Sales 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.
It is the most important document that legally reports the proof for the buyer and seller. It is an essential document for both
the buyer or the transferee and the seller or the transferor. The purchase or sale of the property is not legally complete until a sale deed is signed between the buyer and the seller. Normally, a sale deed is signed only after both the parties are satisfied and comply with the terms and conditions.
In general, a sale deed should include the below-mentioned details-
- Descriptions of the parties involved- the full name, complete address, contact details, age & occupation for each of the buyers and sellers.
- Description of the property being transferred- id number, correct address, dimensions of the property, construction details of the building, if there is any.
- Indemnity & encumbrance clause- This includes a declaration from the seller that the property being transferred is free from every encumbrance, litigation, and charge. Also, the seller indemnifies the buyer from any pending charges in this regard.
- The seller should settle a pending loan taken with the concerned property as a mortgage, before proceeding with the sale. The buyer has every right to examine the related documents before registration.
- The sale consideration- It’s the price at which the transfer deal is closed. This section should also mention the advance amount paid if there is any. The parties should explicitly agree on the dates of payment, the mode of payment, etc. The price and the details of the transactions made should be mentioned in both figures and numbers. The sale deed should also mention the receipts of the sale transaction.
- Delivery & possession of the property- the deed should specifically mention the date of handover to and possession by the buyer.