Sale deed required?

Please confirm the facts as to whether there is error in "title or recital" only... What are the clauses incorporated in the said executed deed? Is it really an agreement to sale or the text is conveying the property? If there is only a mistake or error in heading of the document, you may get the deed of rectification registered. If, it is an agreement to sale in a real sense, then a sale deed has to be executed. You must clear this issue, or else you will be facing with title related issue in future. 

The stamp duty and registration charges are already paid, so you need not pay twice. A good lawyer can better resolve the issue. 

Thanks for the reply, Hemang.

The texts in the document were meant for "Sale Deed" with all appropriate clauses like "transfer of right, title and interest", "transfer rights to exclusively use, occupation and enjoyment", "free from any encumbrances" etc.

Since, we were purchasing the house on Bank Loan and 80% was due at time of registration, executive from Registration Office changed the heading of the document to "Agreement For Sale", cutting "Sale Deed". On receiving the registered document, and other receipts and papers in original, bank disbursed the loan.

We have checked the paper with a local lawyer, with our Society Secretary and Committee, and also by my father-in-law who is an Tax Lawyer for over 40 years in Calcutta. All are happy with the texts. Even we went to the Registrar's office, but the executive said that since the property is already transferred, another registration will mean a "new sale" - which is obviously not our case.

Society has also completed the process of transferring the shares to our names. The original share certificate has our names written on it now.

The only problem is with the bank loan manager. When I request him to send me a written notice about this new requirement, he keeps on avoiding that.

I have been in auditing for a few years, and I am pretty sure that no bank will disburse a simple rupee unless they are doubly sure about the papers. It seems we have not kept anything incomplete... but a civilian can never be sure :(

Hello Mr Raktim

Agreement of sale is different from a sale deed. It gives you the right to 'buy' the property, does not bestow ownership rights to you. Unless you have an 'Agreement of sale cum GPA' document which is used in place of a sale deed often to save stamp duty percentage.

In your case, it seems what you have done is, used the content of a 'Sale deed' to make an 'Agreement of Sale' to save duty. But Mr Raktim, legally, an 'Agreement of Sale' has a limited validity period, irrespecitve of the content you have put into it. So legally, you are not safe unless you have a 'Sale deed' in your name.

My suggestion is to go for a proper 'Sale deed' even if it means more expense. Else, you might face problems in the future while trying to sell the property.