Friday 8 May 2015

RECITALS IN THE SALE DEED


Preparation of Sale Deed is not an easy task. Interests of both the seller/s and the purchaser/s are to be protected. Some of the necessary clauses which should find place in the sale deed are:

  • Details of the parties, such as name, residential address, age and name of the father or husband of the parties;
  • If one of the parties is a minor, name of the guardian representing him. Generally the minor is represented by the Natural Guardian
  • In case of inanimate bodies such as firms, companies, HUFs etc., details of the authorized persons authorized to represent such bodies;
  • Details regarding as to how the seller has acquired property and his ownership and title;
  • Details of advance payment if any made and mode of payment of balance of sale consideration.
  • Acknowledgement of receipt of advance and the sale consideration by the seller
  • The fact of handing over of original documents of the property along with delivery of possession to the purchaser.
  • Indemnifying the purchaser in case of defect in the title of the seller.
  • Authorization letters issued by the seller for transfer of water, electricity meters;
  • Details about execution of General Power of Attorney if any executed by either of the parties.
  • Permanent Account Number (PAN) of the seller and the purchaser if the sale consideration is more than rupees five lakhs.

If either of the party is not an income tax assessee then Form No.60 or Form No. 61 in case of Agriculturists has to be submitted along with the sale deed at the time of registration.

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