Sale Deed Agreement Services in Kolkata
Sale Agreement are crucial legal documents utilized in property or real estate transactions, serving as agreements between buyers and sellers. In legal terms, the parties involved in a sale deed are often referred to as grantee (buyer) and grantor (seller). These documents facilitate the transfer of ownership from the seller to the buyer, ensuring that the buyer gains complete possession of the property as outlined in the predetermined terms.
Why is a Sale Deed essential?
Sale deeds play a vital role in property transactions, serving as legally binding agreements with predetermined terms for both the buyer and seller. To facilitate a sales deal, necessary documents include proof of identity for both parties, ownership evidence, and other relevant paperwork. Sale deeds safeguard the buyer’s purchasing rights, providing legal legitimacy and are mandatory for establishing property claims. All pertinent documents such as tax records, electricity/water charges, and other pending matters are typically incorporated into the sales deed.
Contrast between Rent/Lease and Leave & License Agreements?
Rent/Lease Agreement:
Documents Required for Sale Deed Registration:
Varieties of Sale Deeds
| Distinguishing Factors | Agreement of sale | Sale deed |
|---|---|---|
|
Sale Deed |
It indicates the prospective transfer of the property. |
It denotes an immediate transfer of property titles. |
|
Risk Involved |
The risks and liabilities staying with the seller until the property is transferred in the future. |
The risk is promptly transferred to the new buyer. |
|
Contract Nature |
It is considered an executory contract, meaning it has not been fully implemented. |
It is a concluded contract. |
|
Violation Consequences |
A breach of the sale may lead to a lawsuit for damages. |
A breach of the sale leads to both a legal complaint and monetary compensation for damages. |
|
Registration Requirement |
Registering the agreement of sale is not compulsory, although norms may vary across states. |
Registering a sale deed is a mandatory requirement. |
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A sale deed is a legal document through which a seller conveys the rights and interests of a property to the buyer, thereby transferring ownership. It encompasses the following particulars:
- Names and addresses of the buyer and seller
- Comprehensive description of the property
- Total payment amount, payment method, and the due date
- Date for the transfer of property documents
- Additional terms and conditions of the sale
As per the law, the buyer is responsible for paying the stamp duty and registration charges. However, any alternative arrangement regarding these charges between the buyer and seller can be included in the Deed.
- The advantages of a sale deed include:
- Granting legal acknowledgment to the sale transaction.
- Clearly specifying property details, involved parties, and their respective rights and obligations.
- Registered sale deeds serve as crucial supporting evidence in legal disputes.
A sale deed facilitates the transfer of property ownership from a seller to a buyer, finalizing the sale process. Essentially, it signifies the seller relinquishing ownership rights to the buyer. Once the documents are drafted, signed, and registered, ownership is entirely transferred to the buyer in accordance with the agreement.
Once the document is registered, it cannot be cancelled. The cancellation can only be done through a court order.
If the seller cannot be located, a notice will be issued to the legal heirs to execute the sale deed in their favour. Without a registered sale deed, acquiring a marketable title over the property is not possible.
Banks typically require original documents for loan processing, and obtaining a loan without them is challenging. Most banks do not accept a photocopy of the sale deed for home loans. In the event of a lost sale deed, a certified copy issued by the jurisdictional sub-registrar can be provided. Some banks may also scrutinize the FIR copy, the certificate for non-traceability, and the affidavit presented to the sub-registrar. Therefore, it is recommended to preserve all documents for a smooth home loan application.
As a public document, a sale deed is generally accessible to anyone. To obtain a copy, individuals need to have essential details such as property schedule information, the name of the property owner, and the document number. In certain states like Tamil Nadu and Andhra Pradesh, copies can be obtained through online options.