Every person dreams to own a property. A sale deed is a valuable legal documents executed by seller/ vendor and purchaser/vendee which evidence the purchase, sale or transfer of ownership of an immovable property.
Governed by the Registration Act, Sale deed gives legal protection to ownership of immovable property. It is an important document for both seller or transferor and buyer or transferee that makes purchasing or sale of property legally complete. Generally the Sale Deed is signed only when both parties are satisfied and agreed with the terms and conditions as mentioned in the agreement.
A sale deed contains all the significant details needed for the purchase or sale of a property. The basic details include the full names of the buyer and the seller, and their addresses. The other information in the draft of sale deed would include details of the property under sale such as its exact location, identification number, address, detail of the construction if it is a house and total area of the property.
Most importantly a sale deed would require information about for what purpose does seller is selling the property and also assures purchaser that the property under sale is free from any encumbrance, liabilities and without any lien.
Also a sale deed acts as an essential document for the further sale of the property by the purchaser as it establishes the proof of ownership of property.
Besides these the draft sale deed would also include the total amount to be paid for the purchase/sale of the property, advance amount paid if any, the dates on which the payment are made, how it is paid, the time given for the payments, the details of the bank transactions of the payments, etc.
The sale deed would also mention about the receipt issued by the seller to the buyer for the money received towards the sale transaction.
It would also clearly mention the exact date on which the seller would hand over to the buyer the original property related documents and the date of subsequent possession of the property under sale.
Our Property Lawyers at LexOracle has experience of over 40 years in property laws and provide an efficient means of securing your Sale deed.
Q) How is it prepared?
To begin with the buyer and the seller agree to prepare a draft sale deed on non-judicial stamp paper. This value of the sale deed will differ from state to state in the country and as prescribed by the Stamp Act of the respective State.
Once the following details in the sale deed is agreed between the two parties the sale deed is ready to be signed. The sale deed would also require to be signed by at least two witnesses with all their details included.
Q) Any care a buyer should take?
Rule of Caveat-Emptor applies in various purchases of property which basically means ‘Let buyer be aware’, so a buyer shall make sure that property is free from any Charge or if there is some confusion/obscurity in Title of the Property and make sure of the nature of propIf there is an existing loan taken against the property the seller should settle the loan and then only execute the sale deed. However, it is always better for the buyer to check this with the local registrar’s office.
Q) How does it work?
The sale deed is registered at the jurisdictional sub-registrar’s office. Apart from the buyer and seller of the property under sale the witnesses should also be present at the time of registration.
Sometimes if the buyer or seller is not in a position to be physically present his nominated agent empowered with a Power of Attorney is legally allowed to execute the sale deed.
The original documents related to the sale of the property should be produced within four months from the date the sale deed is to be executed. If this is not possible the registrar might allow a grace period of another four months to produce the original documents however this delay might attract a maximum penalty of 10 times the registration charges related to the property.
Usually, the buyer would pay the stamp duty and the registration charges. And the seller on his part should ensure that all payments related to the property such as property tax, Cess, water and electricity charges, and others was paid before the sale deed is executed.
Step1:- Receive expert counseling on Property Laws and Sale Deeds by our Expert Property Lawyer
Step2:- Provide basic input regarding sale transactions, consideration (Payment), previous Title documents and allied information
Step3:- Make Payment
Step4:- Receive the Draft (If it’s not up-to your liking? Make another one which better suits your needs. We give you 3 free re-iterations)
Step5:- Get the final sale deed registered
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Each sale transaction is different from other and we at LexOracle provide tailor-made services to each and every sale transaction. Please contact us to know about our pricing andget the immediate reply within one and a half hour for counseling and quotation.It usually takes our Property team to get the first draft done within 7* days of submission of all the documents.
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*Time period quoted is tentative and approximate
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