Why to hire a property lawyer in India before buying a property? Part 4
After the “Sale agreement” is prepared and executed, as discussed in the earlier part, the next steps to be taken by lawyer of the buyer is given below:-
Preparation of Draft Conveyance Deed.
At the appropriate time of registration as stipulated in the Sale Agreement and by mutual consent of the parties, a draft of the final conveyance deed is prepared for approval of all
the parties involved in the transaction. It must be ensured that the identification of the property, seller and buyer and all other terms of transaction are the same as mentioned in the Sale agreement. Any variation in any of the terms and conditions must be by mutual consent of the parties. It must be ensured that there is no error of any nature including typing error. This draft is prepared on plain paper. It must be checked and approved by lawyers of both parties.
Preparation of Final Conveyance Deed, execution and Registration.
Non-judicial stamp paper, of appropriate value commensurate to the value of the property at the rate of stamp duty prevailing at the place where the property is situated, has to be purchased and the final conveyance / sale deed is prepared. Stamp duty being state matter the rate differs from state to state. It is executed by the concerned parties and is also witnessed by at least 2 witnesses, and then the document is presented to the Registrar’s/ sub-registrar’s office having jurisdiction over the area, for registration. After completion of the process of registration, a paper token called IGR (Index General Register) is supplied by the Registry office, and on production of the same the original Conveyance Deed, duly registered, is delivered to the bearer of the token, when the deed is ready for delivery.
In case the property is contained in a housing complex / project developed by reputed developers, the trend is that the entire dealing including preparation of sale agreement, final conveyance deed and registration thereof is done by the developers’ / builders’ empanelled lawyers. In such cases also the buyer must avail services of a professional lawyer to scrutinize and approve the aforesaid documents. After all it is buyers’ dream, interest and investment and it is his prime responsibility to ensure safety of his interest and investment hence he must engage a lawyer of his own.
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This article is contributed by -IndianPropertyLawyers, simplifying property
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