A sale deed is known to be a legal document that is presented during the time of a property transaction. It is presented as evidence of the seller's sale and transfer of property ownership, title, and rights to the Buyer. The deed is done for the purpose of sale or purchase of land or construction. The one making the transfer of the property is known as the transferor or, in layman's terms, ' seller'. The one who is acquiring the property is known as a transferor, in layman terms, 'buyer'.
Before signing the sales deed, the Buyer should double-check the seller's title. In this manner, you will be able to determine if that property is subject to any charge or encumbrance. If not, the seller must return the loan and get the encumbrances removed from the property documents. When it's done, for the sake of safety and security, the purchaser should check with the registrar's office whether or not the property is encumbered.
The document consists of the details of both parties. The final deal of the property, final mode of payment and the time of handing over possession of the real estate along with the original documents. The deed stands as proof that the Buyer is now a new rightful owner of the property. The deed should be signed by both the parties and in the presence of at least two witnesses. After this, it should be registered under the Registration Act, 1908, within 4 months by the Sub Registrar.
The document is drafted by the legal draftsman, who adheres to all the principal terms and conditions required under the Transfer of Property Act. After acquiring the Buyer has full liberty to exercise the following rights-
Right to Sell
Right to Use
Right to lease