The sale deed is one of the most critical documents in the case of property ownership transfer. Like several other deed documents, such as lease deed, mortgage deed, gift deed, and exchange deed, the sale deed is a class of conveyance deed. When selling a property, the sale deed and other deed documents come in handy.
To know more about the lease deed, read: Lease Deed and Its Basics Details
Even though the documents mentioned above can help an owner sell a property, the sale deed will get the name of the new owner registered in the papers. It is important to register the sale deed as per the Indian Registration Act.
When drafting a sale deed format, one must consider several aspects. The following article provides detailed information on what is sale deed, what is the sale deed format is, and what is the sale deed meaning in Hindi and other languages.
Latest News on Sale Deed
Shareholders trying to sell property cannot buy the share of other shareholders: Karnataka High Court
7th June 2023: According to a recent judgement by the Karnataka High Court, a shareholder who prefers to sell a share of a joint property cannot buy the shares of other shareholders. The judgement was passed in a case where a party wanted to sell their share of the property. When the rest of the shareholders agreed to the terms and conditions, the petitioner argued that their 2/3rd share of the deal must be released.
The court held that the division of share of property in such cases must be driven by the Partition Act.
After going through the case, the Judge passed the judgement that the shareholders who want to sell their share of property are not eligible to buy the share of other shareholders. Sections 2 and 3 of the Partition Act play a pivotal role in this judgment.
Commercial Property Owners Not Happy with Stopping of Floor Wise Sale Deed Registration by the Government
Recently, the government of Amritsar, Punjab, stopped the registration of sale deeds for floor-wise properties. The rule was passed for commercial properties. Owing to this, the aspiring and current commercial property owners are requesting the government to roll back the decision. The general secretary of the market association stated that, to date, the shops were registered individually. However, as per the new order, the sale deed can only be registered if the person buys all the floors in the building.
ITAT Delhi Indicates Equal Ownership If Sale Deed Doesn’t Specify Holders Information
The Income Tax Appellate Tribunal (ITAT) bench in Delhi directed that if the sale deed does not specify the ownership interests of husband and wife, then they will be considered to own an equal share of the property.
What is a Sale Deed?
A sale deed is basically a legal document that enables the owner or seller of the property to transfer the rights of the property in the name of the buyer. Register the property at the local sub-registrar office once the seller draws the sale deed draft. In several cases, people often ask if it is mandatory to get a sale deed registered. Yes, it is very critical to get the sale deed registered. Until a sale deed is not registered, the buyer can not become the rightful owner of the property in the context of the law.
