Buying a House? Know how the Deal is Executed

The steps to buy and execute the sales deed can be a little intimidating. But if the buyer is well prepared and knows how it should be carried out, everything can work out smoothly.

We list down everything that a buyer needs to know about the sales deed and its execution.

Sales agreement

This is the first step that the buyer and seller take towards the property sales. The agreement of sale lists down all the terms and conditions that have been agreed upon by both the parties. It also includes the cost of the property and the date on which the sale will be taking place.

Stamp duty

All the details of the transaction are typed out in the non-judicial stamp paper. The one that is registered with the sub-registrar and is used to pay the fee is called judicial stamp paper. The cost of these papers differs from state to state.

The buyers can also buy the stamp paper online on the website Stock Holding Corporation of India Limited (SHCIL) and create an ID for the same. With the additional fees the stamp paper can be home delivered to you by post; otherwise the buyer will have to collect it from the SHCIL authorised dealer near you personally.

Details on the paper

After purchasing the paper the details of the buyer and the seller must be typed on the same. The details must include:

Names of the buyer and the seller
PAN number of both the parties
Photographs
All the information on the property
Value of the deal and amount of TDS deducted.
Amount of stamp duty
Name of the person paying stamp duty
Name and address of the two witnesses.

Booking an appointment

You will have to schedule an appointment with the sub-registrar to carry out the transaction. You can either visit the sub registrar’s office or book it personally, or you can do it online. You will have to carry the proof of your appointment at the time of the transaction.

Show the proof of your appointment through the ID and token, or through the slip issued by the sub-registrar for the appointment when your turn arrives approach the facilitation counter to get all your documents cross-checked.
Before your turn with the sub-registrar, the officials will help you and the seller with the process. Your thumb impression will be taken, and it will be considered in every page of the document.
The sub-registrar will then check the document. If there is any discrepancy, he might also reject the application.
Afterwards, both the parties will proceed for the biometric division for the thumb impression and photographs.
After the process has been completed, you will be issued a receipt.
The registered sales deed will be available for collection within 15 days from the registration.

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