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3rd Owner Deed Of Sale

3rd Owner Deed Of Sale Template for India

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Key Requirements PROMPT example:

3rd Owner Deed Of Sale

"I need a 3rd Owner Deed of Sale for transferring a residential apartment in Mumbai, India, where the property has previously been sold twice since 2010, and the current transaction needs to close by March 2025 with mortgage involvement from State Bank of India."

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Document background
The 3rd Owner Deed of Sale is a specialized property transfer document used in Indian real estate transactions where the current seller has acquired the property through a chain of two previous owners. This document is essential when establishing a clear title chain and is particularly important for buyers seeking assurance of legitimate ownership history. It must comply with the Transfer of Property Act, 1882, Registration Act, 1908, and state-specific stamp duty laws. The deed includes comprehensive details of previous ownership transfers, current transaction terms, property specifications, and necessary declarations regarding encumbrances and legal compliance. It's commonly used in both residential and commercial property transactions where the property has been previously transferred at least twice, requiring detailed documentation of each previous transfer to ensure legal validity and clear title.
Suggested Sections

1. Parties: Details of the seller (current owner) and buyer, including full names, ages, addresses, and legal capacity

2. Background: Chain of title showing how the property came into possession of the current seller through previous two owners, including details of previous sale deeds

3. Definitions: Definitions of key terms used in the deed including 'Property', 'Previous Owners', 'Sale Deed', etc.

4. Property Details: Comprehensive description of the property being sold, including exact measurements, boundaries, and unique identifiers

5. Title Declaration: Seller's declaration of clear title, right to sell, and confirmation of chain of ownership

6. Consideration: Sale price, payment terms, and confirmation of receipt of consideration

7. Possession: Terms of physical possession transfer and current possession status

8. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, taxes, litigation, etc.

9. Rights and Interests Transferred: Description of all rights, interests, and easements being transferred with the property

10. Execution and Registration: Details of execution requirements and registration procedures

Optional Sections

1. Encumbrance Details: Required if there are any existing encumbrances, mortgages, or charges on the property

2. Third Party Rights: Include if there are any existing tenancies, licenses, or third-party rights affecting the property

3. Tax Clearance: Details of property tax payments and clearances, particularly relevant for urban properties

4. Development Rights: Required for properties with unused development potential or TDR rights

5. Compliance Declarations: Required for properties under special regulations or in regulated zones

6. Power of Attorney: Include if any party is acting through a power of attorney

7. Society NOC: Required for apartments or properties in housing societies

Suggested Schedules

1. Schedule A - Property Description: Detailed technical description of the property including measurements, boundaries, and survey numbers

2. Schedule B - Title Documents: List of all title documents from previous two owners, including dates and registration details

3. Schedule C - Payment Details: Breakdown of consideration amount and payment schedule if applicable

4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate details and summary

5. Appendix 1 - Property Plans: Approved building plans, site plans, and location maps

6. Appendix 2 - Previous Deed Copies: Certified copies of previous two sale deeds establishing chain of title

7. Appendix 3 - Tax Receipts: Copies of recent property tax receipts and other tax-related documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Property
Seller
Purchaser
First Owner
Second Owner
Previous Sale Deed 1
Previous Sale Deed 2
Consideration
Completion Date
Deed
Effective Date
Encumbrances
Property Documents
Title Deeds
Permitted Use
Registration Authority
Stamp Duty
Transfer Date
Possession
Schedule
Property Rights
Appurtenances
Easements
Chain of Title
Representations and Warranties
Applicable Laws
Competent Authority
Property Tax
Municipal Authority
Development Rights
Transferable Development Rights
Occupancy Certificate
Land Records
Survey Numbers
Boundaries
Clauses
Title and Ownership
Property Description
Consideration
Payment Terms
Chain of Title
Previous Ownership
Possession
Property Rights Transfer
Encumbrances
Title Verification
Representations and Warranties
Tax Compliance
Property Documents
Registration and Stamp Duty
Previous Sale Details
Rights and Interests
Legal Compliance
Municipal Compliance
Indemnification
Property Access
Easement Rights
Development Rights
Third Party Rights
Title Insurance
Property Handover
Dispute Resolution
Governing Law
Force Majeure
Notices
Severability
Relevant Industries

Real Estate

Property Development

Construction

Financial Services

Banking

Urban Development

Housing

Commercial Property

Agricultural Land (if applicable)

Industrial Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Documentation

Land Acquisition

Asset Management

Risk Management

Operations

Corporate Affairs

Relevant Roles

Real Estate Lawyer

Property Manager

Legal Counsel

Conveyancing Officer

Real Estate Agent

Property Developer

Title Insurance Officer

Compliance Officer

Real Estate Transaction Manager

Property Documentation Specialist

Land Acquisition Manager

Real Estate Portfolio Manager

Industries
Transfer of Property Act, 1882: Fundamental law governing transfer of immovable property in India, defining requirements for valid property transfers, rights and obligations of parties
Registration Act, 1908: Mandates registration of property transfer documents, procedure for registration, and requirements for valid registration of property deeds
Indian Stamp Act, 1899: Governs stamp duty payments on property transfer documents, though rates vary by state
Indian Contract Act, 1872: Provides basic framework for all contractual agreements including property sales, ensuring legal validity of the deed
Real Estate (Regulation and Development) Act, 2016: Relevant for property transactions in newly constructed properties or ongoing projects
Benami Transactions (Prohibition) Act, 1988: Ensures transparency in property ownership and prevents illegal benami property holdings
Urban Land (Ceiling and Regulation) Act, 1976: Relevant for urban property transfers and land holding limits in certain states
Income Tax Act, 1961: Governs tax implications of property transfers, including capital gains and TDS requirements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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