Sale/Transfer Deed
What is an Agreement to Sell?
A sale deed is a document that shows the transfer of ownership and title of a property from a seller to a buyer. It is a crucial document for both the buyer / transferee and the seller / transferor. The purchase or sale of the property is not legally complete until a sale deed agreement is signed by and between buyer / transferee and the seller / transferor.
What is importance of Sale Deed?
The registration of sale deed protects the rights of both the buyer / transferee and the seller / transferor. It contains description of the property being purchased, including the square footage and the location along with consideration, terms and conditions of property transfer.
Stamp Duty on Sale Deed
The stamp duty required for registration of Sale Deed is 5% in Maharashtra Further, in some of the areas Local Body Tax (LBT) at 1% and Cities having Notified Projects (e.g. Metro Rail) additional 1% Stamp Duty is payable. If parties are already entered into Agreement to Sale and have paid all the Stamp Duty then Sale Deed is made by paying Stamp Duty of Rs. 100/-.