Sale deed evidences the sale and transfer of ownership of a property, which is a legal contract executed by the seller & the purchaser. A sale deed is an essential document for both the parties which are registered in accordance with the Registration Act, 1908. It is signed as mentioned in the agreement after both the parties agree with the terms & conditions.
What is a Sale Deed?
A sale deed is a legal document that showcases the transfer of title, rights, and ownership of a property from a seller to a buyer.In terms of law, it refers to the act of transferring ownership, title, rights, and other things from one person to another. If you are buying or selling a property, the procedure should be accompanied by a deed or contract. Without a formal contract, such as a Sale Deed, a sale cannot be considered final. This is necessary to provide the legal owner full ownership of all property rights.
In a sale deed, the following details are included:
*Name, age, and address information for both the buyer and the seller.
*Information on the property, including its exact address, total area, and construction features.
*Final deal price for the property, which also takes into account any advance payments and payment methods.
*The time range for giving the buyer ownership of the property along with all the original paperwork.
*In the event of ownership disputes that could cause the buyer to suffer financial losses, the seller agrees to reimburse the buyer for any damages under an indemnity provision.
*If the buyer or seller is in default, the default clause applies. The sale deed is unaffected since the party in default will pay the fine to the party who did not violate the agreement.
Importance of a Sale Deed
*It is proof in the event of any disagreement.
*It attests to the property’s dispute-free status.
*It serves as evidence of land ownership.
*It legally gives the buyer property rights.