Sale Deed is an authoritative report that records the exchange of possession from the seller to the purchaser. While setting up a Sale Deed, all the provisions of the Transfer of Property Act ought to be carefully analyzed and drafted to reduce the dangers in question. The clauses should be drafted after understanding your requirements and liabilities.
Wherever we hear phrases like leasing an apartment to an inhabitant, selling land for motivations of loan,renting out shops, purchasing land, and so on. This exhibits the different ways with which transactions rotate around the land. For doing such exchanges, people/organizations/government specialists may take part in exchanges of purchasing or selling area and go over a lawful exchange called a Sale Deed.
It is one of the most important legal documents required to be executed between the seller and the purchaser to complete the transaction at the time of purchasing a property. These parties are also referred to as the ‘grantor’ and ‘grantee’ in legal parlance.A sale deed indicates that the title of ownership has been transferred from the seller in favor of the buyer; or in simpler words, the ownership has been changed from the seller to the buyer.
Along these lines, a Sale Deed is basically a document which states that there’s verification of such a transaction. In addition to the fact that it describes the property in detail, however it likewise traces the rights and commitments of each party.
The sale deed is made on a non-legal stamp paper of a worth recommended by the state government. Any individual who is managing the property will go over a sale deed. In this way, a precautionary measure must be taken to not utilize a model or draft sale deed which is accessible at the primary occasion. This is on the grounds that you may need certain provisions to be included, adjusted or erased relying upon the circumstance.
While the purchaser pays for the stamp obligation and the enlistment charges, the dealer, on his part, guarantees that all the levy with respect to the property, including the advance taken for the property, the property expense, water, and power bills are cleared before marking the last sale deed understanding.
Documents Required for Sale Deed Registration
- Draft of Sale Deed
- Power of Attorney, if any
- Building Plan sanctioned by the Statutory Authority
- Allotment Letter from the Builder/Co-Operative Society/Housing Board
- All title documents of the property owner
- A Copy of all registered previous agreements (in case of resale property)
- Latest tax paid receipts
- Latest electricity bill & receipt for the said property (in case of resale property)
- NOC from Apartment Association (in case of resale property)
BSLP connects you with the best documentation advocates in India who can help you with your drafting and registration of Power of Attorney online. You can call us at +91- 99530 79073 or send us an email at contact@bslplaw.com