If you have decided to buy or sell a real estate property in Jaipur, you will come across the term sale deed. It is a valuable legal document that you need when buying a new home. It is also known as a purchase deed. You will need it when registering your property and during mutation. Your real estate transaction will be considered legal only if the seller and buyer sign the sale deed in the presence of two witnesses. It is one of the most important documents when buying or selling a property in India. You should know more about the sale deed and the vital things it includes to ease the process of real estate property sale in Jaipur.
Few Vital Things Included In The Sale Deed
- Parties Involved
The first thing you will notice in a sale deed is the details of both the parties involved in the real estate transaction. Few details you can expect to see are the name of the seller and buyer, their phone numbers and addresses. Both the parties should minutely read the deed before signing it.
- Description Of The Property
The deed should also contain your property’s description in detail. For example, if you are buying a 2BHK flat in Jaipur, the total plot area, details of construction, identification number, surroundings, and exact location should be clearly stated in the deed. To ensure that the property’s location is accurate, you should include the property schedule in the sale deed.
- Agreement To Sell
The Agreement To Sell is prepared after you have paid for the real estate property in Jaipur you want to buy. It states that both the parties have mutually settled with the terms and conditions stated in the Agreement to Sell. Its primary objective is to maintain the rights of both parties. Generally, the Agreement to Sell is prepared before the sale deed.
- Advance Payment And Mode Of Payment
The sale deed also contains details of the advance payment and the mode of payment. If the buyer has paid anything to the seller or real estate service provider in Jaipur when booking the flat, it should be mentioned. You should also write down the remaining amount payable in the sale deed and the mode of payment (cheque, cash or DD).
- Passing Of The Title
Since it is mandatory to pass on the property title to the buyer, it should be mentioned in the sale deed. The seller should transfer the title within a specific period. All property-related rights will pass on to the buyer after the title is transferred.
- Indemnity Provision
You might find this clause in the sale deed if you are dealing with a resale property. It states that it is the seller’s responsibility to clear all charges like property tax, electricity bill, maintenance charges, society charges and water bills before executing the sale deed.
To know more about a sale deed, get in touch with the experienced real estate service providers at Search Abode Pvt Ltd.