The legal document that seals your ownership of a property is known as the sale deed. This deed is one of the most vital documents that are required when buying or selling a property. This agreement is managed by the Registration Act and is mandatory for the buyer and seller.
It is important to note that the buying or selling of property will not be considered as legal unless a sale deed is signed between the seller and the buyer. Once both the parties are convinced and agree to abide by the regulations as stated in the agreement, then only the sale deed can be signed. The value of this agreement may vary from one state to the other as set by the Stamp Act of the individual State.
What does a Sale Deed Include?
It includes the entire information that is required to carry out the sale or purchase of a property.
Complete names of the buyer and the seller
Addresses of the buyer and the seller
Details of the property under sale for example exact location, identification number, address, detail of the house, and total area of the property.
Also, the seller will need to certify that the property is free from any tax liability. In case of a loan taken for this property, the seller should complete the sale deed only when the loan has been settled.
The total amount of money to be paid for the sale/purchase of the property. If any amount has been paid in advance it should also be recorded here along with the dates when the payment has been made, process of payment and time.
Apart from all these, the sale deed should also mention the insurance provisions for the buyer and the seller.
At the jurisdictional sub-registrar’s office, the sale deed is registered. Besides the seller and buyer of the property, witnesses also need to be present during the registration.
So, before you go ahead and invest in a property on NH 24 Ghaziabad, or for that matter anywhere, make sure that the sale deed is in place.