Paperwork proving ownership of a specific property is sometimes termed as the Sale Deed. Often people assume that sale deed and title deed are the same thing and use the terms interchangeably. Technically, both the concepts are very different from each other. In this article we will talk about the differences between the two, and will try to clear confusion of the buyers over this issue, so that it would be easier for you to get your sale deeds registered in West Bengal and Kolkata.
Legal Differences Between Sale Deed and Title Deed:
According to the Oxford Dictionary, a title is “legal right to own something, especially land or property; the document that shows you have this right”.
When you buy a real estate property, the legal ownership can only be established after the property registration is done. The “title” of the concerned property is transferred to the buyer’s name through the property registration process.Through this process,the seller and the buyer officially interchange the ownership. The physical legal document which shows the legal statement of the ownership rights is called the Sale Deed. The sale deed must include the property deed form which is a legal agreement between a seller and an interested buyer. The sale deed includes all the necessary information about the buyer and the seller. For a legitimate documentation during the registration of the property, each page of the property deed must be duly signed by both the parties involved in the transaction process. This is how sale deeds are registered in West Bengal and Kolkata.
Most buyers get confused between the Property Title and Property Deed. This confusion can only be cleared when you know the difference in their form. First you need to understand that there is no such legal document called the Title Deed and this is just a mere concept which may sound like a paperwork. The title deed is a concept not a legal agreement. It usually speaks of the different rights, mortgage and other legal obligations of the specific property owner. The right of possession, right of disposition, right of enjoyment, right of control and the right of exclusion are some of the rights regarding a particular property which is usually offered by a title deed.
The sale deed acts as the title deed because itproves your ownership over a property. As soon as the sale deed is registered, it becomes the title deed since it holds the ownership of a particular asset. Apart from granting you several rights over a property, the sale deed helps you to track all the title holders of the same property in case the property has been handed over several times in the past. The sale deed also includes the terms and conditions of the particular transaction. The sale deed must be registered in the sub-registrar’s office under the Registration Act, 1908 in West Bengal and Kolkata.
Under no circumstances, there can be a legal document called or named as the title deed.
Tracking Down the Titles:
If you plan to resale your property in future, you have to produce the sale deed during the registration of the property. In case the property has history of previous owners, the sale deed will have the records and details of all the past owners. The sale deed is drafted on the basis of previous records of a property. Thus, this document helps you to track down the original owner of the property to ensure a legitimate change of ownership. It includes all the necessary information about the property and the ownership, legitimate titles verified by the buyer, price information, agreement-to-sell reference and transfer of rights, interests, claims and demand on the real estate asset. Along with these details it must also be clearly indicative of the description of the property privileges, rights, measurements and easements. This is why the Title Deed is important in West Bengal and Kolkata.
To execute a successful real estate transaction, understanding the meaning of the sale deed and the title deed and having clarity of the differences between the two is very important. Most buyers get confused regarding the legal terminologies like sale deed, title deed and agreement to sale,only an expert legal advisor can help you and guide you through the entire process of selling or buying real-estate transaction. For more information about all the details regarding the property transaction process contact here or email email@example.com with your queries.