Points to Remember While Preparing Documents for Property Transaction
Nov 17, 2017 Home Trading Steps
Legal documents play a crucial role in property transactions. But framing a document is not an easy job. It requires thorough meticulousness and expertise. And whether you are a seller or a buyer, you need to keep in mind certain pointers while framing the documents.
Here are those:
1.Details of both the parties:
The names of both the parties should be correctly mentioned in the document incorrect spelling. To verify the details of the name, check passport, adhaar card or passport. If different names are mentioned in different documents then mention the different names as an alias. For instance, if a woman name is different before and after marriage then both the names should be recorded to avoid confusion in future. Any small mistake can result in making the document all over again and moreover trouble for both the parties. Also, it is necessary to verify the age of the parties. It is better to include the right age of the respective parties rather than putting an approximate age.
The details of the parties do not end here. Both the parties’ profession and present address needs to be also mentioned in the document without any errors. Even a tiny mistake can create a huge confusion further. To be double sure, get the documents checked by another person as well.
2.Document number:
Correctly record the district name, sub-registrar/registrar office name, document number as well as the date of registration.
3.Record of the amount paid and medium used:
It is very important to maintain a correct record of the amount paid both in numbers and words. This is a very crucial step and needs to be done very carefully. Also, record the medium through which the amount has been paid like whether it is paid through cheque or demand draft. Make a proper note of the amount, a number of cheques, date of issue, bank as well as the branch name.
4.Location of the house:
Record correctly the plot number, district name, the sub-registrar office name, town survey number, common areas, flat number, parking area, total piece of land and other details if any.
5.Attesting witnesses:
Witnesses play an important role in a property transaction. Hence it gets important that the witness is of good repute and respected citizens. In case of any dispute, their presence and version become very critical and crucial. As per Transfer of Property Act, it is mandatory to have two witnesses, but more than two witnesses can also be present if the parties want.
Always remember lawyers and writers are there to draft agreements but both buyer and sellers need to actively participate in the documentation process.
Here are those:
1.Details of both the parties:
The names of both the parties should be correctly mentioned in the document incorrect spelling. To verify the details of the name, check passport, adhaar card or passport. If different names are mentioned in different documents then mention the different names as an alias. For instance, if a woman name is different before and after marriage then both the names should be recorded to avoid confusion in future. Any small mistake can result in making the document all over again and moreover trouble for both the parties. Also, it is necessary to verify the age of the parties. It is better to include the right age of the respective parties rather than putting an approximate age.
The details of the parties do not end here. Both the parties’ profession and present address needs to be also mentioned in the document without any errors. Even a tiny mistake can create a huge confusion further. To be double sure, get the documents checked by another person as well.
2.Document number:
Correctly record the district name, sub-registrar/registrar office name, document number as well as the date of registration.
3.Record of the amount paid and medium used:
It is very important to maintain a correct record of the amount paid both in numbers and words. This is a very crucial step and needs to be done very carefully. Also, record the medium through which the amount has been paid like whether it is paid through cheque or demand draft. Make a proper note of the amount, a number of cheques, date of issue, bank as well as the branch name.
4.Location of the house:
Record correctly the plot number, district name, the sub-registrar office name, town survey number, common areas, flat number, parking area, total piece of land and other details if any.
5.Attesting witnesses:
Witnesses play an important role in a property transaction. Hence it gets important that the witness is of good repute and respected citizens. In case of any dispute, their presence and version become very critical and crucial. As per Transfer of Property Act, it is mandatory to have two witnesses, but more than two witnesses can also be present if the parties want.
Always remember lawyers and writers are there to draft agreements but both buyer and sellers need to actively participate in the documentation process.
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