SALE AGREEMENT AND SALE DEED PROCESS AND AMOUNT

592 votes

To purchase a residential flat in Mumbai, you need to complete a sale agreement and sale deed, following the Maharashtra Stamp Act and Transfer of Property Act. Here’s a guide: Under the Maharashtra Stamp Act, stamp duty for property transactions in Mumbai is currently 5% of the property’s market value or the agreement value, whichever is higher. In addition, there is a registration charge of 1% of the property’s value, capped at Rs. 30,000. To execute the sale agreement, it should be on non-judicial stamp paper of the applicable value as per the stamp duty requirement. Afterward, the agreement must be registered with the Sub-Registrar of Assurances within four months of execution. For the sale deed, once the sale terms are fully met, the deed must be registered to transfer the title formally. Ensure that all due diligence, like verifying clear title, is completed before this step.

Advocate Rohan Venkatesh Yemul LawRato

515 votes

Once the drafting of the sale deed is complete, you can proceed for registration of the same and pay the stamp duty. Stamp duty depends on the value of the property. As far as registration charges are concerned that varies from one registration office to another. Feel free to contact me for seeking any legal assistance as regards the same.

Advocate Prerna Shukla LawRato

909 votes

Well, in order to purchase any Property in Mumbai, you need to register that Property with the concerned Registrar by executing Registration of Sale Deed, in pursuance of which, you have to pay the Registration fees and Stamp Duty, both of these duties vary from State to State.

Advocate Pankaj Bajaj LawRato