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Sale Deed, Sale Agreement, Construction Agreement and Title Deed

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It is the dream of every common man to own a property. As with any worthwhile dream, owning a property is also not an easy dream to realize. Rising prices and increasing incidents of fraud are some of the common hurdles we come across while buying a property.

It is essential that you be aware of the legal policies and regulations while planning to buy or sell a property. Sale deed and title deed are some of the important legal documents that provide protection to your ownership of the property. Let’s review the importance of these documents and their salient features.

What is a Sale Deed?

A sale deed is a legal document that contains details of transfer of property ownership from a seller to a buyer. This is one of the most valuable legal documents while purchasing or selling a property. This document needs to be registered mandatorily and is governed by the Registration Act.

Importance of Sale Deed

Sale deed is an important document for both the buyer and the seller. Through the sale deed, the seller transfers the rights of ownership to the buyer. This enables the buyer to acquire sole ownership of the property. This document provides an ownership proof of the property to the buyer, thus enabling the buyer to carry out further sale.

The sale deed needs to be signed between the seller and the buyer, for purchase or sale of a property, to be legally completed. A property transaction cannot be completed without getting the sale deed signed by both the seller and the buyer. Signing a sale deed implies that both the seller and the buyer accept the terms and conditions defined in the agreement.

Key Information Required in Sale Deed

A sale deed contains most of the information required to carry out a transaction. So...

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...ttorney for either the buyer or the seller and carrying out unauthorized transactions.
Providing incomplete or non-existent contact details while drafting or signing the sale deed. Sometimes the fraudster may give only a mobile number or an email address and may not give the physical address. It is important to check the validity of contact details.
Changing the address during the course of the transaction without a proper reason.
Trying to sell a property when there is a mortgage or lease on it.
The buyer and seller should check that the title flows in the parent documents are correct and does not miss any previous buyer or seller. This is a common type of fraud.
Understanding the niceties of the sale deed, differences between the different types of deeds and agreements, and frauds will help you to plan a smooth transaction and to mitigate any fraudulent activities.
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