A sale deed, also known as a conveyance deed or deed of sale, is a legal document that serves as evidence of the transfer of ownership or sale of a property from the seller (vendor) to the buyer (vendee). It is a crucial document in real estate transactions and establishes the rights, title, and interest of the buyer over the property.
The sale deed contains detailed information about the property being sold, the parties involved, the terms and conditions of the sale, and the agreed-upon sale price. It serves as a legally binding agreement between the seller and the buyer, outlining the rights and obligations of both parties.
Key elements typically included in a sale deed are:
1. Parties Involved: The names, addresses, and other identification details of the seller and the buyer are mentioned in the sale deed.
2. Property Description: The sale deed provides a detailed description of the property being sold, including its location, boundaries, dimensions, and any unique identifiers like survey numbers or plot numbers.
3. Consideration: The sale price or consideration for the property is specified in the deed. It may include the payment made by the buyer to the seller and any other financial arrangements agreed upon.
4. Terms and Conditions: The deed outlines the terms and conditions agreed upon by both parties, such as the mode and timeline of payment, delivery of possession, any specific rights or restrictions associated with the property, and any other relevant provisions.
5. Rights and Liabilities: The sale deed includes information regarding the rights, title, and interest being transferred from the seller to the buyer. It also mentions any existing encumbrances, mortgages, or legal claims on the property, if applicable.
6. Signatures and Witnesses: The sale deed requires the signatures of both the seller and the buyer, indicating their consent and agreement to the terms mentioned. It may also require the presence of witnesses who attest to the execution of the deed.
Once the sale deed is executed and registered with the appropriate authorities, it becomes a legally valid and enforceable document. The buyer receives a copy of the registered sale deed as proof of ownership, while the original is typically kept with the relevant land registration authority.