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SALE DEED

WHAT IS SALE DEED?

Sale deed is the most valuable legal document that you shall possess upon purchasing a home. Based on the purchase deed, you shall be allowed to proceed with registration and mutation of the property. The sale deed or purchase deed is drawn upon a non-judicial stamp paper by legal draftsmen according to the value prescribed by the stamp duty act of a state.

When you buy or sell property, the transaction is not legally valid without the buyer and seller signing the sale deed in the presence

of at least two witnesses. Governed by the Registration Act, 1908,

sale deed is the most important document for while selling or purchasing property in India.

OUR SERVICES :

Our experienced professionals will draft whichever document you need, tailored to your business requirements. We offer every client  a free consultation call to

thoroughly discuss their requirements and clarify any doubts they may have after which a customized document is drafted, according to every client’s specific needs.

Let us draft a Sale Deed for you, personalized and customized according to your specific needs.

WHY YOU REQUIRE SALE DEED?

Sale Deed is very important document while purchasing any immovable asset. Sale Deed is a written agreement for transfer of rights for property from one person to another person. Sale gives rights to buyer to use property for lifetime. Sale Deed is only valid document which gives lawful right to purchaser for use the property. One cannot claim rights of property without sale deed.

Documents required for sale deed registration:

  • Draft of Sale Deed

  • 7/12 extract or RTC (Records of Rights and Tenancy Corps) or Khata Certificate and Extracts

  • Joint development agreement, GPA, & Sharing/supplementary Agreement, between land owner and builder

  • Building plan sanctioned by the Statutory Authority

  • Allotment Letter from the Builder/Co-Operative Society/Housing Board/BDA

  • If any loan on the property (Current or past) / Original Property Documents with Bank

  • Sale agreement with the Seller

  • All title documents of land owner

  • A Copy of all registered previous agreements (in case of resale property)

  • NOC from Apartment Association (in case of resale property)

MEANING OF TERMS INVOLVED IN A SALE DEED

Seller/Transferor

Seller is a person who has current ownership

of the property and is willing to sell his

property for a price.

Witness

Witness is a person who signs on the sales deed acknowledging to the fact that the buyer and seller
have signed the sale deed in front of him.

Registration Fee

The registration fee is additional to the stamp duty charges. Registration fee needs to be paid to get the property transferred and registered in your name. The fee is either 1% of the market value or the agreement value, whichever is higher, however, subject to a maximum amount of Rs. 30,000.

This fee is different in different states.

Execution

After the preparation of sale deed it is executed when all the parties involved like seller, buyer

and witnesses sign or make thumb impressions

on the document.

Proof of Registration

The certified copy of the registered lease deed with the name of the buyer can be obtained from the registrar's office which will act as a proof

of registration.

Buyer/Purchaser/Transferee

Buyer or purchaser or transferee is a person

who is willing to buy the property.

Stamp duty

A duty levied on the legal recognition of certain documents by the government.It is a kind of property tax which needs to be paid to the government while a property is being sold. It is calculated on the market value or the agreement value whichever is higher and stamp duty charges vary from state to state.

Title

Title is the legal way of saying you own a right

to something. Title refers to ownership of the property, meaning that you have the rights to use that property. It may be a partial interest in the property or it may be full. However, because you have title, you can access the land and potentially modify it as you see fit. Title also means that you can transfer that interest or portion that you own

to others. However, you can never legally

transfer more than you own.

Registration

To make a sale valid, a sale deed needs to be registered under Registration Act,1908 and this

can be done in the sub registrar’s office in presence of both the parties.

Sale Price

To make a sale valid, a sale deed needs to be registered under Registration Act,1908 and this

can be done in the sub registrar’s office in presence of both the parties.

FAQ's

Q

What is difference between sale and agreement to sell?

A

In a contract of sale, when there is an actual sale of property, it is known as Sale whereas if
there is an intention to sell the property at a certain time in future or when some conditions are satisfied, it is called an Agreement to sell. Both sale and agreement to sell are types of contract, wherein the former is an executed contract whereas the latter represents an executory contract.
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