Sale Deed Registration
A Sale Deed acts as the main legal document for evidencing sale and transfer of ownership of property in favour of the buyer, from the seller. It is an instrument in writing which transfers the ownership of the property or properties in exchange for a price paid/consideration. This is a document that lists in clear detail the price, terms and conditions upon which the two parties reached an agreement for the sale of property.Further, it also acts as the main document for further sale by the buyer as it establishes his proof of ownership of the property.
The Sale Deed is executed subsequent to the execution of the sale agreement, and after compliance of various terms and conditions detailed in the sale agreement as agreed upon between the buyer and the seller. The Sale Deed is the main document by which a seller transfers his right on the property to the purchaser, who then acquires absolute ownership of the property.
Is there any difference? “Conveyance and Sale Deed essentially have no difference as in both the documents, the right, interest and title of the previous owner is transferred to the purchaser. Conveyance Deed includes Sale Deed i.e. Sale Deed is one of the mode of conveyance i.e. transfer of interest.
The sale deed of land is drafted on a non-judicial stamp paper of fixed value prescribed by the state government.While it is the buyer, who generally pays for the stamp duty and the registration charges, the seller, on his part, ensures that all the dues regarding the property, including the loan taken for the property, the property tax, water, and electricity bills are cleared before signing the final sale deed agreement.
Sale Deed is required to contain the following information:
Type of deed: Besides selling a property, people also tend to mortgage or lease their immovable assets, so the agreement has to mention if it's a Deed of Sale or Deed of Mortgage.
Details of the parties involved: The sale deed agreement includes the names, residential addresses, and age details of the parties involved, with the parties being referred to as the seller and buyer in the agreement.
Description of the property: From the property's location to relevant details like the number of rooms, the number of balconies, plot area and construction area among other things are mentioned in the deed of sale.
Rights: The chain of title, that is, all legal rights to the present seller. Mention of any other rights (if applicable) annexed to the property and its use and the method of delivery of the given property to the buyer
Sale agreement: Agreed upon and signed by both the entities, a sale agreement precedes the sale deed. The agreement states that both parties agree to buy and sell the said property besides mentioning the details of transaction like the date, advance paid, the amount due and the mode of payment.
Sale consideration: This clause, which is the memo of the consideration, stating how it has been received
Transfer of title: Once the sale deed is signed by both the parties, the buyer gets the title of being the property’s legal owner with complete rights to the property.
Boundaries: Complete identification and demarcation of the boundaries of the property
After the signing of the sale deed, you then proceed with the process of registration, with the deed of sale registering the sale of the said property under the Registration Act, 1908. The parties involved present themselves at the local sub-registrar's office with the witnesses and the documents required and sign the property deed. Once the agreement's been signed, the certified copy of the registered property with the name of the buyer is available at the sub-registrar's office.
With the complete names of the transferor and the transferee mentioned properly on the quit claim deed, it clears up any title problems regarding the property.
So, when it comes to signing a deed, it’s best to not rush into things. Make it a point to scrutinise everything in detail as once a legal document has been signed, there’s no alternative but to take whatever has been written as the final word on any conflicts regarding the property.
Documents Required for Registration:
For completing a property registration, the following documents must be submitted to the Registrar.
- Duly stamped signed and Executed document
- Mother or Previous documents
- Patta copy and Land tax receipt
- Encumbrance certificate
- ID card for executant and claimant (for all deeds)
- ID card for witnesses
- Required registration fees, computer fees, sub-division fees etc.,
- Patta Transfer application with court fee of Rs.7/- duly filled and signed
- Form 60/61 Statement in case PAN Number not provided in the document , if the value of the property exceeds Rs.5/- lakhs.
