Parties Of The Sale Deed

Naturally, a sales deed must start with information about the parties to the transaction. In order for it to be considered valid, it must include the names, ages, and addresses of the buyer and seller. The deed must be signed and carried out by both parties sincerely.

Description Of The Sales Property

Your intended purchase of the property must be accurately described in the sales document. For instance, the sales deed should include the entire plot area, identification number, construction information, exact location, and surrounds if you are purchasing a 3BHK in Bandra. To specify the precise location of the property, the property schedule must be included in the sale transaction.

Sales Agreement

When you make a reservation payment for your new apartment in Mumbai, this document is created. According to this contract, the buyer and the seller must agree on all of the terms and conditions so that neither party's rights are impacted. The sales agreement is typically written before the sale deed.

Clause Of Sale Consideration

The sale consideration clause must specify the sum that the buyer and seller agreed upon. This is the sum that the buyer and seller agree to exchange during the execution of the sale deed. It was decided that the sale price would be specified in the deed.

Advance Payment And Payment Mode

The selling document needs to make it clear if you paid the builder or seller anything up front to reserve the apartment. The document must also include the outstanding balance due.

The method of payment—cheque, cash, or DD—must be specified in the form, along with the seller's approval to accept it.

Passing Of The Title

When the property title will be transferred to the buyer should be specified in the sale deed. A deadline for the title transfer must be communicated to the seller. All connected rights belong to the buyer after the title has been transferred.

Possession Delivery

The selling deed must contain a language stating that the seller will hand over control of the property to the buyer once the registration process is complete. The precise date of delivery of possession should be specified in the sale deed.

Indemnity Provision

This primarily applies to real estate that is being sold again. According to the condition, the seller must pay all statutory fees, including energy, property taxes, water bills, maintenance fees, society fees, and other debts, before the sales document is executed. If the original buyer used a home loan to buy the property, the seller is responsible for paying it back and obtaining the loan documents from the bank. You should carefully consider the encumbrance status provided by the sub registrar or registrar's office as a thoughtful buyer.

Default Clause

To ensure that the execution of the sale deed is unaffected, sales agreements should ideally contain a clause stating that, in the event of any default on the side of the buyer or seller, the defaulting party shall be required to pay a penalty to the non-offending party.

The sale deed must be approved by two witnesses from each side after it has been prepared. The witnesses must give their full names, addresses, and signatures. Every page must bear both the buyer's and seller's signatures.

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