Know the step-by-step to enroll a Selling Deed and familiarise yourself with the drafting of a Selling Deed. Get to know about the significant clauses in the Selling deed, advantages, cancellation, and other valuable insights.
Introduction
If you want to enroll in a Selling Deed, you have landed at the right place. The procedure for enrollment of the Selling Deed involves various steps per the Transfer of Property Act, of 1882. As per Section 54 of TPA, the Selling Deed is the vital legal document representing the transfer of ownership, rights, and title of a property from the seller or transferor to the buyer or transferee.
Here, let’s look into the step-by-step enrollment of a Selling Deed, the procedure for drafting a Selling Deed, major clauses to be mentioned in the Selling Deed the advantages of the Selling Deed, and other related details. One of the main concerns in the enrollment of a Selling Deed is the documents required for Selling Deed enrollment. One must possess all the important and needed documents like the Selling Deed draft, certificates, receipts, allotment letters, building plans, etc., for the complete and successful enrollment of the Selling Deed.
The enrolled Selling Deed could be a document that’s proof of the transfer of property rights. it’s a verified document that proves that the property happiness to a marketer has been transferred to a buyer. Importance of Registered Selling Deed: A Selling Deed creates transparency between the client and seller.
Steps Involved In Enrollment of a Selling Deed
Step 1: Consideration and Arrears Due
The buyer should pay the total consideration amount before the Selling Deed enrollment. Care is to be taken in clearing all the arrears due, including prior loans, house tax, property and society dues, etc. The concerned officials of the registrar can halt the Selling Deed enrollment in case any arrears are still due.
Step 2: Ascertainment of Stamp Duty
The stamp duty for the particular property mentioned in the sale transaction is imposed on the circle rate or actual rate, whichever is higher.
A circle Rate is a minimum price fixed by government authorities designated for a property in a locality. This is the minimum rate below which property transactions cannot be registered. The circle rate is the price at which the transfer or sale of properties can be registered. Stamp duty varies from state to state and changes based on sole and joint ownership, and other charges are also to be paid along with stamp duty.
Step 3: Payment of Stamp Duty and Stamp Paper
With the increased popularity and convenience of online payments, one can now pay the stamp duty online through Debit Card/Net Banking/FT/NEFT/RTGS. However, the online payment facility varies from state to state. Two methods for obtaining the stamp paper include E-Stamping and Non-judicial Stamp Paper.
In the E-Stamping option, there are two options to obtain the stamp paper. One can pay stamp duty online and approach the nearest SHCIL branch to get the printout of the e-stamp certificate. Each stamp paper has a unique identification number that comes in handy for reference. Another approach is to go to the nearest SHCIL or bank-authorized collection centres and obtain stamp paper by paying stamp duty and providing details.
The Non-Judicial Stamp Paper can be purchased from the authorized stamp vendor in your locality, and now you can print the Selling Deed on the stamp paper.
Step 4: Selling Deed Draft
The drafting of the Selling Deed should involve all the relevant and necessary details along with terms and conditions of sale, payment details, buyer and seller details, etc. If you previously obtained the e-stamp certificate, take the printout of the Selling Deed on plain paper and attach it with the e-stamp.
Step 5: Selling Deed Enrollment and Collection
For the enrollment of the Selling Deed, one must take an appointment from the nearest sub-registrar either manually or online, but for only states that provide the E-Stamping option. The buyer and seller and two witnesses should be present on the appointment date. In the Selling Deed enrollment, the signature and thumbprints of the buyer and seller play an essential role since the enrollment is only legally complete when all the parties sign duly. The original Selling Deed can be collected after the prescribed number of days.
Procedure for Drafting a Selling Deed
- Understand your specific requirements along with the circumstances of the particular case. Hire a professional lawyer and communicate your requirement
- The lawyer will start drafting the Selling Deed by including essential clauses in the deed and considering your requirements
- Your lawyer will typically present the Selling Deed within three working days for your review and approval
- The parties of the sale transaction can choose to include modifications or revisions as required
- The final Selling Deed draft will be completed after the party’s approval and printed on the non-judicial stamp paper
- This way, the Selling Deed is drafted mainly through expert lawyers with the proper legal knowledge and awareness of the drafting techniques
- Following the Selling Deed draft, the Selling Deed is taken for enrollment as explained above.
The drafting of the Selling Deed should include the significant clauses as per the relevant provisions and should be drafted in a way that minimizes the legal risk and protects the rights of both buyer and seller. Get your Selling Deed seamlessly and well-drafted by an expert lawyer from the team of experienced legal professionals only at Vakil Search.
Major Clauses in Selling Deed
- Details of parties involved in the sale transaction
- Description of the transferred property
- The total amount of sale consideration
- Details related to payment methods, installments, advance payment, etc
- Possession of the property and collection of the deed
- Transfer of Title clause
- Encumbrance and indemnity clause
- Witnesses details
- Liability in case of default or non-compliance
- Tenendum and Reddendum clauses
- Warranty clause
- Right to call off the deal
- The solution in case of a dispute
- Any other necessary clause based on the circumstances of each case.
Advantages of Selling Deeds
- Acts as proof of the sale transaction and is enforceable by the law
- Protects the rights of buyer and seller
- Minimizes the unnecessary litigations and legal risk
- Minimizes the confusion and chances of misunderstanding
- Mentions the property description that is beneficial to the buyer
- The payment details specified in the deed reduce the troubles and stabilize the Selling Deed.
Cancellation of Selling Deed
Can the parties cancel the Selling Deed? Yes, if done bilaterally by both seller and buyer, the agreements exist to this effect. The parties have the right to call off the sale transaction under certain circumstances mentioned in the Selling Deed.
Conclusion
Now you have an idea of the steps involved in the Selling Deed enrollment. For the Selling Deed to successfully register, one must note that both buyer and seller must possess all the required documents for the proper verification and approval. Get the well-drafted Selling Deed from the best lawyers and attorneys hassle-free at Vakil Search. Opt for the best legal services with just a few clicks.
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