Property Deed Drafting
A property sale deed is a legal document that consists of all the records of the transfer from the seller to the buyer. The property deed combines several clauses of the Transfer of Property Act. These clauses should be minutely examined by the buyer before drafting the deed to avoid any further risks. The clauses are required to be drafted after a thorough understanding of the requirements and liabilities of the buyer.
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There are various types of land transactions, such as renting out of an apartment to a tenant, mortgaging a piece of land for availing a loan, leasing out shops, and buying real estate properties. For carrying out such property transactions, the companies, government authorities, or an individual have to get involved in a legal transaction. This legal transaction that contains the terms and conditions of the property transfer, is called a Sale Deed. This deed of sale is important for both the buyer and the seller.
Property Deed Drafting Registration Package
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- Documents required
- Certificate of Incorporation (CIN)
- Permanent Account Number (PAN)
- Memorandum of Association (eMOA)
- Articles of Association (eAOA)
- Director’s Identification Number (DIN No)
- Digital Signature (DSC)
- GST Registration
- Company 2 Name
- Companies Object
- Address Proof (Rent Agreement, Receipt, Electrical Bill, Owner Property tax)
- Director's PAN, Aadhar, Voter Card
- Director's Electrical Bill
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- Director's Last 6 months Bank statement
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During the transfer of a property between a seller and a buyer, a sale deed is one of the most crucial legal documents that is required for the property purchase. In legal terminologies, the parties are referred to as the ‘grantor’ and the ‘grantee’. The deed of sale specifies that the property title has been transferred from the seller to the buyer. The sale deed mentions the transfer of property ownership. It is legal proof that the property is now in the name of the buyer. The deed contains the details of the property. The terms and conditions of the property sale are mentioned in the deed, along with the rights and obligations of both the parties involved in the transaction.
The deed of sale is prepared on a non-legal stamp paper. The value of the stamp paper is prescribed by the state government. The property sale deed consists of all the details of the property and it can be accessed by the people who are dealing with property sale will come across the sale deed. To prevent any kind of risks in the future, it is better to not use any model or draft sale deed which is available easily. A readymade property sale deed may some of the important clauses which might be necessary to be added, removed or modified by the parties involved in the transaction as per convenience.
The steps for drafting a property sale deed are mentioned below in detail.
Step 1: For drafting a sale deed, a professional lawyer needs to be hired. The seller should discuss all their requirements, and terms and conditions with the law practitioner.
Step 2: After discussing the requirements and expectations with the party, the lawyer would draft the sale deed within 3 working days. The Sale Deed will be handed over to the seller for review and approval.
Step 3: Once the Sale Deed is approved by the party, it will be printed on a non-judicial stamp paper. The price of the stamp paper is decided by the state government.
Step 4: The Sale Deed is required to be discussed and signed by the sub-registrar. Once the Sale Deed is printed, the lawyer will fix an appointment with the sub-registrar’s office. The sub-registrar’s office has to be situated under the same jurisdiction of the property.
Step 5: Two witnesses are required for the registration of the Sale Deed in the sub-registrar's office. The lawyer, along with the two witnesses will visit the office to get the Sale Deed signed by the sub-registrar and pay the required fees for registration.
Step 6: After completing the processes and paying the registration fees, the registered sale deed gets issued by the sub-register’s office.
For registering the Deed of Sale with the sub-registrar’s office, there are a few documents required to be submitted. The necessary documents are mentioned in the list below.
- 1) Draft of the Sale Deed.
- 2) The Power of Attorney is required if available
- 3) The building plan that has been sanctioned by the Statutory Authority is required.
- 4) Allotment Letter received from the Builder or the Co-operative Society, or Housing Board is required.
- 5) The Title documents of the property owner is required to be submitted
- 6) A Copy of all registered previous documents are required to be submitted if the property is being resold.
- 7) The latest receipts of paid taxes are required.
- 8) In the case of reselling a property, the latest electricity bill and property receipts are required.
- 9) NOC issued by the Apartment Association is required to be submitted if the property is being resold.
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