There are many precise details that you have to be sure of while purchasing an immovable property, like the total area of the property, any dues associated with it, the date of transfer of property and so on. For this, the sale deed is the correct document. The sale deed is governed under the Registration act and is very crucial for both the buyer and the seller. For proper execution of this procedure,, you need to know the process of sale deed, the necessary elements, and even the sale deed format to know how to execute it. So, let’s discuss this one by one.
Necessary elements of sale deed
The sale deed format should contain the name and address of executing parties i.e. the buyer and the seller.
The complete description of the sale deed has to be there. It includes the complete address, the area covered, the type of property like a bungalow, Kothi, shop, office, residential flat, etc.
The sale price agreed between the buyer and the seller. Also, if there is any advance paid to the seller should be mentioned in the sale deed format. The mode of payment should be mentioned such as through cheque, Demand draft, or an online transfer. It is crucial and should be mentioned in the sale deed. Learn more about the payment gateways in India.
The details about the time when the title would be passed on to the buyer should be mentioned in the sale deed. All the documents must be handed over to the buyer.
Before handing over the property, the seller should make sure there isn’t any charge, any dues or encumbrances. If there are any, then the buyer shall make the seller cover the expenses incurred.
The above mentioned details must be typed on non-judicial stamp papers. The value of these papers is the money you are needed to pay as the stamp duty. For example, in Delhi, stamp duty is 6% for a man and 4% for a woman. So, if you’re a woman, buying a property worth Rs.10 lakhs, then the stamp duty is Rs.40,000 to be paid.The buyer can buy an e-stamp online after creating an ID on Stock Holding Corporation of India Limited (SHCIL). You can get it delivered by paying an additional fee or collect it yourself by visiting SHCIL Authorized Collection Centers near you. (For more details visit e-shcilestamp.com)This option of e-stamp is available in various states like- Gujarat, Karnataka, Delhi, Assam, Tamil Nadu, Rajasthan, Himachal Pradesh, Uttarakhand, Dadra & Nagar Haveli, Daman & Diu, Puducherry, Uttar Pradesh, Chhattisgarh, Jharkhand, Jammu & Kashmir, Punjab, Chandigarh, Odisha, and Andhra Pradesh. In other remaining states, one has to fill the form physically.After the papers are purchased, you are required to mention the following in the papers:
Name of the parties involved (buyer and seller).
PAN card and photographs of buyer and seller.
Complete details of the property.
Total stamp duty fee.
The name of the person buying the stamp.
Name and addresses of 2 witnesses.
The deal value and all the financial details (including TDS payment) and the value of receipt of registration charge payment.
Sale deed registration process.
Now, you should book an online appointment with the sub-registrar. You could also reach to the reception of the sub-registrar office for the same.In Delhi, check http://revenue.delhi.gov.in to book an appointment.Both the parties are supposed to reach the sub-registrar office with 2 witnesses. After the online confirmation is done, an appointment ID is generated which you must carry with you as proof. Also, keep your original ID proofs with you along with TDS and property registration payment receipt.
Go to the concerned office, on showing this appointment ID you would get a swipe card and a token.
Then, move to the facilitation center, where only the parties involved are allowed to enter. Here, all of your documents are to be checked before being sent to the sub-registrar.
Now, the officials would assist the buyer and the seller mark their fingerprints and sign. This should be done on all the pages of the documents.
After close inspection, the sub-registrar would again check the documents and in case of any discrepancy, he could reject them.
If accepted, both the parties will move forward to the biometric division for fingerprints and photographs.
After the procedure is completed, you would be issued a receipt.
The sale deed can be collected within 15 days of the registration process by the buyer.
Advantages of sale deed format.
It protects the parties. A well-drafted sale deed would minimize legal risk and avoid ambiguity.
It defines the area. You should very well be aware of the complete details of the property including the square foot area and the location, as a buyer.
Disadvantages of sale deed format.
It would be an absolute loss of time and money if there is any default or mistake made by the buyer.
Moreover, the seller can immediately foreclose the property if the buyer doesn’t make timely payments and the buyer has nothing to say in it.
For more detailed information and assistance, visit Legalraahi.