When you are buying any property, various legal procedures are needed to be followed. Even a small mistake can cost you dearly as far as the legal aspects are concerned. Thus you need to be very peculiar while checking upon each legal aspect. There are a few things to check while buying a property. Among that, a sale deed is the most important thing.
If you are not careful at the time of sale or purchase of the property, you might receive a legal notice and you need to reply to a legal notice. Thus, you are better off being careful while buying a property.
What is a sale deed?
The first thing that you need to know is what a sale deed is. A sale deed is a transfer of property document. It defines that ownership of a property or any other asset transferred to some other person.
It has all the terms and conditions mentioned in the sale deed. As it allows no scope for future arguments or problems. Sometimes, people do not check upon these terms and conditions which creates a plethora of problems. You may receive a legal notice in such cases and you need to reply to the legal notice.
You shall get in touch with a legal advisor who will help you to form a good reply to the questions raised by the other party.
What is an agreement to sell?
An agreement to sell is a predecessor to the agreement to sell. It has all the terms and conditions satisfying both the parties. It is formed with mutual consent of all the parties involved. Before buying or selling a property, you shall go through this agreement of sale so that you do not have any problems further.
What is the objective of the sale deed?
The next important question that shall arise in your head- what is the importance of sale deed? The main objective of any sale deed is the transfer of ownership from one person to another. If you have purchases any legal property without the execution of a sale deed, it is not yours. You may receive a notice from the owner and you have to reply to the legal notice.
So, you shall be very clear about the execution of sale deed agreement before purchasing any property, asset or even a company. It defines the completion of sale and purchase of the property. The ownership transfers from one person to another. Thus, the document is the root of any sale and purchase and without it, the purchase would be declared null and void.
What is the legal significance of a sale deed?
The most important thing that you shall know is the legal significance of any sale deed. It is the most important part of any sale purchase of property, asset or business as well. The ownership is transferred to you once the sale deed agreement is completed. It gives you the legal power to send notice to anyone who is using the property without your permission.
You can also file a suit against them for not complying with terms and conditions of sale and purchase. Once they receive the notice, they are complied to reply to legal notice for violating terms and conditions as per the contract.
What to do when anyone violates the sale deed?
This is another question that you will have in mind when you find out that the other party has violated the terms and conditions as per the sale deed. If any of the parties get to violate the sale deed rules and regulations, you are in full rights to go for sending a notice or even filing a suit. You shall get in touch with a lawyer and he will help you in this aspect.
A sale deed is an agreement that defines the transfer of ownership of any asset like property or business from one party to another. It gives you the legal rights and ownership of an asset. It also gives the power to take actions against anyone using it illegally.