Understanding the Sales Deed and Its Importance

Sales Deed and Its Importance

A house sales deed is an important document when it comes to providing proof of ownership while selling and buying property. It provides information about the actual owner of the property. PropBuying has always stressed the importance of documentation when it comes to property investment in Pune. When you buy a home in Pune from PropBuying we always ensure to give you the most relevant and accurate information about the home buying process. Our blog is also an effort to ensure that you receive the best information regarding all the various property related topics. We will discuss the importance of the sales deed and what it means to have one.

Understanding the sale deed

A conveyance deed or sales deed is drafted at the time of property sale. Signing the sales deed signifies that the sales process is complete. Once signed the ownership is transferred to the buyer. The terms and conditions mentioned in the sales deed need to be agreed upon by both parties before the process can move forward. Once signed the buyer become the sole owner of the property and it implies the seller has removed all claims from the property.

What does sale deed imply?

The sales deed implies that once the deed has been signed the seller relinquishes all rights to the property and the buyer becomes the sole owner of the property. Sales deed is a proof of ownership of an immovable property with details about the seller, buyer and property.

Also, any outstanding amount can be paid through a challan or stamping for legalising the sale deed. The deed contains the following information:

Type of deed: Sales deed would imply “Deed Of Sale” as the type of document.

Details of both the parties

Sales deed should contain information of both the buyer and the seller. Information such as age, name, permanent address should be mentioned in the deed and will be considered invalid if it doesn’t exist.

Property details

The sales deed should also contain property details. The address of the property, size of the property, the layout of the property as well as the complete address should be mentioned on the sales deed. This section can be as descriptive as possible.

Agreement

To prevent disagreement from either party at a later stage the dales deed will also cover the details of the sale. The compensation to be paid, the advance component already paid to the seller, the date of the transaction are all vital components of this agreement. This is a legally binding document and can be produced as proof in a court of law.

Transfer of title

Once signed the sales deed implies the transfer of property and the seller cannot lay claim to the property. Before signing such an agreement you have to pay attention to what the details of the clauses hold as it cannot be revoked at a later date. Sales deed is a full and final document and should be signed with caution.

Proof of registration

If you need a copy of the registered deed for more information about the property or buyer you can do so at the registrar’s office.

When buying a property from an unknown person always be extra vigilant because of the large number of scams and tricksters trying to dupe every one. When you buy a property from a trusted source like PropBuying we pay special attention to ensure that you have all the right information to make an informed decision. If you are looking to purchase a property in Pune then get in touch with us today.