Property sale deed is a piece of legal document that stands as a proof to the trade of property between two parties. It is a document that contains every detail required for a property sale to take place. No property trade is complete or legal unless a property sale deed has been formed in keeping with the rules and regulations of the respective state in the United States. This is also the document that is produced in the court of law in case some dispute occurs between the two parties involved in the trade between one of the parties and a third party. So, it is important for the protection of the interests of buyers and sellers to have a well documented property sale deed that consists of every little detail of the agreement between the two parties.
What are the features that are included in a Property Sale Deed ?
A property sale deed includes everything from the official names of the buyer and seller to the exact location of the property and the price at which the settlement has taken place. The area of the property, the type of property as in residential, commercial, industrial, agricultural, the exact official address of the property and the identification number are some of the things that are included in the property deed documents and forms. Also included in the deal are details about payment such as down payment, installments and duration of installment, if any. Officially, the sale of property is considered complete from the moment the two parties affix their seal on the property sale deed.
The importance of Property Sale Deed
One of the most important aspects that a property sale deed should contain is a declaration statement by the seller of the property declaring that the property belongs to him, is not involved in any disputes, have outstanding loans and he is making the sale of property on his free will without force or pressure from the buying party or a third party. This declaration has to be signed by the seller and by a couple of witnesses. The seller is liable to be held responsible of any old disputes that the buyer might face after buying the property.
Affixed by the government
The property sale deed has to have the stamp of the government. Once the property sale deed has been signed by both the parties involved, the deed has to be made legal by the government.