The sale deed is drafted on a non-judicial stamp paper of value as set by the state government in which the property transaction is taking place
|Points of difference||Agreement of sale||Sale deed|
|Sale deed||It implies the future transfer of the property||It signifies an immediate transfer of the property titles|
|Risk involved||Risk/liabilities remain with the seller until the property is transferred in future||Risk is immediately transferred to the new buyer|
|Contract||It is an executory contract. An executory agreement is one which has not been fully implemented||It is an executed contract|
|Violation||Breach of sale may result in a suit for damages||Sale breach results in a legal complaint as well as monetary compensation for damages|
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After Approval You Will Be Able To Download the 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
Other terms and conditions of the sale
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.
The advantages of sale deed are as follows-
It provides legal recognition of the transaction of the sale
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.
Sale deed consists 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.
Once the document is registered it cant be cancelled. Only a court order can cancel it.
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.
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.
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.
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