Sale Deed For A Plot Of Land

This Packet Includes:
1. Description and Instructions

2. Sale Deed for a Plot of Land

Description and Instructions

Sale Deed For A Plot Of Land

A contract for the sale of immovable property is a contract laying down terms and conditions for the 'Sale' of such property between the parties in the said contract.

A sale deed for a plot of land is mainly to confer right to the purchaser who is specifically interested in using the plot for building purposes. Such a plot of land is called a freehold property. For a freehold property, ownership is for an indefinite length of time. In free-hold property the title paramount conveys the property in favour of the purchaser by conveyance/ sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the office of the Sub-Registrar. It can be transferred by registration of sale deed. Freehold estates include freehold in deed, a fee simple estate; freehold in law, an inheritable estate; and determinable freeholds, a life estate.

The transfer by way of sale of tangible immovable property of the value of Rupees One Hundred and above can be made by a registered instrument. The transfer by way of sale of tangible immovable property of the value of less than one hundred rupees may be made either by a registered instrument or by delivery of the property.

The purchaser of a plot of land must confirm from the seller (the vendor) what kind of taxes (such as municipal taxes), assessments and land revenue the property is subject to. Purchaser should obtain receipts and certificates to all such payments made with respect to the taxes and revenues applicable.

According to Transfer of Property Act, immovable property does not include standing timber, growing crops or grass.

Some important features and instructions

1. Terms for Payment
The purchaser and seller have to agree upon the terms on the price and other expense for transfer of property.

2. Transfer Title of Property
Title of property is important for the sanction of mortgage or loan from bank. The title of property should be transferred to purchaser’s name when the seller receives the amount agreed by purchaser. Transfer of title of property is last step in the transaction or transferring the property. Seller has to register the property in purchaser’s name in local registrar office or under which jurisdiction the property belongs to.

3. Stamp Duty
Stamp duty rates are fixed for properties by the authorities. The rate may vary from state to state. The purchaser has to ensure that seller has registered the property in purchaser’s name on the rate levied for the property transferring.

4. Registration

All the documents to be registered, have to be accompanied by a prescribed registration fee as per the State, region where it has to be registered.

Note: Please seek independent legal and financial advice when signing a sales deed and ensure all copies of documents including the sales deed is properly read and understood.

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