Secure your property transaction with a valid Sale Certificate

A sale certificate is a legal document that certifies the sale of an immovable property, such as a piece of land, a building, or an apartment. This document is also known as a sale deed or a conveyance deed. It is a crucial document for both the buyer and the seller, as it establishes the ownership of the property and outlines the terms of the sale.

Sale Certificate
(for Immovable property)

Whereas

The undersigned being the authorized officer of the_________(name of the Institution) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest [Act], 2002 (54 of 2022) and in exercise of the powers conferred under section  13 read with [rules 8 and 9] of the Security Interest (Enforcement) Rules, 2022 sold on behalf of the __________ (name of the secured creditor/institution) in favour of _____ (purchaser), the immovable property shown in the schedule below secured in favour of the _______ (name of the secured creditor) by ____ (the name of the borrowers) towards the financial facility _______(description) offered by ______ (secured creditor). The undersigned acknowledge the receipt of the sale price [of Rs. _______ (Rupees_____ only] in full and handed over the delivery and possession of the scheduled property. The sale of the scheduled property was made free from all encumbrances knows to the secured creditor listed below on deposit of the money demanded by the undersigned.

A sale certificate typically includes the following information:

Description of the property: The certificate must provide a detailed description of the property being sold, including its exact location, dimensions, and any distinguishing features.

Identification of the parties: The sale certificate must identify the buyer and the seller, including their full names, addresses, and any other relevant identification details.

Purchase price: The sale certificate must specify the purchase price of the property, including any deposit paid by the buyer.

Payment terms: The sale certificate must outline the payment terms of the sale, including the method and timeline of payment.

Possession date: The sale certificate must specify the date on which the buyer will take possession of the property.

Obligations of the parties: The sale certificate may specify any obligations or responsibilities of the buyer and the seller, such as repairs, maintenance, or payment of taxes.

Other terms and conditions: The sale certificate may include any other terms and conditions agreed upon by the buyer and the seller.

Once the sale certificate is executed, it is registered with the local land registry office or sub-registrar’s office. Registration is mandatory under Indian law, as it provides legal validity to the transaction and prevents fraud or disputes in the future.

In addition, the buyer must also obtain other relevant documents, such as the property’s title deed, tax receipts, and building approvals. These documents are essential to ensure that the property is free of any legal encumbrances or disputes.

It is essential to seek legal advice and guidance when drafting or executing a sale certificate. A qualified lawyer can ensure that the document complies with all legal requirements and protects the interests of both parties.

Conclusion:

A sale certificate is a crucial legal document that establishes the ownership of an immovable property and outlines the terms of the sale. It is essential to ensure that the certificate is drafted and executed properly and registered with the local land registry office to prevent any future disputes or legal complications.