Sale Deed Registration
A sale deed is a legal document showing the transfer of ownership of a property from one person to the other. It serves as the proof that the seller has sold the property and the buyer has purchased it. Hence, a sale deed is a crucial document for both the seller and the buyer.
Sale or purchase of a property is legally complete only when the seller and the buyer sign the sale deed; and this is done when both the parties agree with the terms and conditions and the deal is finalized.
A Sale Deed Contains the Following:
- Details of the buyer and the seller.
- Details of the property, such as location, description, its value, condition, etc.
- Property value, which is mentioned as the amount of money that the buyer has paid to the seller to buy the property.
- Terms and conditions of the sale that must be abided by the buyer after the purchase.
Pre-Requisites of Sale Deed Registration:
- Proof of ownership of the property by the seller. In this case, the seller must produce the old sale deed, which he/she may have signed while purchasing the property from somebody.
- ID proofs of the seller and the buyer. (Aadhar Card, PAN Card, driver’s license, etc.)
- Two witnesses, along with their ID proofs.
- Description and map of the property (in case it is immovable such as house or land).
- Digital photo of the property or land.
- POA registration document (if applicable).
- Release deed (if applicable, to identify it is ancestral property).
Procedure for Creating and Registering a Sale Deed
- Contact a lawyer and discuss your intention of buying or selling the property.
- The lawyer will draft the sale deed.
- You must pay the stamp duty. The lawyer will help you know the exact amount of duty you must pay, which may differ property wise and location wise.
- Visit the office of the sub-registrar for sale deed registration.
- Pay the registration fee.
- Produce all the required documents.
- Both the parties (the seller and the buyer) must sign the deed in the presence of the sub-registrar.
- The two witnesses should also be present at this time and they should sign the deed too.
- Sale deed is registered and the document is delivered within a week.
Benefits to choose service
Online Legal Center harbours lawyers that are qualified and skilled to draft sale deed and help you in its registration. Sale deed is a legal document and it is wise to take legal assistance in this regard so that each step is done properly.
Frequently Asked Questions (FAQs)
A registered sale deed serves as legal proof of the transfer of property ownership from one person to the other. In case somebody challenges the property ownership, then a registered sale deed can be used as proof that the property was purchased or sold. Also, a registered sale deed protects the ownership and the rights of the property buyer. Sale deed also comes in need when you wish to gift this property to somebody. In this case, you must show the property ownership proof.
Sale Agreement is the agreement between the buyer and the seller about the purchase and sale of the property. The purchase or sale is not done yet. A sale deed is the proof that the purchase or sale has taken place.
The Transfer of Property Act mandates the registration of sale deed in India. Only then is the transaction considered valid.