The legal document which states out the terms and conditions of the sale is termed as the sale deed. This deed is executed by the buyer and the seller for the transferring of the ownership of a property. This Sale Deed outlines all of the important aspects regarding the price which has to be paid for all the necessities, such as the description of the property, how and when the owner would get transferred to the buyer, etc. The Sale Deed is important and an essential document as it refers to as the proof of ownership of the property.
Elements of Sale Deed
The following are the elements of sale deed:
The name and the address of the executing parties.
Description of the property along with the address and type of property.
Sale consideration comprised of the sale price which has been agreed between buyer and seller. The advance (if required) and the mode of payment has to be mentioned.
The sale deed must specify the time and hand over all the necessary documents which have to be provided to the buyer during the transfer of title of the property.
Indemnity means to check if the property is free from any charge or encumbrances. This has to be checked otherwise the seller would be made liable to indemnify the buyer against any losses.
The property must be registered in the sub-registrar office and the buyer, seller and a witness have to be present in there. The Sale Deed is legally binding after the stamp of the office.
Benefits of Sale Deed
The following which has been listed below are the benefits of Sale Deed. These are:
Protects Parties- The deed is responsible for the protection of the rights of both the buyer and the seller. A Sale deed which is specific and well-drafted would avoid ambiguity and minimise legal risks to both the parties.
Defines The Area- This advantage is specific to the buyer. The buyer has the advantage of having a well-defined description of the property over the paper, which is being purchased along with the square footage and the location.
