime and credit crunch. Meanwhile, surprisingly China was out with $560 Billion stimulus package to economy. Stock markets were falling day after day.

Metal prices was cooling off, Crude oil price was coming down on the fears of slow down in the global economy and hence the lower consumption. All these lead to lower inflation. With US interest rates going near zero, Deflation worries were looming large.

Stepping into New Year worldwide consumer confidence is multi decade low, Job less claims are at 26 years high, fear of deflation.

What lies ahead in 2009? Hope. Hope of recovery, Hope of job Security, Hope of Peace, Hope of Good life.

New Year is the time to unfold new horizons & realize new dreams, to rediscover the strength & faith within, to rejoice in simple pleasures & gear up for new challenges. Wish all our readers a very happy new year. Wishing you a truly fulfilling 2009. Let year 2009 be filled with Joy, Happiness, Prosperity, Safety & Security.

Have a great New Year ahead & happy investing. Thank you for all your Co-operation and Support.