A sale deed is a legal document through which you can sell your immovable property to another person.
Who is it for?
Anyone who wants to sell an immovable property.
Which property can I transfer?
You can transfer immovable property such as a house or land. But, the property must be existing property. You cannot transfer property which will come into existence in the future.
How is it Different from a Gift Deed?
It does not differ much in content. But, the difference lies in the consideration.
You need a Gift Deed when you want to transfer property without charging a price.
A sale deed does the exact opposite. You need it when you want to transfer your property and charge a price for it.
Is it different from a Will?
A sale deed and Will are two different documents. You don't need to charge any consideration for naming a person in your will. But, transferring property through sale deed needs consideration.
Also, a sale deed comes into effect after execution. A will comes into force only after the donor's death.
What is the procedure for making a Sale Deed?
Making a sale deed involves three steps.
- Executing, and
Registration is compulsory without which a Sale Deed will not be valid.
What documents do I need?
You don't need any documents for making a sale deed. But, you do need the following details.
- Details of the seller and the buyer.
- Advance payment (if any)
- Mode of payment.
- Sale consideration (amount for which you are selling the property).
- All details of the property such as location and measurements.
What is the fee?
Stamp duty and the registration fee is different for every state. The stamp duty depends on the value of the property. The professional fee starts from Rs.4999.
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What is more?
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