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Deed Of Sale 3rd Owner

Deed Of Sale 3rd Owner Template for India

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Deed Of Sale 3rd Owner

"I need a Deed of Sale 3rd Owner for my residential property in Mumbai, with completion date set for March 15, 2025, including a structured payment plan with 20% advance payment and the remaining amount to be paid in two installments."

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Document background
The Deed of Sale 3rd Owner is a crucial legal instrument in Indian property transactions where the current seller is the third owner of the property. This document is essential when transferring property that has previously changed hands twice, requiring detailed documentation of the complete chain of title. It must comply with various Indian legislations including the Transfer of Property Act, 1882, and state-specific property laws. The deed includes comprehensive information about previous transfers, current ownership status, property details, and sale terms. It's particularly important for establishing clear title and protecting both buyer and seller interests in properties with multiple previous owners. The document requires careful drafting to include all historical ownership details, encumbrance certificates, and proper declarations regarding past transfers. This type of deed typically requires enhanced due diligence compared to first-time property sales.
Suggested Sections

1. Parties: Details of the current seller (3rd owner), buyer, and witness details

2. Background: History of ownership transfers, current ownership status, and context of the current sale

3. Definitions: Definitions of key terms used in the deed including property description, parties, and relevant legal terms

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

5. Consideration: Sale price, payment terms, and acknowledgment of receipt

6. Title Guarantee: Seller's warranties regarding clear title and right to sell

7. Previous Ownership Declaration: Declaration of previous ownership transfers and validity of current ownership

8. Free from Encumbrances: Declaration that property is free from loans, liens, and other encumbrances

9. Possession: Terms of physical possession transfer and current occupancy status

10. Registration and Stamp Duty: Details of registration requirements and stamp duty payment

11. Execution: Signing and witnessing requirements

Optional Sections

1. Pending Litigation Declaration: Required if there are any ongoing legal proceedings related to the property

2. Mortgage Details: Required if there is any existing mortgage or loan on the property

3. Tax Clearance: Required if specific tax clearances need to be documented

4. Special Conditions: Any unique terms or conditions specific to this sale

5. Power of Attorney: Required if any party is acting through a power of attorney

6. Society NOC: Required for apartment/society properties requiring no-objection certificate

7. Indemnity Clause: Optional protection against future claims or disputes

Suggested Schedules

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

2. Schedule B - Title Documents: List of all previous sale deeds and ownership documents

3. Schedule C - Property Tax Records: History of property tax payments and current status

4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate showing clear title

5. Schedule E - Previous Sale Deeds: Copies or details of previous two sale transactions

6. Appendix 1 - Property Plans: Approved building plans, site maps, and layout drawings

7. Appendix 2 - Ownership Chain: Detailed chronological history of ownership transfers

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
Buyer
First Owner
Second Owner
Previous Transfers
Consideration
Completion Date
Transfer Date
Effective Date
Encumbrances
Title Deeds
Previous Sale Deeds
Permitted Use
Property Documents
Chain of Title
Registration Authority
Stamp Duty
Possession
Fixtures and Fittings
Property Description
Building
Land
Previous Consideration
Previous Transfer Dates
Occupancy Rights
Existing Tenancies
Appurtenances
Property Tax
Municipal Authority
Encumbrance Certificate
Title Search Report
Legal Representatives
Successor-in-Interest
Completion
Working Day
Applicable Law
Force Majeure
Default Interest Rate
Outstanding Dues
Permitted Encumbrances
Clauses
Title and Ownership
Previous Ownership History
Property Description
Consideration
Payment Terms
Transfer of Possession
Representations and Warranties
Title Guarantee
Encumbrances
Registration and Stamp Duty
Property Tax
Previous Transfer Details
Chain of Title
Indemnification
Due Diligence
Property Inspection
Compliance with Laws
Municipal Approvals
Dispute Resolution
Governing Law
Force Majeure
Notices
Succession
Assignment
Severability
Prior Agreements
Entire Agreement
Amendment
Costs and Expenses
Further Assurance
Property Maintenance
Outstanding Dues
Third Party Rights
Previous Owner Declarations
Title Search
Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Construction

Housing

Urban Development

Commercial Property

Residential Property

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Documentation

Title Research

Due Diligence

Risk Assessment

Corporate Affairs

Regulatory Affairs

Relevant Roles

Property Lawyer

Real Estate Agent

Legal Counsel

Property Manager

Real Estate Developer

Conveyancing Attorney

Title Officer

Property Valuation Expert

Compliance Officer

Real Estate Transaction Manager

Legal Document Specialist

Property Registration Officer

Industries
Transfer of Property Act, 1882: Primary legislation governing the transfer of property in India, particularly Sections 54-57 dealing with sale of immovable property and requirements for a valid transfer
Registration Act, 1908: Mandates compulsory registration of sale deeds for immovable property and prescribes the procedure for registration
Indian Stamp Act, 1899: Governs the stamp duty payable on sale deeds and other property documents
Indian Contract Act, 1872: Provides the legal framework for contractual obligations and rights between parties in a sale transaction
State-specific Stamp Duty Laws: Local state laws determining the applicable stamp duty rates and additional local requirements for property transfer
Real Estate (Regulation and Development) Act, 2016: Relevant if the property involves any real estate project, ensuring transparency in property transactions
Income Tax Act, 1961: Provisions related to capital gains tax and TDS on property transactions above specified values
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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