Are you getting preparation to sell your property? If yes, then at the initial stage, you need to make a sale deed that makes you safe from a sudden hassle. It is good to know that a sale deed is not only required for selling purposes but is also required when you like to buy a property.
So whatever you like to do either selling or buying, you need to have a sale deed. But for your curiosity, if you like to know the sale deed, just stay on the page. Today, this article will provide you the necessary information regarding the sale deed, its importance, and some other aspects.
What is a sale deed?
A sale deed is one of the most essential legal documents executed between buyer and seller. It is legally important to complete the transaction during the time of purchasing a property. A sale deed suggests the title of the property from seller to buyer.
The sale deed also describes the property in detail. It comes with a non-judicial stamp paper prescribed by the state government.
How to draft a sale deed?
- At the first stage, you need to understand your requirement. Then hire a lawyer to consult about your requirements with her or him.
- The lawyer will draft the according to your requirement.
- After approval of drafting, the sale deed will come to be printed on a non-judicial stamp paper.
- The lawyer will take an initiative to make an appointment with the sub-register who works under the jurisdiction of the property.
- The lawyer, you, and the other two witnesses will visit the office of sub-register for signing the documents. Now you need to pay registration fees to make the document registered.
- Once the deed is signed and charges are paid, the registered deed will come to be signed by the sub-register.
The required documents for sale deed registration
When you have a mind to make your sale deed registered, you should take an immediate initiative to process the required documents. Just take a look below.
- Drafted sale deed.
- Power of Attorney if you have any.
- Sanctioned Building Plan made by Statutory Authority.
- Allotment Letter from Co-operative Society/Housing Board/ Builder.
- Documents from a property owner
- Previously registered agreements only for resale property.
- Recent tax paid receipts
- Latest electricity bill with its receipt
- NOC from an association in case of a resale property.
The difference between the sale agreement and the sale deed?
In a general sense, the sale agreement of a property is a contract that states the sale of the property will come on the terms agreed by both of the parties. That means a sale agreement contains a promise in need of transferring the property in the future.
But a sale deed is a legal document in need of property transaction through the process of the sale. It is a legal document to transfer ownership of the property on behalf of the buyer from the seller. It is known as a conveyance deed.
How to obtain a certified copy of a lost sale deed?
A sale deed is an important legal document that indicates the transfer of ownership from a seller to a buyer. For that is the reason, it is very important to keep a document in a safe place. But if once the original sale deed is lost, you need to have a certified copy of a sale deed from the sub registrar’s office. You should remember one thing that to obtain a certified copy or duplicate copy, you need to follow some steps. Just follow the steps mentioned below.
- At the beginning step when your document is lost, you have to lodge an FIR in the local police station. But if the document is not founded by the police, then a non-traceable certificate comes to be issued.
- Now you should give an advertisement in a popular Newspaper just to prove in front of the sub-register that you have done all your efforts to locate the documents. The most important thing is that your advertisement should contain necessary details. Despite such an advertisement, if you do not find out the deed, you should follow for an affidavit.
- Now you can go for an application at the sub registrar’s office. In this regard, you must submit a notarized affidavit with the details.
- Property details
- Copy of the FIR
- Copy of non-traceable certificate
- Copy of the advertisement
- Declaration has given by you in favor of genuine and truth
- Now you come to submit the affidavit with an application for a certified copy of the sale deed.
What is the benefit of a sale dead?
A sale dead provides legal recognition for the sale transaction. The deed shows the description of the property, the rights, and obligations of the parties. When a sale deed comes with legal registration, it provides legal recognition for your sale.
The deed clearly describes the parties, their rights as well as obligations. It is very important if a legal dispute comes.
What is the difference between ‘sale deed’ and ‘title dead’?
Generally, every property has a title and when a property gets a title, it is a valid property. That means a title deed is a legal statement from ownership on behalf of a particular property.
But a sale deed is not just a legal concept. It is a valid document and can be used as definitive proof of title. In a word, a registered sale deed can be a title deed but a title deed does come as sale dead.
What is the validity of the sale deed?
The validity of the sale deed starts from the date of its execution. Even there is no time limit for the validity. The sale is not valid if the transfer of the property by your father to you.
So before you come to sell or buy property, you should take the right step for the sale deed according to the information given above.
Also Read: What is the value of an unregistered agreement to sell?