Model Sale Deed Under Sarfesai

company secretary

Dear members,

 

can anyone fwd or post the model sale deed to be made after the purcahse of property under auction under Sarfesai Act from the Bankers. the bankers had issued the sale certificate and for the purpose of registration with registrar the immovable property model sale deed is required

 
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Please find herein a draft of sale certificate to be registereds

Dathathreya Bhat G

SALE CERTIFICATE

 

For Rs.                         /-(Rupees                                                         only)

(In respect of immovable property)

Dated                         

 

The undersigned being the Authorized Officer of ____________________, a Body Corporate doing Banking Business, having its Corporate Office at ______ and interalia, a Branch Office at ­­­­­­­­­­­­­­­­________________________________________, under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of the powers conferred under section 13 read with Rule 12 of the Security Interest (Enforcement) Rules, 2002 took possession and sold on behalf of State Bank of India,  Port Road Branch, Mangalore – 575001, Represented by Mr. _______________, son of Mr. _________________, aged about ___ years, residing at __________________________.

 

(Hereinafter called the SECURED CREDITOR /VENDORS of the one part);  

 

 

I N  F A V O U R  O F

 

Mr. ____________________, son of Mr. ____________________, aged __ years, residing at ___________________________________________________.

 

(

Hereinafter called the PURCHASER of the other part);

 

 

 

 

 

 

WHEREAS, the immovable property shown in the Schedule ‘A’ and Schedule ‘B’ below was secured in favour of ___________________ Bank, _______________ Branch, _________________, towards the liability under Loan A/c. No: ____________ granted to Mr. ________________ by the said Bank.  The undersigned acknowledges the receipt of the sale price of Rs._______________/= (Rupees _______________________ only) already paid by the said Purchaser towards full quittance of the sale price.

 

AND WHEREAS, the immovable property morefully described in the Schedule ‘A’ and Schedule ‘B’ herein below was purchased by one Mr. ________________, son of Mr. ________________, residing at __________________________ Taluk on __-__-200__ from M/s. _________________, as per the terms of Deed of Sale, registered as document No: _____ of _________, Book I, Volume _____, at pages ___ to ___ on the file of Sub-Registrar of ____________ City and ever since then he was enjoying the Schedule Property as absolute owner by paying statutory dues to the respective department.

 

AND WHEREAS said Mr. ________________ availed a housing loan for the purchase of the Schedule ‘A’ and Schedule ‘B’ properties from the ___________________ Bank, _______________ Branch, _________________, by mortgaging the Schedule Properties in their favour.  Later on said Mr. ________________ due to some reasons had failed to keep his commitments to the VENDOR bank as agreed upon and, it is decided by the said Bank to put for sale of Schedule Property by public auction under SARFAESI Act, 2002.

 

AND WHEREAS possession Notice was issued on __-__-200__.  Subsequently the Bank has applied for taking possession under law and proceedings in the regard has been passed by the D.C. of Dakshina Kannada District on __-__-200__ and as per the said proceedings the possession of the aforesaid properties have been delivered infavour of the Bank through its Authorized Officer. And the said officer has published the Public Auction Notice on the News Paper on __-__-200__.  As such the ___________________ Bank, the secured mortgagee has become entitled to sell the aforesaid properties to any purchaser.

 

AND WHEREAS, accordingly the PURCHASER herein has deposited Rs._______/= (Rupees _______________ only) with the SECURED CREDITOR/ VENDOR Bank being the EMD.

 

AND WHEREAS, in the Public Auction held on __-__-200__ the PURCHASER herein was held as successful bidder and the PURCHASER has offered to purchase the Schedule Properties and paid a total sum of Rs._________/= (Rupees ____________________ only) to the VENDOR Bank as per the terms of auction and the Authorized Officer of the said Bank had hereby agreed to execute Sale Certificate infavour of the PURCHASER.

 

 

 

 

NOW THEREFORE, THIS SALE CERTIFICATE IS EXECUTED AND WITNESSETH

AS FOLLOWS:

 

 

That in consideration of the said sum of Rs._________/= (Rupees ____________________ only) is already paid by the said Purchaser by different Instruments of Bank on different dates, the receipt of which sum hereby admits and acknowledges

as the full and final quittance of  this  Sale Certificate and hereby sell, transfer, convey  and  make  over unto the  said Purchasers the right, title and  interest in  the

Schedule   Properties   absolutely and for ever, to have and

to hold, own and enjoy the same by the Purchaser.

 

 

SCHEDULE – ‘A’

 

DESCRIPTION OF THE PROPERTY

 

 

 

 

SCHEDULE – ‘B’

 

DESCRIPTION OF THE APARTMENT

 

 

 

 

PARTICULARS REQUIRED TO BE FURNISHED UNDER RULE              OF THE

 

 STAMP RULES

 

1.

Area of land boundaries of the Property

 

:

 

2.

In case of building its plinth area and number of floors

 

:

 

3.

Material of the wall, roof & flooring

:

 

4

Windows and doors

:

 

5.

Amenities available

:

 

6.

Year of construction

:

 

7.

Market value

:

 

 

The required Stamp Duty for this Sale Certificate is paid under Article ___ of the _____________ Stamp Act.

 

 

 

 

 

 

 

 

(Authorized Officer)

Mr. _______________

Son of Mr. ____________

 

 

 

WITNESSES:

1)

 

 

 

 

 

 

 

 

 

 

 

2)

 

           

 

 

 

 

 

 
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Legal Consultant

I have the same issue but is continuation of the same. can anyone please help me out on the following queries that have raised for one of my client. i am not aware as to

1. what will be the value of the stamp paper on which the sale certificate is to be typed ?

2. whether registration is mandatory or not ?

3. if registration is not mandatory still do we have to prepare it on a stamp paper ?

4. in salem, tamilnadu, when we present the sale certificate for registration the registrar says it as a conveyance and insists for 8% stamp + 1% fees. is it right ? if not what is the defence that i should take ?

also please post any rulings in this regards.

thanks in advance.

regards

Jegaraj, Advocate, Salem, Tamilnadu

 

 
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UNIQUE

 
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Dear Sir,

Hi, I am Shailaysh Lilani from Pune,(INDUSTRIAL PROPERTY CONSULTANTS)

The stamp duty to be paid as per the stamp duty act as if you are buying the property from the private patrty.

If you have purchased the property in Bank aution auction , the possession of which is under the Sarfaesi act 2002 by the bank, in that case bank will issue sale certficate in your favour and becomes seller/vendor and you will be the purchase.

The said sale certificate should be on legal paper and stamp duty is to be paid (franking) on the value of the property as per the records of the sub registrar. /or on the value /amt. paid to the bank, which ever is higher

the % of the stamp duty differs from state to state , pl. confirm with the respective jurisdiction of the subregistrar for the value and % of stamp duty. And it is compulsory to get the document registered ,

it should if registered within the specific period of time after the execution of the sale certificate.

Regarding the argument of the registrar for 10 % stamp duty you meet personly the chief sub registrar ,under whom the sub registrar of your jurisdiction works.

I hope this information will give you basic idea about your question. Pl. note that I am not a lawer but in to real estate industry since 1977.

Regards Shailaysh Lilani

 

 

 

 
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partner.

PLEASE TRY  TO UNDERSTAND HIS QUERY. He has asked for the procedure of registering the sale deed subsequent to the issuance of sale certificate. It has to be prepared by bank where the particulars of loan amount  and discharge of the same has to be recorded. If anyone could send specimen of such sale deed it would be verymuch useful for him.

 
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