SALE DEED - A legal instrument that is executed between the seller and the purchaser which evidences the sale and transfer of ownership of immovable property is a sales deed. It is compulsory to register a sales deed as per Section 17 of the Registration Act,1908. An agreement to sell is an important document in the process of sale and purchase of a property.
It is an important document as it contains the details of how the seller acquired the property, like the date of transaction, amount of consideration, etc. It acts as an essential document especially for the purchaser as it establishes the proof of ownership of the property.
There is a proper process to be followed for registration of Sale Deed wherein land/immovable property is prepared by proper documentation, paying stamp fee accordingly, and getting it registered in the presence of witnesses, etc.
Points to be mentioned on the Sale Deed –
(i) Description of the ownership and property
(ii) Clear titles verified by the purchaser
(iii) Reference to the Agreement to Sell and the price details
(iv) Release/discharge of the property with a description of facilities measurements, privileges, easements and other rights
(v) Transfer of all rights, interests, claims, demand whatsoever of the property
(vi) Facilitating peaceful enjoyment of the property without hindrance
(vii) Indemnifying the purchaser against losses arising out of negligence/actions of seller or heirs
(viii) The full authority of the vendor to sell.
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AGREEMENT TO SELL –
An agreement to sell is an important document for any transaction related to the selling of property. The parties need to understand, obey, and clear the concepts regarding all terms and conditions which have to be included in an agreement of sale. It is a contractual property agreement between the buyer and the seller to sell a particular property on the terms and conditions as agreed by both parties.
An Agreement to Sell includes: –
(i) Proposal to purchase and agreement to sell
(ii) A detailed description of the property
(iii) The provision regarding the requirement of good marketable titles and no encumbrances
(iv) Payment details including earnest money
(v) Delivery of original documents on payment
(vi) Drafting of sale deed and registration of the same if titles found good
(vii) Method of delivery of property
(viii) Refund of earnest money in case of improper titles
(ix) Remedies for non-completion of sale on part of vendor including specific performance and bearing of the expense of proceedings
(x) Forfeiture of earnest money, if the purchaser fails to complete the sale
(xi) Action if the property is affected by notice from government authorities.
(xii) Production of tax-related certificates
(xiii) Schedule description of the property
(xiv) Memo of consideration for earnest money received
(xv) All other matters incidental to the proposed Sale
1. I want to sell my property. What are the documents a buyer would need from me?
A buyer could ask you for the original Sale Deed, Title Deed, relevant tax receipts and Encumbrance Certificate.
2. Is it mandatory to register documents for the sale of property?
It is absolutely required to register. One can get it done at the sub-registrar's office of the concerned district.
3. How much time does the registrar takes in the process?
The registrar usually takes 3 to 4 hours in the process of registration of the property.
4. Can a power of attorney holder sign an agreement to sell?
If a power of attorney is authorized under the power of attorney agreement then he can.
5. What all documents are required for registering the Sale Deed?
The following documents will be required for registering the property: PAN Card , Aadhar card, Original papers of the property on which the document of Sale Deed is to the made, Property Tax Bill, If the property is mutilated then the mutilation papers and Passport size photograph of both the parties.