How to make a deed of sale? Can you sell property without the original sale deed? The sale deed or purchase deed is drawn upon a non-judicial stamp paper by legal draftsmen according to the value prescribed by the stamp duty act of a state. When you buy or sell property, the transaction is not legally valid without the buyer and seller signing the sale deed in the presence of at least two witnesses.
Other articles from proptiger. A sale deed is a legal document that describes the sale of a property between the parties (buyer and seller). It is proof of ownership. It transfers the rights in the property from the seller (transferor) to the buyer (transferee).
After a buyer and a seller reach an agreement, they first execute an agreement to sell, a document that sets the terms and conditions based on which the future transaction will take place. The creation of the agreement to sell means terms have been placed for the transaction while the creation of sale deed means the purchase has completed. It simply implies that the grantor holds title to the property. The grantee—the individual receiving title—effectively inherits any and all liens that might exist against the property when he takes title. A bargain and sale deed is much like a quitclaim deed in this respect.
Through this document, the rights and interests in property are acquired by the new owner. (more…)