Sale Deed: A sale Deed is an instrument in writing which transfers the ownership of the property or properties in exchange for a price paid/consideration. This is a document that requires to be registered compulsorily.
A sale Deed is an official legal document inclusive of the terms and conditions regarding the sale of a property, and it describes the transfer of right, title, and ownership of immovable property from a seller to a purchaser.
A sale deed can be executed only after entering into an Agreement to Sale, under the Registration of Property Act, 1908. An agreement to sell witnesses the mutual interest of both parties in the sale.
The amount to be paid under the sale transaction at the time of the sale deed’s registration is known as sale consideration. The deferred payment of sale consideration does not attract the passing of the title to the Sale Deed.
A sale deed must be registered in the local Sub-Registrar office. An unregistered sale deed holds no legal value.
Advantages of Sale Deed:
Avoids ambiguity: A sale deed clearly defines the acts, rights and obligations of the parties thereby reducing the ambiguity among the parties to the contract.
Provides legal protection: There is always a requirement for a legal document if the value of the asset involved is high.
Therefore it is executed by the Seller with payment of stamp duty on the sale consideration and transferred the same to the purchaser on the basis of the Sale Deed registered at the Sub-registrar offices
Drafting a Sale Deed requires a thorough knowledge of all the legal processes and contents, which later can be incorporated in the Agreement to Sale for eliminating the chances of any discrepancies at the time of registration under the Registration of Property Act,1908.
- Stamp duty and transfer duty @ 6% if the vendor is a woman and @ 8% if the vendor is a man.
- Registration fee of Rs. 101/- per document.
- Both the parties, i.e., the vendor and the vendee, are required to be present along with their identification documents (Passport, Epic Card, Ration Card, Driving License etc.) at the time of presentation.
- Two witnesses along with identification documents need to be present during the presentation of documents.
- Services of an advocate or any intermediary are not at all required for the registration of any of the documents.
Our law firm provides information and help for the Drafting and Registration of all types of Legal and Property Documents across all the Sub-Registrar Offices in Delhi including the following:-
- Sale Deed
- Lease Deed / Rent Agreement
- Agreement to Sell
- Gift Deed
- General Power of Attorney (GPA)
- Release/ Relinquishment Deed
- Other Property Documents
For more information, you may contact us by visiting at www.legallightconsulting.com