A sale deed serves as the primary legal document confirming the sale and transfer of property ownership from the seller to the buyer. It also serves as the essential document for the buyer’s subsequent sale because it establishes his proof of ownership of the property. The sale deed is signed after the sale agreement is signed, and after the buyer and seller have agreed to the terms and conditions mentioned in the sale agreement.
The sale deed is the primary document through which a seller transfers his right to the property to the buyer, who subsequently becomes the owner of the property in its entirety. The conveyance deed is another name for it. Before signing the selling deed, the buyer should double-check the seller’s title. It is necessary to determine whether the property is subject to any charge or encumbrance and whether the purchaser is purchasing the property subject to such encumbrance. If not, the seller must return the loan and get the encumbrances removed from the property paperwork. The purchaser should check with the registrar’s office to see if the property is encumbered.
What is a Sale Deed?
A contract that executes the sale and transfer of ownership of immovable property from seller to purchaser in exchange for a consideration. When a sale is carried out with an objective of laid down guidelines, which are to be followed while processing the sale, it is a document created to execute the final purchase.
The meaning of a sale deed is a legal and main document, that acts as evidence, that is executed at the time of sale and transfer. When you buy or sell property, the transaction should be carried out and duly signed between and by both the parties i.e., Vendor and Purchaser. And it should be in the presence of at least two Witnesses. When executed, it should be registered under the Registration Act, 1908 within four months by the Sub Registrar. Thus, only with properly executed transactions, a sale can be completed.
The document is drafted by a legal draftsman adhering to all principal terms and conditions mentioned under the Transfer of Property Act to acquire a perfect title to the property that is being purchased as per the value prescribed by the stamp duty. Every state is accustomed to a predetermined value and is paid by the Buyer.