Sale deed: What you should know!

sale deed, nrihelpinfo

When it comes to buying a property in India, the deed of sale or sale deed is one of the essential documents a person can possess. It proves you as the real owner of the property by acting as legal proof of ownership.

What’s a sale deed?

This is a document that lists in precise detail on the price, terms, and conditions upon which the two different parties reached an agreement for the sale of a property.

Who pays?

While it is the property buyer, who pays for the stamp duty and the registration charges, the seller of the property, on his part, ensures that all the dues pertaining to the property, including the loan taken for the land and property, water, and electricity bills and the property tax, are also cleared before signing the final sale deed agreement.

The sale deed draft must contain certain details before being legalized. These include:

Type of deed: Apart from selling a property, people also tend to lease or mortgage their immovable assets, so the agreement has to specify if it’s a deed of mortgage or a deed of sale.

Details of the parties involved: The agreement covers the names, residential addresses, and age details of the parties concerned, with the parties being referred to as the buyer and seller or lessee and lessor in the agreement.

Description of the property and land: From the property’s location to relevant details such as the number of rooms, plot area, and construction area, the number of balconies, among other things are mentioned in the sale deed.

Sale agreement: Both the parties agreed upon and signed the contract; a sale agreement precedes the property deed. The agreement declares that both parties agree to buy and sell the said property besides declaring the details of the transaction such as the date, advance paid, the amount due and also the mode of payment.

Transfer of title: As soon as the deed is signed by both parties, the buyer receives the title of the property owner with full property rights.

What happens next?

After the signing of the sale deed document, you then proceed with the process of registration of sale deed under the Registration Act, 1908. Both the involved parties present themselves at the local sub-registrar’s office along with the witnesses and the required documents and then sign the property deed. Once the agreement’s been signed between both the parties, the certified copy of the registered property with the name of the property buyer is available at the sub-registrar’s office.

Hence, when it comes to signing a deed, it’s best to not rush into things. Make it a point to examine everything in detail as once a legal document has been signed, and there’s no any other alternative but to take whatever has been written as the final word on any conflicts pertaining to the property.

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Sale deed: What you should know!

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