A Sale Deed is a Legal document through which the Seller transfers his all rights and interest in a property to the purchaser/ buyer.
Sale Deed is a legal document, that acts as a piece of evidence, that is executed at the time of registration of sale deed at Sub-Registrar or transferring rights. When you buy or sell property, the transaction should be carried out and duly signed between both the parties i.e., /Seller/Vendor and Purchaser/Vendee and it should be in the presence of at least two Witnesses. Thus, only with properly executed transactions, a sale can be completed. An agreement for the sale of immovable property is not the same as a sale deed for the same property. We look at the differences that property buyers and sellers should be aware of from a legal standpoint, Property sales are formalized in a stage-wise manner. One of the first documents that is executed, to provide a proper legal status to an understanding between a buyer and a seller, is known as an agreement to sell or agreement to sale or agreement for sale or sale agreement.
However, an agreement for sale should not be confused with a sale deed. While one is a deed, the other is an agreement. The main reason behind the registration of a sale, the deed is to have validity before the court of law. A contract that executes the sale and transfer of ownership of immovable property from seller to purchaser in exchange for a consideration. When a sale is carried out with an objective of laid down guidelines, which are to be followed while processing the sale, it is a document created to execute the final purchase. A sale deed is drafted by the parties to the sale of a property or advocate to finalize the purchase agreement as a part of possession being transferred to the buyer. The sale agreement is made with the objective of laying down all the terms and conditions to be followed in processing the sale while a deed of sale is a document draft to execute the final purchasing documents.
NECLAWYER is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to a deed of sale, Gift Deed, Will, Legal notices, Negotiable Instruments, immovable property legal services. It is an important instrument that allows you to carry out the sale of immovable assets, that transfers rights from one person to another. The benefits of the Sale Deed document are as follows: – It is a legal document that is enforceable by law. It allows Sale transactions to be carried out in a stable and comfortable manner. It protects the rights of both parties involved in the contract. It mentions clearly the rights and duties of the Purchaser and Seller. It clearly defines and describes the property. A well-drafted deed can avoid ambiguity and minimize risks. The whole process of the sale is now stamped and registered In case of any dispute, a registered sale deed can be used as evidence. A sale deed is a legal document that provides legal recognition for the sale transaction. It clearly states the rights and obligations of the buyer/purchaser and seller.
Registration Process
1. DRAFTING: The deed of sale has to be drafted with the help of legal professionals who knows to incorporate every valid detail. The deed contains information like who sells the property to whom, the description of the property, date of transfer, payment details, registrar clauses, etc.
2. APPLICATION TO SUB-REGISTRAR: The parties must apply to the sub-registrar to register the deed of sale and most registration offices will provide a token to appear on a certain date and time formally Known as PDE (Public Data Entry, is gov portal ).
3. APPEARANCE: The parties to the sale along with two witnesses and ID cards must appear before the registrar for verification.
4. VERIFICATION: The registrar will verify the deed of sale and the requirement of stamp duties and registration fees. In case the stamp duty is not sufficiently paid the purchaser can rectify the registration of the sale deed.
5. REGISTRATION: The registered deed will be issued within a few days and the time is taken and procedure to issue the deed will vary depending on the load of the office.