Sale Deed – Overview
A sale deed is a legal document showing the transfer of ownership of a property from one person to another. It serves as 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.
The sale or purchase of a property is legally complete only when the seller and the buyer sign the sale deed. This is done when both parties agree to 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, value, condition, etc.
- Property value, which is the amount of money the buyer has paid to the seller to buy the property.
- Terms and conditions of the sale that the buyer must abide by 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 they may have signed when purchasing the property from someone.
- ID proofs of the seller and the buyer (such as 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 a house or land).
- Digital photo of the property or land.
- POA registration document (if applicable).
- Release deed (if applicable, to confirm 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 assist you in determining the exact amount of duty you must pay, which may vary based on the property and location.
- 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 should sign the deed as well.
- The sale deed is registered, and the document is delivered within a week.