Are you purchasing home or some property?
The essential document for purchasing the immovable
property is execution of sale deed. So,
here in this article we are going to through some light on the aspects related
to execution of sale deed
What is a Sale Deed?
The
sale deed is the legal document executed subsequent to the execution and
compliance of terms and conditions of the sale agreement between the buyer and
the seller.
It
acts as an evidence for sale in favor of the buyer and transfer of the property
from buyer to seller
After
the ownership gets transferred to buyer, he can further sale the property
POINTS PURCHASER
SHOULD ENSURE BEFORE PURCHASE OF PROPERTY
1) The purchaser should check the title of the
seller before the execution of the sale deed
2) The purchaser should verify the encumbrance status
on the property
3) Statutory payments like cess, property tax, water
charges, electricity charges, society etc must have been paid by the seller
before the execution of the sale deed.
4) Requisite clearances, approvals and permissions
must have been obtained by seller before transferring and selling the property.
HOW THE SALE
DEED IS PREPARED?
There are basic steps involved in preparation of
sale deed:
§ The
deed is executed by all the parties concerned
§ All
pages of the deed are to be signed
§ The
deed should be witnessed by at least two witnesses giving their full names,
signatures and addresses
The
sale deed of immovable property needs compulsory registration at the jurisdictional
sub registrar office. Registration of sale deed is governed under Registration
Act, 1908
CLAUSES OF SALE DEED
Sale Deed
is the documents that are created based on the needs of buyer and seller. Below
are the key points elaborated as how to draft the document for transfer of the
ownership of a property in buyer’s name.
1.
Description of the parties:
Sale deed must start
with the details of the parties which includes full name, addresses, age and
occupation if possible
2.
Date and place:
The date and place of
execution of sale deed by seller and buyer should be mentioned in the deed
3.
Description of the property:
The important aspect of
the sale deed is the details about the property being sold like the address of
property, construction details including roofing, number of rooms, parking
facilities, boundary details, etc along with a schedule of the property which
defines exact location of the property.
4.
Sale consideration:
The consideration
amount agreed between the buyer and seller in purchasing the property must be
specified in the sale deed.
5.
Passing of the title to property:
Execution of sale is
necessary for transferring the title to the property to buyer. Therefore, the
date upto which the property’s ownership will be transferred should be provided
in the deed.
6.
Indemnity clause:
Being a buyer make sure
that there is a indemnity clause in the sale deed through which the seller will
be only responsible for any hindrances in the title to the property. So, the
person buying the property should ensure that all the taxes in respect of
property and encumbrance status should be checked before purchasing.
7.
Execution:
After incorporating all
the relevant points related to sale deed, the next step is to sign all the
pages by buyer and seller
8.
Delivery of property:
In order to avoid the confusion
in future, the detail regarding the property related documents and how the
possession will be handed over to the buyer must be summarized
9.
Witness:
A valid sale deed should
be attested by two witnesses each of seller’s and of buyer’s.
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