What is a sale deed?
The sale deed is the primary legal instrument through which the seller gives the buyer or purchaser complete possession of the property in exchange for payment of a price or other consideration. To acquire unrestricted rights in a piece of property, a sale deed becomes a necessary legal document that must be supported by the correct registration procedure and stamp duty.
A sale deed is often referred to as a conveyance deed, title deed, or final deed. It offers legal acknowledgment of the transfer of property between the parties and serves as reliable proof of ownership of immovable property. The selling document makes explicit the parties rights and obligations. The selling deed may be used as evidence in any potential future issues over the property.
What information does a sale deed have?
Every detail required to finalize the sale of a property is contained in the deed of sale, including:
the buyer and seller’s full names and addresses
precise address of the building
Size and characteristics of the home
a seller’s certificate of encumbrance
information about the payment made for the asset
Date of property acquisition
The risk transfer capability that both the buyer and the seller have in the event that they suffer a responsibility, harm, or loss as a result of the agreements established between the two parties is referred to as an indemnity clause.
Registration of a sale deed
When the sale deed is prepared, it must be registered in that jurisdiction’s registrar’s office. The parties should be informed of the fees and the method of payment. Stamp duty and registration fees must be paid at the registrar’s office. These fees are the buyer’s obligation to cover. Both parties must be present in person for the registration process to take place. To make the procedure legally binding, two witnesses must be present as well. Two witnesses are required to indicate their attendance during the registration. To register the sale deed, an appointment must be made with the Sub-Registrar of Properties.
The validity of the sale deed was not affected by the non-payment of a portion of the purchase price, according to the two-judge bench of Hon’ble Justice Indu Malhotra and L. Nageswara Rao in the case Vidyadhar v. Manikrao, (1999) 3 SCC 573. Even if the remaining sale consideration is not paid, the sale cannot be cancelled because title to the property has already been transferred from the seller to the buyer. The parties must intend to transfer ownership of the property, on the understanding that the price will be paid now or in the future, for there to have been a “sale.” This information is gleaned from the sale deed’s recitals, the behaviour of the parties, and the evidence on file.
What is the registration process for sale deeds?
Required Documents –
List of those who are involved (buyer and Seller)
PAN card as well as images of the buyers and sellers
The title of the purchaser of the stamp
Total cost of stamp duty
Two witnesses’ names and addresses
Title deed, Sale Draft, or Conveyance Deed
Extracts from the Khata Certificate
The deal’s value and all associated financial information, including receipts for TDS payments and registration fee payments.
Any 7/12 extract, Records of Rights and Tenancy Corps (RTC), or Power of Attorney
A replica of all recently registered agreements (in case of re-sale property)
Building proposal approved by the governing body
Original property documents with the bank if there is a loan on the property (past or present).
The GPA and Sharing/Supplemental Agreement between the landowner and the builder governs collaborative development.
All of the landowner’s title documents
Make an appointment with the sub-registrar in person or online. For the same, you can also go to the sub-office registrar’s reception.
To make a reservation in Delhi, go to “http://revenue.delhi.gov.in”. By presenting this appointment ID, you would receive a swipe card and a token.
Visit the facilitation centre to see how paperwork is processed before it is delivered to the sub-registrar (only the parties involved are allowed to enter).
The officials will next ask the buyer and the seller to sign and stamp their fingerprints on each page of the documents that are attached.
Following a thorough examination, the sub-registrar will review the documents once more. Should there be any contradictions, he might reject them.
Following the acceptance, both parties go to the biometric division. Fingerprints and photos will be taken as part of the biometrics.
After everything is done, a receipt will be sent to you. After registration, the buyer has 15 days to pick up the selling deed.
Calculation and payment of Stamp
Stamp duty is applied to the higher the circle rate or the actual amount. The amount of stamp duty varies by state and can range from 3 to 10%. Stamp duty in Delhi is 6% for men, 4% for women, and 5% for joint ownership (where the property is a purchase in the name of wife and husband). In addition to stamp duty, you also have to pay 1% in registration fees.
First approach: e-stamping Click the online payment option when you go to the Stock Holding Corporation of India website, https://www.shcilestamp.com/. Get registered by providing the required information, and then pay the stamp duty using Net Banking, a Debit Card, NEFT, RTGS, or FT. You must take a printout of the Online Reference Acknowledgement No. with you after paying the stamp duty, and you’re asked to go to the closest Stock Holding Branch to get a copy of the e-Stamp Certificate in its final form. There is a distinct identifying number on every stamp paper that can be used for future usage. You can also pay stamp duty and supply your relevant information at the closest SHCIL/Bank Authorized Collection Center by going there. Stamp paper will be provided by SHCIL/Bank Authorized Collection Center. On https://www.shcilestamp.com/, a list of SHCIL/Bank Authorized Collection Centers is accessible.
Second Method – Non-Judicial Stamp Paper, Purchase stamp paper from the local authorized stamp vendor for the necessary amount. To view a list of Authorized Stamp Vendors, go to https://www.shcilestamp.com/. Print the sale deed on the stamp paper, but if it is longer than the stamp paper, print the additional pages on plain paper and affix them to the stamped deed.
What is a sale deed? https://blog.ipleaders.in/difference-sales-agreement-sales-deed/#What_is_a_sale_deed
What information does a sale deed have? https://legaldesk.com/business/sale-deed-everything-you-need-to-know
What is the registration process for sale deeds? https://corpbiz.io/sale-deed-registration
Calculation and payment of Stamp https://www.legalbites.in/registration-of-sale-deed/
Case Law https://blog.ipleaders.in/sale-deed-important-clauses-execution/#Registration_of_a_sale_deed
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
IF YOU ARE INTERESTED IN PARTICIPATING IN THE SAME, DO LET ME KNOW.
We do conduct several Courses, Quizs and Webinars, Click here to register
Do follow me on Facebook, Twitter Youtube and Instagram.
The copyright of this Article belongs exclusively to Ms. Aishwarya Sandeep. Reproduction of the same, without permission will amount to Copyright Infringement. Appropriate Legal Action under the Indian Laws will be taken.
If you would also like to contribute to my website, then do share your articles or poems at firstname.lastname@example.org
In the year 2021, we wrote about 1000 Inspirational Women In India, in the year 2022, we would be featuring 5000 Start Up Stories
Leave a Reply