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A sale deed is a legal document required during a property transaction as evidence of sale and transfer of ownership of a property from a seller to the buyer. It is also called a conveyance deed. It can also be used to prove the ownership of immovable property.
The sale deed is drafted on a non-judicial stamp paper of predetermined value set by the respective state government. The payment for stamp duty and registration charges needs to be done by the buyer. It is important that all property dues like loans, taxes, bills are paid before the sale deed is signed off. Both parties need to agree to the terms and conditions before the official transfer of the property.
A sale deed is an important document for the sale or purchase of a fixed property. In case it gets lost, stolen or damaged you can get a true and certified copy of the sale deed from the registrar’s or Sub-registrar’s office. In case the papers are stolen or lost first the owner must file an FIR in the police station
To apply for a certified copy of the sale deed visit the Sub-registrar’s office under whose jurisdiction the property is registered and submit the application along with the essential documents showing ownership and affidavit. The charges to be paid vary from state to state. After verification, the Sub-Registrar office will issue a copy of the sale deed within a few days.
|Sale Agreement||Sale Deed|
|Only a promise of a prospective transfer of property ownership||The actual transfer of ownership of property|
|States the terms and conditions of the sale deed to be followed by both parties.||Mentions basic details regarding both the buyer and seller (name, address)|
|Gives the right to purchase to the buyer. on fulfilment of some conditions. it precedes the sale deed and is signed by both the seller and buyer for the execution of the deed.||It gives the rights of the property to the buyer. The buyer pays the stamp duty and registration fee.|
A sale agreement is an important document because for multiple reasons for example it acts as legal proof for the transfer of property. It would also assist in applying for a home loan. The bank might not accept the application without a sale agreement. It also ensures that all terms and conditions mentioned in the sale deed are followed by both parties. Flouting by any one party will be dragged to the court on the wish of the other party.
In today’s digital age you can easily and quickly get a sale deed drafted through online legal platforms by paying minimal fees. Although it is mandatory to visit the sub-registrar office for registration your hassles can be lessened by getting an e-stamp paper and registration appointment online.
Not registering your sale deed is a huge risk. An unregistered sale deed will not be accepted as valid proof in the court in disputes related to ownership, rights, obligations etc. You won’t be considered the rightful owner of the property.
A sale deed can only be cancelled if the court orders to do so after it has already been registered.
The sale deed can be executed by the person who has the legal title of ownership over the property that is to be transferred as per the sale deed.