How Sale Deed Is Executed?
Execution of the sale deed is technically the concluding part of property-purchase process. After a buyer and a seller reach an agreement, they first execute an agreement to sell, a document that sets the terms and conditions based on which the future transaction will take place. The creation of the agreement to sell means terms have been placed for the transaction while the creation of sale deed means the purchase has completed. As mentioned in the agreement to sell, the two parties have to conclude the sale within a set period after executing the agreement to sell.
Now, let us see what all a sale deed consists of and how it is executed.
Calculate stamp duty, buy non-judicial stamp paper
All the details pertaining to the transaction would be typed on non-judicial stamp papers — stamp papers that are used for execution of deeds are known as non-judicial stamp papers while the ones used to pay a fee to the court are known as judicial stamp papers.
The value of these stamp papers would be the money you have to pay the authority as stamp duty, the fee authorities charge to register a deal in government records. For example, stamp duty charge in the national capital is six per cent for men and four per cent for women. A man purchasing a flat for Rs 10 lakh will have to buy stamp papers worth Rs 60,000 in Delhi.
The buyer can buy e-stamp of the correct value after creating an ID on the official website of Stock Holding Corporation of India Limited (SHCIL). Using the same site, one can also get the e-stamps home delivered after paying an additional fee. Alternatively, you could visit SHCIL Authorised Collection Centers near you to collect e-stamps purchased online.
Note here that the e-Stamping facility is currently operational in Gujarat, Karnataka, Delhi, Assam, Tamil Nadu, Rajasthan, Himachal Pradesh, Uttarakhand, Dadra & Nagar Haveli, Daman & Diu, Puducherry, Uttar Pradesh, Chhattisgarh, Jharkhand, Jammu & Kashmir, Punjab, Chandigarh, Odisha and Andhra Pradesh. In other states, one has to buy physical papers them from authorised centres.
After the purchase of the papers, every single detail about the transaction and the manner is being carried out would be typed out of the paper. These details would include:
- Names of buyer, seller
- PAN numbers of buyer, seller
- Photographs of buyer, seller
- Full detail of the property
- Deal value and all other financial details, including TDS payment (if applicable)
Receipt of registration charge payment (One per cent of the deal value plus Rs 100 pasting charges have to be paid as registration charge)
- Stamp duty amount
- Name of the person paying the stamp duty (as a standard practice, the buyer pays the stamp duty)
- Names and address of two witnesses
Book an appointment for registration
Now, visit online appointment system site for seeking an appointment with Sub-Registrar. You could also visit the reception desk at the Sub-Registrar’s Office to book an appointment.
In Delhi, for instance, you could visit http://revenue.delhi.gov.in, and book an online appointment.
This is how you proceed to book an appointment:
Both the parties will have to reach the Sub-Registrar’s Office on the appointed date and time, along with two witnesses. Apart from all property-related documents that include TDS and property registration payment receipt, the buyer, seller and witnesses must carry their original ID proofs.
After online booking of the appointment, an appointment ID is generated, which is sent to your registered mobile number through SMS. Also, carry with you a copy of the document confirming the online appointment with you.
1. After reaching the branch, show this appointment ID, following which a token and a swipe card would be issued to you. Typically, only the buyer, the seller and the witnesses are allowed inside the facilitation centre.
2. When you turn arrives, approach the facilitation counter where all your documents would bescrutinised by the official before you are sent to the sub-registrar.
3. At your turn, you could approach the sub-registrar, who would again check all the documents. Before that, officials would help the buyer, seller and witnesses mark their finger and hand prints on the documents as specific places. The buyer and the seller will have to sign and leave thumb impressions on all pages.
4. After checking all the documents, the sub-registrar would sign them. In case or any discrepancy, he may also reject the application.
5. Following this, everyone will proceed to the biometric division for finger printing and photographs.
6. After the completion of the process, you would be issued a receipt.
7. You can collect your registered sale deed within 15 days after the registration takes place.