A sale deed consists of the following information:
- Details like name, age, and address of the seller and buyer
- Property details such as total area, details of construction, and exact address
- Final deal price of the property which also includes the advance payment paid and the mode of payment
- The time frame for transfer of ownership to the buyer with all the original property documents
- An indemnity clause is where the seller promises to pay the buyer for any damages in case of disputes with regards to the ownership, that might result in monetary losses to the buyer
- Default clause, if the buyer or seller is in default. The defaulting party will pay the penalty to the non-offending party so the sale deed is not affected
Details to be included in a Sale Deed
A sale deed should contain certain details, before being legalized. Those include:
- Type of Deed – It is important to mention if the agreement is a Deed of Sale or Deed of Mortgage, as people tend to mortgage or lease their immovable assets.
- Details of The Parties Involved – The agreement should include details of the seller and buyer. Details such as name, residential address, and age.
- Property Description – Details such as property location, plot area, construction area, number of rooms, number of balconies, etc. are mentioned in the deed of sale.
- Sale Agreement – The agreement states that the buyer and seller agree to buy and sell the property besides mentioning the details like date, advance paid, and mode of payment. A sale agreement precedes the property deed.
- Transfer of Title – Post signing the sale deed, the buyer gets complete ownership with all the legal rights to the property.