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Majority property buyers get the agreements done by the seller, but there are agreements which the owner (or going to be the owner) of the property has to draft. In this blog, we will be looking into a quick checklist of property related Agreements. Let me know if you need an experienced professional to deliver any of them, Wazzeer can get the property related works delivered seamlessly, in fact, you don’t even have to step out of your house. 

  1. Sale Deed:
    • Acts as a evidence of sale and transfer of ownership of property in favor of the buyer
    • Acts as the main document for further sale by the buyer
    • Things to ensure as a buyer:
      • Title of the seller
      • Check whether there is any charge or encumbrance on the property
      • Ensure that all clearances, approvals, and permissions to transfer or sell the property has been addressed
      • All the pages of the deed to be signed
      • Deed should be witnessed by at least two witnesses
      • Finally, get it registered at the jurisdictional sub-registrar office.
      • Details of the parties

  1. Lease Deed:
    • If the term of lease is exceeding one year or reserving yearly rent has to be registered.
    • This agreement binds both lessor and the lessee for the decided duration
    • Things to ensure:
      • The subject matter of lease must be immovable property
      • Duration of lease should be fixed
      • No interest passes to the lessee before execution
      • Termination clauses can be included based on requirements
      • Details of the parties

  1. Leave and License:
    • There is no transfer of the interest of property as that of Lease
    • Licensee acquires personal right to occupy the property
    • Things to ensure:
      • Duration of the rights
      • Details of the parties involved
      • Details of the property
      • Terms of agreement

  1. Mortgage Deed:
    • The funds lent against which the property is used as security is the mortgage money.
    • The Agreement which instruments the transfer is mortgage Deed
    • Things to ensure:
      • Enforceability and validity depends on the type of mortgage
      • Cross verify the agreed interest rate
      • Tenure of the land should be checked up and mentioned
      • Provision for payment of the amount due in the event of mortgagor failing to pay interest

  1. Development Agreement:
    • Agreement between owners of land/building and the developers to construct.
    • Things to ensure:
      • Terms of allotment of Floor Space Index.
      • Details of the parties involved
      • Registration

  1. Broker Agreement:
    • Contract between a broker and a client
    • Things to ensure:
      • Term of sale for the property
      • Brokerage details
      • Expiration date of contract
      • Terms of services are mentioned
      • Details of the two parties

  1. Partition Deed:
    • Partition is a division of joint right into several rights
    • Things to ensure:
      • Clear specification of intention by the members
      • Division should be impracticable or unreasonable
      • Details of the owners

  1. Gift Deed:
    • Agreement to legally register the transfer of immovable property as a gift
    • Things to ensure:
      • Transfer should be made voluntarily and without consideration
      • The donee must accept the property during the lifetime of the donor
      • All property, real and personal, corporeal, and incorporeal may be the subject of the gift.
      • Details of the parties
      • Register the deed

  1. Exchange Deed:
    • When two persons mutually transfer the ownership, Exchange Deed comes into place.
    • Things to keep in mind:
      • Details of the properties in subjected to exchange
      • Details of the parties
      • There should be at least one witness

We at Wazzeer have helped individuals in getting property related works delivered without hassle. We would be very excited to help you. So let’s connect -> “Get your Wazzeer”