Stick Deed For Free

Sale deed gives the rights and interests in the property to the new owner. Sale agreement gives a right for the purchaser to purchase the property in question on the satisfaction of certain conditions. Sale agreement precedes sale deed, signed and executed by the seller and buyer on a non-judicial stamp paper.

The validity of a sale agreement without registration is three years from the date of execution. In the case of a negative agreement condition, such as the buyer's need to register the property within three months, the statute of limitations is extended by that period of time.

The Deed is a recorded document memorializing the transfer of property from the Grantor to the Grantee. The Note is an unrecorded paper that binds an individual who has assumed debt through a promise-to-pay instrument.

A registered sale agreement is deemed to be valid for three years. In the presence of a negative clause in the agreement, for instance, in case the buyer is required to register a property within three months, the limitation is then extended by such a period.

Deeds are generally enforceable despite any lack of consideration. The limitation period for actions brought under a deed is generally 12 years, although it is six years for claims for arrears of rent and arrears of interest under a mortgage (sections 8, 19 and 20, Limitation Act 1980).

A "bundle of sticks" ? in which each stick represents an individual right ? is a common analogy made for the bundle of rights. Any property owner possesses a set of "sticks" related directly to the land. For example, perfection of a mechanic's lien takes some, but not all, rights out of the bundle held by the owner.

Thus, the three basic elements of private property are (1) exclusivity of rights to choose the use of a resource, (2) exclusivity of rights to the services of a resource, and (3) rights to exchange the resource at mutually agreeable terms.