What is a Sale Deed?
A sale deed is a document via which a seller transfers the rights and interest of a property to the buyer. As a
result, the buyer obtains the ownership of the property. A sale deed includes the following details:
- Name and address of the buyer and seller
- Detailed description of the property
- Total payment to be made, mode of payment, date when the payment is to be made
- Date of handing over of property documents
- Other terms and conditions of the sale
Who pays the stamp duty and registration charges? Buyer or Seller?
According to the law, the buyer needs to pay the stamp duty and registration charges. Anyway, any other
arrangement related to the stamp duty and registration charge between buyer and seller can be
incorporated in the Deed.
What are the advantages of a Sale Deed?
The advantages of sale deed are as follows-
1. It provides legal recognition of the transaction of the sale
2. It lays down the property description, the parties and their rights and obligation.
The registered sale deed are used as supporting evidence in case of legal dispute.
Why is the Sale deed required?
Sale deed is consisting of the transfer of property ownership from a vendor to a purchaser. This deed
primarily makes the sale complete. In other terms, through this sale deed, the seller transfers the right of
ownership to the buyer. After drafting of the documents, they are signed and registered and the ownership is
completely transferred to the buyer as per the deal.
Can a Sale Deed be cancelled?
Once the document is registered it cant be cancelled. Only a court order can cancel it.
What if a sale deed is not registered?
If it is impossible to trace a seller, his legal heirs will be issued a notice to execute the sale deed in their
favour. Without a registered sale deed, you cannot acquire a marketable title over the property.
Can I get a home loan if the original sale deed is missing?
Bank provides loans based on original documents. It is impossible to acquire loans without these documents.
Bank will not provide a home loan against a photocopy of the sale deed. If you lose the sale deed, then you
can issue a certified copy issued by the jurisdictional sub registrar. Some banks want to scrutinize the FIR
copy, the certificate, which is non traceable, the affidavit presented to the sub registrar. Thus, it is advised
that all the documents must be preserved for acquiring a home loan.
Can anyone apply for a copy of the sale deed?
A sale deed is usually a public document. Thus, a copy of the deed can be obtained by anybody. In order to
obtain a copy, one has to know the significant details like property schedule information, name of the owner
of the property, document number. You can get these copies issued by availing online option in states such as
Tamil Nadu and Andhra Pradesh.