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All You Need to Know About Sale Deed ?April 16,
2018 ?Real Estate ?All You Need to Know About
Sale Deed, buying and selling houses, selling a
house as is ?Srishti Chandola
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Like 0 There are numerous documents that are
required to prove that the ownership of property
while buying and selling the property. The sale
deed is certainly crucial evidence that proves
that the identity of the actual or original
owner of the property with other important
details that are significant for making sure the
deal is legal and property that is being sold is
done after following the legal obligations. Here
are some facts and details that one requires to
know before plunging into realty market for
investment- Understanding the sale deed A sale
deed or the conveyance deed is the document which
is drafted at the time of property sale. The
signing of deed basically signifies that sale
process has been completed. The seller does
transfer the right of ownership to the buyer
through the sale deed. Generally, the sale deed
is executed when both buyers and sellers are
satisfied fully and ready to comply with terms
and conditions as it is mentioned in the sale
agreement. What does sale deed imply? The
document of the sale deed is valid proof of the
ownership of immovable property with complete
relevant information about the property
buyer. The sale deed is drafted on the
non-judicial stamp paper of the value as it is
set by the state government in which property
transaction is taking place. Each state has
predetermined stamp paper value that is
basically used for drafting the immovable
property. Also, any of the amounts that are
outstanding can be paid through the challan or
the stamping for legalizing the sale deed. The
deed does contain following information- Type of
deed
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Whether it is the lease deed, sale deed, mortgage
deed- document would say Deed of Sale if its
the sale deed. Details of both parties The deed
should have the full name, age, address and
residence address of both parties. The deed is
condemned as invalid if the information is found
to be missing. Property details The deed should
have information as well as details about
property that is involved and the undergoing
sale. The document should have the complete
address, plot area, number of rooms,
construction area, any additions to it and the
number of balconies. Agreement This is the part
of the document wherein both parties are agreeing
to the transaction as well as providing details
about compensation needed to be paid, transaction
date, and advanced component, agreed and signed
by the involved parties. Legally, it is binding
the document, therefore, the payment mode and
date is mentioned to prevent disagreement at a
later stage. Transfer of title The signing of
sale deed implies that the transferring of
property title to the buyer by the seller which
cant be revoked. Also, it means that they have
adhered to the clauses, the compensation agreed
upon and is paid in complete. The buyer holding
legal rights of property. Registration of the
deed
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The sale deed is registered in accordance with
Registration Act, 1908. Both parties need to be
present in person with two witnesses with
relevant documents in sub-registrars office to
sign sale deed as well as close the deal. Proof
of registration Certified copy of registered
deed with buyers name can be obtained from the
office of the registrar. Also, note the
following- Its the buyer who pays stamp duty as
well as the registration charges Original
documents have to be produced within 4 months
from registration date of the deed Seller
required clearing all payments related to the
property like cess, property tax, electricity
and water charges before signing the sale deed
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Favista is a Real Estate Advisory Firm based in
Gurgaon, India. Favista believes in making every
property transaction experience simple and
successful. The aim is to bring transparency,
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keeping the needs and concerns of the customers
in highest regards. Favista Real Estate has been
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experience in strategy consulting, internet
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