legal documents required for purchase of property

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All You Need to Know About Sale Deed All You Need to Know About Sale Deed, buying and selling houses, selling a house as is Srishti Chandola April 16, 2018

Real Estate

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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 investmentUnderstanding 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 informationType of deed

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Whether it is the lease deed, sale deed, mortgage deed- document would say Deed of Sale if it’s 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 can’t 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-registrar’s office to sign sale deed as well as close the deal.

Proof of registration Certified copy of registered deed with buyer’s name can be obtained from the office of the registrar.

Also, note the followingIt’s 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, professionalism and simplicity to the complex world of real estate. Favista takes pride in keeping the needs and concerns of the customers in highest regards. Favista Real Estate has been founded by IIT + IIM/INSEAD alumni with experience in strategy consulting, internet marketing, venture capital having been part of companies such as McKinsey, Capital One, PartyGaming and SSG Capital.

Favista is a full service brokerage helping buyers/investors buy, sell, rent or lease property in India. Favista offers best realty advice for Apartments and Flats for sale in India, land/plots for sale, New Residential & Commercial Projects in India and also assists selling properties at best rates. Favista.com is the only Property Site in India that lists 100% verified properties. Favista currently operates in Gurgaon, Delhi-NCR, Noida, Mumbai and Bangalore.Those intending to sell property in India will also find this website very useful owing to the extensive reach, high brand recall and trustworthiness in the real estate space.

In order to make our customers happy and for us to reach our goals, we follow the key tenets of transparency and consistently maintain integrity in everything that we do. With this professional attitude, we are set to become your preferred choice for all real estate services in India.

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