A sale agreement is a legal contract that outlines the terms and conditions of a sale between a seller and a buyer. In Mumbai, a sale agreement is an important document that helps protect the rights of both parties involved in a real estate transaction.
What is Sale Agreement?
A sale agreement, also known as a purchase agreement, is a contract between a seller and a buyer that outlines the terms and conditions of the sale. The agreement includes details such as the price of the property, payment terms, possession date, and any other conditions that the parties may agree upon. The sale agreement is a legally binding document that protects the interests of both parties and ensures that the transaction proceeds smoothly.
What are the Documents Required for Sale Agreement in Mumbai?
To create a sale agreement in Mumbai, the following documents are required:
Property Title Deed: The property title deed is a document that proves ownership of the property. It is important to ensure that the seller has a clear title to the property and has the right to sell it.
Sale Deed: The sale deed is a legal document that transfers ownership of the property from the seller to the buyer. It contains details such as the purchase price, property description, and the names and addresses of the parties involved.
NOC from Society: If the property is located in a co-operative housing society, the seller must obtain a No Objection Certificate (NOC) from the society before selling the property.
Property Tax Receipts: The seller must provide the buyer with copies of the property tax receipts for the past three years.
Encumbrance Certificate: The encumbrance certificate is a document that shows whether the property is free from any legal or financial liabilities.
What are the Steps to Create a Sale Agreement in Mumbai?
The following are the steps involved in creating a sale agreement in Mumbai:
Drafting the Agreement: The first step is to draft the sale agreement. The agreement should be drafted by a lawyer to ensure that it is legally binding and covers all the necessary details.
Reviewing the Agreement: Once the agreement is drafted, both parties should review it carefully and make any necessary changes. It is important to ensure that both parties are satisfied with the terms and conditions of the agreement.
Signing the Agreement: Once the agreement is finalized, both parties should sign it in the presence of two witnesses. The witnesses should also sign the agreement.
Registration of the Agreement: The sale agreement must be registered with the Sub-Registrar's office within four months of signing. The registration fee is based on the value of the property and is paid by the buyer.