What Are The Important Things That a Property Sale Deed Should Contain?
A Sale Deed is the Ultimate Document that is required for transfer of property rights from one individual to another. Without a registered sale deed the rights of a property cannot pass on from the owner to the buyer. Here are a few things that a Property Sale Deed should contain.
The details of the individuals including their names, spouse name, fathers name etc. Their complete present address will also form a part of these details.
PAN Card Details
Do not expect to undertake a property transaction without a PAN Card. It is mandatory to have a PAN card before undertaking any property transaction.
The sale consideration must be agreed upon by both the parties. The amount should be mentioned on the sale deed before it is registered with the sub registrar.
Location and other details of the property
The location and other details of the property must be clearly mentioned in the sale deed.
Seller must clear all charges
The Seller must clear all charges pertaining to the property. These include taxes paid to the local authorities and all other dues including electricity and water charges etc.
Original Documents to be handed over
All original documents have to be handed over by the Buyer to the Seller. This maybe in respect of whatever sale deeds have been executed by the previous owners.
Both Buyer and seller have to be present at the Registrar's Office
The Buyer and the Seller have both to be Present at the Registrar's Office for Registering of the Sale deed. This must be done at least 4 months before the execution of the sale deed. A registration cannot take place without both the parties being present.
Execution of sale deed
At the registrar's office a thumb impression and photographs are likely to be taken. All the concerned parties are required to sign on each page of the sale deed.
There need to be at least two witnesses at the time of signing the sale deed. Preferably, both the buyer and the seller can have one witness each during the registration of the sale deed.
It is the responsibility of both the buyer and the seller to work on a timeline to complete the process of registration. There should also be a declaration that the property is not subject to government acquisition. It's important that you read the sale deed before getting the same registered.