{"id":30846,"date":"2020-04-16T11:55:46","date_gmt":"2020-04-16T06:25:46","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=30846"},"modified":"2020-07-22T11:16:04","modified_gmt":"2020-07-22T05:46:04","slug":"basic-overview-of-the-concept-of-sale-deed","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/basic-overview-of-the-concept-of-sale-deed\/","title":{"rendered":"Basic Overview of the Concept of Sale Deed"},"content":{"rendered":"

All of us have heard about various ways through which transactions take place like mortgaging of land, leasing out land and buying real estate’s or renting out land. In order to engage in this or to conduct these transactions, a person may come across a renowned phrase “Sale Deed<\/em><\/strong>“. It contains the record of the transfer of ownership. When someone buys a house etc. the deed of sale is one of the important documents a person has. It is of utmost importance to both buyers and sellers. To understand the whole concept related to this term, we need to understand its meaning. <\/p>\n\n\n\n

Meaning of Concept of Sale Deed<\/h2>\n\n\n\n

A Sale deed is a legal document that enlists the details regarding the sale of a property<\/a>. A deed of sale shows that the ownership of a property has been transferred from one person (seller) to the other (buyer). It contains proof of such transfer. The deed<\/em><\/a><\/strong> of sale enlists the terms and conditions also, apart from the title of a property, of the agreement with respect to the sale of a property. The sale deed of land is made on a non-judicial stamp paper of a value prescribed by the state government.<\/p>\n\n\n\n

What are the steps for transfer of property by the sale of\ndeed? <\/h2>\n\n\n\n

The\nfirst and foremost step is to draft a deed of sale. It may be done by a\nprofessional lawyer. As per your responses, the lawyer shall draft a deed and\nseek your approval.<\/p>\n\n\n\n

Once\nyou approve the draft of the deed of sale, it will be printed on a non-judicial\nstamp paper.<\/p>\n\n\n\n

Thereafter\nan appointment is fixed with the sub-registrar. The sub registrar’s office\nshall be selected according to the jurisdiction of the property where it is\nsituated.<\/p>\n\n\n\n

The document is signed by you and two witnesses at sub registrar’s office, and it can be registered after paying the sale deed registration<\/strong><\/a> charges. Once the above-mentioned formalities are completed, the registered deed of sale will be issued by the sub-registrar. <\/p>\n\n\n\n

What are the documents needed for Sale Deed registration?<\/h2>\n\n\n\n

The following documents are required for registration of a deed of sale:<\/em><\/p>\n\n\n\n

  1. Draft of the deed of sale<\/li>
  2. Power of attorney<\/li>
  3. Plan of the building approved\nby the statutory authority<\/li>
  4. Letter of allotment<\/a> from\nthe concerned authorities<\/li>
  5. Title documents of the\nowner of the property<\/li>
  6. Receipts of the latest\ntaxes paid<\/li>
  7. In case of resale of\nproperty- electricity bill and NOC from the association of apartment<\/li>
  8. Copy of previously\nregistered agreements<\/li><\/ol>\n\n\n\n

    What are the payments done with respect to sale deed?<\/h2>\n\n\n\n

    The\nbuyer and the seller are required to make certain payments with respect to a\ndeed of sale. A buyer pays for the stamp duty and registration fees. In\ncontrast, the seller ensures that there are no outstanding dues with respect to\nthe property like property tax, electricity and water bills etc. these must be\ncleared prior to signing the deed of sale agreement. <\/p>\n\n\n\n

    Essential ingredients of a Sale Deed Draft<\/h3>\n\n\n\n

    There are certain important ingredients that must contain in a deed of sale draft before being legalised. These are mentioned below.<\/strong><\/p>\n\n\n\n