What is a Sale Deed?
It is one of the main legal records expected to be executed between the merchant and the purchaser to finish the transaction at the hour of purchasing a property. These parties are also alluded to as the ‘grantor' and ‘grantee' in legal parlance. A sale deed indicates that the title of possession has been transferred from the merchant in favor of the purchaser; or in more straightforward words, the proprietorship has been changed from the vender to the purchaser.
Thus, a Sale Deed is essentially a record that there's proof of such a transfer. In addition to the fact that it depicts the property exhaustively, yet it also frames the privileges and obligations of each party.
The sale deed is made on a non-legal stamp paper of a value recommended by the state government. Any individual who is dealing with the property will run over a sale deed. Thusly, a precaution should be taken to not utilize a model or draft sale deed which is available at the principal instance. This is because you may want certain clauses to be added, changed or erased relying upon the situation.
How to draft a Sale Deed
Steps involved in the transfer of property by way of Sale Deed are:
STEP 1: Understanding your necessity: Hire a lawyer and examine your prerequisites with him/her.
STEP 2: Drafting: Based on your reactions, the lawyer will draft the Sale Deed inside 3 working days for your survey and approval.
STEP 3: Printing of Sale Deed: After you've approved the draft of the sale deed, the Sale Deed will be imprinted on a non-judicial stamp paper.
STEP 4: Fixing an appointment with the sub-registrar: The lawyer will make an appointment with the sub-registrar's office under whose purview the property is situated.
STEP 5: Registration of Sale Deed: You along with two observers and the lawyer will visit the office of the sub-registrar to sign the report and get it enrolled by paying the registration expenses.
STEP 6: Registered Sale Deed: Once the deed is marked and registration charges are paid, the enlisted sale deed shall be given by the sub-registrar's office.
Documents Required for Sale Deed Registration
- Draft of Sale Deed
- Overarching legal authority, if any
- Building Plan sanctioned by the Statutory Authority
- Allotment Letter from the Builder/Co-Operative Society/Housing Board
- All title records of the land owner
- A Copy of all enlisted past agreements (in case of resale property)
- Latest tax paid receipts
- Latest power bill and receipt for the said property (in case of resale property)
- NOC from Apartment Association (in case of resale property.
What is the process for getting a sale deed?
- The lawyers ought to be in contact to understand the prerequisite exhaustively.
- The basic information would be expected from your finish to start the interaction.
- When all the information is given and the payment is gotten, the lawyers will start chipping away at your archive.
- Additionally, you will get the primary draft of your legal report inside a couple of working days.
- You can evaluate the archive and in case of any modifications, you can intimate for the remedies.
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