CALL NOW +91 – 8800110989 A sale deed establishes property ownership. Additional information on the property, the buyer and seller, the buyer’s rights, etc., are included.
The purchase agreement establishes the buyer’s ownership and the legal owner is identified in the selling deed.
Sale Deed Bihar
An official record that acts as proof of the sale of a property in Bihar, India, is the Sale Deed Bihar. It is a critical document that outlines the terms and conditions of the sale and is used in real estate transactions.
The Sale Deed typically contains the names and contact information of the buyer and seller, as well as facts regarding the property, the sale price, the terms of payment, and any other pertinent information.
To ensure this document is valid and enforceable, it must be signed on non-judicial stamp paper and registered with the Sub-Registrar of Assurances. In real estate transactions in Bihar, it offers security and protection to both the buyer and the seller.
Sale Deed Meaning
A sale deed is a legal document that specifies the terms and conditions of a sale according to the definition of the term.
To transfer ownership of the property, it is signed by both the buyer and the seller. It includes critical details such as the price to be paid for the property, a description of the property, the process and timeline for transferring the title to the buyer, etc.
It is a crucial document because it serves as the property’s proof of ownership. It formally notifies the buyer of the seller’s documentation of the transfer of ownership of the property. The sale deed is signed by the buyer, and the seller and is registered before the sale or purchase of the property is legally finalised.
Advantages of a Sale Deed Registration
It is a crucial tool enabling you to sell an immovable object and transfer ownership of rights for the rest of your life. Without a sale deed, no one may assert any rights to any property.
The following are some advantages of the Sale Deed bihar document:
- The law can be used to enforce it because it is a legal document.
- It permits the smooth and secure execution of Sale transactions.
- It safeguards the rights of both contracting parties.
- It expressly states the Purchaser’s and Vendor’s rights and responsibilities.
- The attribute is defined and described in detail.
- Uncertainty can be avoided, and risks can be reduced with a well-written deed.
- The entire sale process has now been registered and stamped.
What is the Format of the Sale Deed Form?
[Your Name]
[Your Address]
[City, State, ZIP Code]
[Phone Number]
[Email Address]
[Date]
To,
[Buyer’s Name]
[Buyer’s Address]
[City, State, ZIP Code]
Dear [Buyer’s Name],
SUBJECT: SALE DEED
I, [Your Name], from now on referred to as the “Seller,” am the lawful owner of the property located at [Property Address] in the state of Bihar, India. I now agree to sell the said property to you, [Buyer’s Name], after this, referred to as the “Buyer,” on the following terms and conditions:
PROPERTY DESCRIPTION: The property being sold is a [Description of the Property], which includes [specific details such as land area, built-up area, and any unique features].
SALE PRICE: The agreed-upon sale price for the property is [Sale Price in Words and Figures] (INR [Sale Price in Numbers]).
PAYMENT TERMS: The Buyer shall pay the sale consideration as follows:
a. [Amount 1]: Due on or before [Date].
b. [Amount 2]: Due on or before [Date].
c. [Amount 3]: Due on or before [Date].
REPRESENTATIONS AND WARRANTIES: The Seller represents and warrants that they are the lawful owner of the property and possess the right to sell it. The property is free from any encumbrances, disputes, or legal claims.
POSSESSION AND TRANSFER OF TITLE: The Seller agrees to hand over the possession of the property to the Buyer upon the execution of this Sale Deed. The transfer of title shall be completed at the sub registrar’s office, and the Buyer shall bear all necessary documents and fees related to the transfer.
GOVERNING LAW AND JURISDICTION: This Sale Deed shall be governed by the laws of India. Any disputes or claims arising out of or in connection with this Sale Deed shall be subject to the exclusive jurisdiction of the courts in Bihar.
MISCELLANEOUS: Any modifications or amendments to this Sale Deed shall be valid only if made in writing and signed by both parties.
This Sale Deed is executed in duplicate, with each party retaining one copy.
Seller’s Signature:
[Your Name]
Buyer’s Signature:
[Buyer’s Name]
Witness 1:
Name:
Address:
Witness 2:
Name:
Address:
Requirements of a Sale Deed Bihar Registration
- The requirements for registering a sale deed may vary slightly depending on the specific jurisdiction and local laws. However, here are some standard requirements for the registration of a sale deed:
- Stamp Duty: Payment of the applicable stamp duty is a fundamental requirement for registering a sale deed. The stamp duty is determined based on the property’s value and is usually calculated as a percentage of the sale consideration. The stamp duty is typically paid through stamp papers or e-stamping methods per local regulations.
- Execution: The seller (transferor) and the buyer (transferee) must execute the sale deed. At least two competent witnesses must witness their signatures on the sale deed.
- Property Details: The sale deed should include comprehensive details about the property being transferred, such as the accurate description of the property, including its boundaries, dimensions, and any identifiable landmarks.
- Sale Consideration: The sale deed must clearly state the agreed-upon sale price or consideration for the property. The consideration can be in monetary terms, other property exchanges, or a combination of both.
- Encumbrance Certificate: The seller must typically provide an encumbrance certificate issued by the relevant authority. This certificate verifies that the property is free from liens, mortgages, or other encumbrances.
- Title Deeds and Documents: The seller must submit the original title deeds or relevant ownership documents to establish their legal ownership of the property. These documents may include previous sale deeds, gift deeds, partition deeds, or inheritance documents.
- Identity and Address Proof: Both the buyer and the seller are required to provide their identity and address proofs, such as valid government-issued identification documents (e.g., Aadhaar card, passport, driver’s license) and address proofs (e.g., utility bills, bank statements).
- Witnesses: The sale deed must be signed and witnessed by at least two competent witnesses who can attest to the execution of the document.
- Registration Fees: Payment of the applicable registration fees is necessary to register the sale deed. The registration fees are usually calculated based on the value of the property.
- Registration Process: The sale deed and all the necessary supporting documents must be submitted to the Sub-Registrar of Assurances or the relevant authority responsible for property registration. The registration process involves verifying documents, payment of fees, and recording the sale deed in the official records.
- It is important to note that the specific requirements and procedures for sale deed registration may differ based on your jurisdiction’s local laws and practices. Consulting with a legal professional or a qualified real estate advisor is advisable to ensure compliance with the registration requirements.
Difference Between Sale Deed and Sale Agreement
A sale agreement is an agreement between the buyer and seller that the seller will sell the property, and the buyer will purchase the property by paying the required amount for the sale.
The sale agreement does not transfer the ownership of the property from the seller to the buyer, and it only shows the intention of the future sale.
Below are the differences between the sale deed and the sale agreement:
The sale deed and the sale agreement are essential documents used in real estate transactions, but they serve different purposes and have distinct characteristics. Here are the key differences between the two:
- Purpose:
- Sale Deed: A sale deed is a legal document that establishes the transfer of ownership of a property from the seller to the buyer. It provides conclusive evidence of the transaction and signifies the completion of the sale.
- Sale Agreement: A sale agreement, also known as a purchase agreement or sale contract, is a preliminary agreement between the buyer and the seller outlining the terms and conditions of the proposed sale. It sets out the intent of both parties to enter into a future sale transaction.
- Legal Status:
- Sale Deed: A sale deed is a legally binding document that transfers the ownership rights of the property to the buyer. It is registered with the appropriate authority and is enforceable by law.
- Sale Agreement: A sale agreement is a legally enforceable contract that does not transfer property ownership. It serves as a record of the agreed terms and conditions, and the actual transfer of ownership occurs through the sale deed.
- Execution and Registration:
- Sale Deed: A sale deed must be executed on non-judicial stamp paper and signed by both the buyer and the seller. It needs to be registered with the Sub-Registrar of Assurances or the appropriate authority as per the local laws.
- Sale Agreement: A sale agreement can be executed on stamp paper or plain paper, depending on the jurisdiction’s legal requirements. It does not require registration, but it is advisable to have it in writing to avoid future disputes.
- Timeframe:
- Sale Deed: The sale deed is executed and registered at the time of the actual transfer of ownership. It is typically completed after the signed sale agreement and all the agreed-upon conditions are fulfilled.
- Sale Agreement: The sale agreement is signed before the sale deed, indicating the intention of the parties to proceed with the sale. It outlines the terms and conditions to be fulfilled, including any contingencies or timelines for the completion of the transaction.
- Enforceability:
- Sale Deed: The sale deed is a final and binding document that legally protects the buyer’s ownership rights. It can be used as evidence of any disputes or claims related to the property.
- Sale Agreement: The sale agreement is enforceable, and any breach of the agreed terms may result in legal consequences. However, it only establishes ownership rights once the sale deed is executed.
It is essential to consult with a lawyer or a qualified real estate advisor to understand the specific legal requirements and implications of both the sale deed and the sale agreement in your jurisdiction.
What Is the Cancellation of a Sale Deed Agreement?
If the other party isn’t on board, either the buyer or the seller can revoke the sale deed by bringing a lawsuit to court.
The buyer and seller can revoke the sale deed by filing a cancellation deed with mutual permission. When a sale deed is cancelled, the property’s sale is also annulled, and the seller named in the sale deed’s cancellation regains possession of the property.
Either party may terminate a sale deed under the following circumstances, which are outlined in the Specific Relief Act of 1963:
- The selling agreement must be registered by the Indian Registration Act of 1908.
- The person believes that the selling deed is voidable or that the deed will cause them harm.
The court will transmit a copy of its decree of cancellation after the sale deed has been cancelled to the sub-registrar office where the sale deed was recorded. The sub-registrar officer will note the details surrounding the sale deed’s cancellation.
What do you mean by a sale deed?
An official document known as a sale deed proves that the buyer has acquired ownership of the subject property from the seller.
What is the difference between a sale deed and an agreement?
In contrast to the sale agreement, which is a draught contract stating the parameters of the potential sale, the sale deed is the official document that transfers the title.
What are title deeds and sale deeds?
A sale deed is paperwork that transfers ownership from the seller to the buyer, whereas a title deed establishes the legal ownership of a property.
A registry refers to the sale deed’s official record4. What is the difference between a sale deed and a registry?
A registry is the official recording and registration of the sale deed with the relevant government. A sale deed is a legal document that transfers ownership.
Conclusion
As it proves property ownership, a sale deed is a crucial document. The sale document also contains information about the buyer, seller, and payment and other items, including information about the property.
The purchaser pays stamp duty for recording the sale deed, and the property owner is responsible for keeping the sale deed up to date.
If the original sale deed is lost, it takes time to obtain a certified copy of the sale deed from the sub-registrar office. If there is a disagreement, the registered sale deed may be contested because at least one representative from each party must sign it.
