A sale deed is a document that has lists of clear details. ie., Price with terms and conditions upon which the two parties. In fact, This fulfills the agreement for the sale of the property. Rajendra Corporate Law Firm is one the best Real estate Legal service office in Chennai.
Best Advocates in Chennai for Sale deed drafting
Chennai Advocates in Rajendra Corporate Law Firm offer various property legal services. They indeed cover all the legal support in the Real estate industry. Solicitors Draft the sale deed of land on a non-judicial stamp paper of fixed value. Of Course, the state government prescribes where the property rests upon. Every state has a different value of stamp paper when it comes to drafting sale deeds.
Stamp duty and charges
It is the buyer who must pay the stamp duty and the registration charges. For example, the Stamp duty for both Urban and Rural in Chennai is 7%. They calculate it in the market value or Guideline Value of the property. The registration charge is 1% market value of the property.
Buyers can pay the stamp duty online to make a hassle process. The buyer can buy an e-stamp of the correct value after creating an ID on the official website. The Stock Holding Corporation of India Limited (SHCIL) offers this Service. The seller must ensure that he clears all his dues to the property. This must be in progress before signing the final sale agreement.
For the sale deed to be legalized, it requires a few important details to be filled up.
What are all the types of deeds?
Besides selling a property, people also tend to lease their immovable assets. The agreement must mention if it’s a Sale deed or a Deed of Mortgage.
Sale Deed Preparation
Let us see the step-by-step process in this Real estate document drafting
Details of the parties involved :
The sale deed agreement must include the Following
- Names of the buyer and Seller
- Residential addresses
- Age details of the parties
- PAN numbers details of the parties,
- Photographs with the parties (It must refer to as the seller and buyer in the agreement)
Description of the property:
The property’s description must include all the details. They are as follows
- Property’s location
- Number of rooms
- Number of balconies
- Plot area and construction area
The Solicitor must mention the above details in the deed of sale.
Sale agreement :
What is the next process after the mutual agreement of both entities? They must sign a sale agreement that precedes the property deed. The agreement states that both parties agree to buy and sell the said property. The draft must mention the details of the transaction like the date, advance paid, the amount due, and the mode of payment.
Transferring the title of property:
What will happen after signing the sale deed by the parties ?. The title of the property is transferred to the buyer. In this Transaction, the buyer will become the property’s legal owner with complete rights to the property.
Registration of the sale deed
Do you know the very crucial need for a sale deed to be valid, binding, and enforceable? Firstly, Both parties must sign the document. Secondly, it must be stamped as per the rule. This must be under the Indian Stamp Act of 1899 or the legislation by the respective state govt. Finally, You must register at the office of the jurisdictional Sub-Registrar. Moreover, This will happen upon payment of the registration charges. Of course, This is mandatory under the Registration Act, of 1908.
An inadequately stamped and unregistered document or a document not made under the prescribed format will not be admissible as evidence and the transaction would become void until the statutory requirements are fulfilled.
Power of attorney
what you must do, If any party to the sale deed is unable to be present for the execution and registration? No doubt, a power of attorney holder can represent. Without a doubt, It is necessary to examine that the document is also duly stamped and registered.
What is the next step after authorization of the attorney by the seller?
- The Registrar will scrutinize the terms of the document to authorize.
- Execute and register the sale deed.
- Receive consideration
- Complete all the formalities for conveying the title of the property to the buyer.
The buyer is entitled to hold the original sale deed in the same fashion. This is evidence of his title and ownership of the property and for further sale of the same property too
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Contact Top Law firms in Chennai
Find the choose one of the top Law firms in Chennai to draft and register your Property sale deed. Contact Rajendra Corporate Law firm which provides all legal and litigation services with regard to Real estate.