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Deed Of Sale By Co Owners Of Undivided Property

Deed Of Sale By Co Owners Of Undivided Property Template for India

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Deed Of Sale By Co Owners Of Undivided Property

"I need a Deed of Sale by Co-owners of Undivided Property for a residential plot jointly owned by three siblings, where we want to sell our ancestral property to a real estate developer by March 2025, with specific conditions for payment distribution among co-owners."

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Document background
A Deed of Sale By Co-Owners of Undivided Property is essential when multiple individuals jointly own a property in India and wish to sell their collective interest to a buyer. This document is particularly crucial in situations involving inherited properties, family-owned assets, or jointly purchased real estate where the property hasn't been physically divided. The deed must comply with the Transfer of Property Act 1882, Registration Act 1908, and relevant state laws. It includes detailed information about each co-owner's share, property description, consideration amount, payment distribution, and specific warranties from all co-owners. This type of deed requires extra attention to detail as it involves multiple sellers and must address the rights and obligations of all parties while ensuring proper transfer of the entire property interest.
Suggested Sections

1. Parties: Details of all co-owners (sellers) and purchaser(s), including their names, ages, addresses, and legal capacity

2. Background: History of how the co-owners acquired the property, existing ownership structure, and context for the sale

3. Definitions: Definitions of key terms used in the deed, including 'Property', 'Co-owners', 'Share', 'Consideration'

4. Details of Property: Comprehensive description of the undivided property being sold, including location, boundaries, and measurements

5. Ownership Structure: Clear statement of each co-owner's share in the property and rights being transferred

6. Consideration: Sale price, payment terms, and distribution among co-owners

7. Representations and Warranties: Declarations by co-owners regarding title, encumbrances, legal proceedings, and authority to sell

8. Covenants: Promises by co-owners regarding clear title, peaceful possession, and further assurances

9. Possession: Terms and conditions for handing over possession to the purchaser

10. Registration and Expenses: Provisions regarding registration, stamp duty, and other transaction expenses

11. Execution and Attestation: Formal execution clause with space for signatures of all parties and witnesses

Optional Sections

1. Power of Attorney: Required if any co-owner is acting through an authorized representative

2. Family Settlement Details: Needed if the property ownership stems from a family settlement or partition

3. Pending Litigation Declaration: Required if there are any ongoing legal proceedings affecting the property

4. Tax Clearance: Include when there are outstanding property taxes or capital gains tax considerations

5. Consent of Legal Heirs: Required if any co-owner is deceased and being represented by legal heirs

6. Outstanding Charges: Include if there are any mortgages, liens, or charges on the property

7. Development Rights: Required if the property has unused development potential or TDR rights

Suggested Schedules

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

2. Schedule B - Ownership Details: Details of current ownership with share percentages and how the property was acquired

3. Schedule C - Title Documents: List of all title documents and their chain of custody

4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate details and property tax payment history

5. Schedule E - Payment Schedule: Detailed breakdown of consideration and payment terms for each co-owner

6. Appendix 1 - Property Plans: Approved site plan, building plan, and location plan of the property

7. Appendix 2 - Previous Deeds: Copies of relevant previous sale deeds, inheritance documents, or court orders

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
Agreement
Property
Co-owners
Purchaser
Undivided Share
Consideration
Completion Date
Deed
Effective Date
Encumbrances
Legal Representatives
Parties
Possession
Property Documents
Registration
Schedule
Share Certificate
Stamp Duty
Title Deeds
Transfer
Undivided Property
Authorized Representative
Bank Account
Completion
Conforming Use
Development Rights
Easements
Improvements
Legal Proceedings
Permitted Use
Power of Attorney
Property Tax
Sub-Registrar
Survey Numbers
Title Certificate
Relevant Industries

Real Estate

Legal Services

Property Development

Banking & Finance

Construction

Urban Development

Property Management

Residential Property

Commercial Property

Investment & Asset Management

Relevant Teams

Legal

Real Estate

Compliance

Documentation

Property Management

Risk Management

Corporate Affairs

Asset Management

Transaction Processing

Contract Administration

Relevant Roles

Real Estate Lawyer

Property Manager

Legal Counsel

Real Estate Agent

Property Developer

Title Officer

Compliance Officer

Legal Documentation Specialist

Real Estate Transaction Manager

Property Rights Specialist

Document Control Manager

Legal Administrator

Real Estate Portfolio Manager

Industries
Transfer of Property Act, 1882: Governs the transfer of property between parties, including sale deeds. Sections 54 and 55 specifically deal with sale of immovable property and rights/liabilities of buyers and sellers.
Registration Act, 1908: Mandates registration of sale deeds for immovable property. Sections 17 and 49 are particularly relevant for registration requirements and effects of non-registration.
Indian Stamp Act, 1899: Determines the stamp duty payable on sale deeds. Different states have their own stamp duty rates and amendments.
Hindu Succession Act, 1956: Relevant if the co-owners inherited the property under Hindu law, affecting their rights and shares in the undivided property.
Indian Contract Act, 1872: Governs the basic principles of contract formation, including capacity to contract and consent of parties.
Indian Easements Act, 1882: Relevant for any easement rights or encumbrances that may affect the property being sold.
Income Tax Act, 1961: Governs tax implications of the sale, including capital gains tax and TDS requirements under Section 194-IA.
Specific Relief Act, 1963: Relevant for enforcement of the sale deed and remedies available in case of breach.
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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