SALE DEED

INTRODUCTION

The sale deed is a legal document or legal proof of Transfer and will include every detail concerning the Transfer of Ownership which proves that the sale is complete. It contains details of the buyer, seller, area, location of the property, and payment details. The sale deed has to be registered by the near sub-registrar but prior to the registration one must make sure that the full consideration is paid. It has a legal value only if it is registered and a registered sale deed binds the buyer and seller to fulfil their agreed terms and conditions. It is enforced by the provisions of the Registration Act of India and is made on a Non-Judicial Stamp Paper of a Value specified by the government.

PROCESS

A sale deed usually consists of the following:

• Descriptions and complete details of the parties involved.
• Description of the property being transferred.
• Indemnity & encumbrance clause.
• The sale consideration or the price at which the transfer deal is closed.
• Date of delivery & possession of the property.

The following procedure is to be followed for the registration of a sale deed:

• First the value of the property has to be determined as it’s important for assessing the stamp duty.
• Additionally, a non-judicial stamp paper of the calculated value has to be purchased.
• The sale deed has to be typed in stamp papers and the stamp duty must be paid.
• The final step is registering the sale deed at the sub-registrar office. Both parties must be present along with witnesses at the time of signing and registering the sale deed.
• The final original registered sale deed can be collected from the registrar’s office within 15-20 days from the date of registration.

ADVANTAGES / FEATURES

1. It is legal document which is enforceable by the law as it concludes the sale.
2. A sale deed makes the process of sale more stable and comfortable as it reduces troubles as all money due can be specified in the document.
3. It assures that your property is not taken for granted as it is a registered and stamped legal document.

DOCUMENTS REQUIRED

1. Draft of Sale Deed and Power of Attorney/Vakalatnama
2. Sanctioned Building Plan sanctioned and Allotment Letter from the Builder/Co-Operative Society/Housing Board
3. All title documents of the property owner
4. Latest tax paid receipts
5. Latest electricity bill & receipt for the said property
6. NOC from Apartment Association

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