What Is The Relevance Of Sale Deed-Conveyance Deed For Mortgaging Property To Bank

In india, the law relating to the mortgage of immovable property is contained in the Transfer of property Act, 1882. Sale deed is one of the crucial evidence that proves the identity of the actual owner of the property along with other important details that is of significance for ensuring the deal is legal and the property is being sold after following all legal obligations. The signing of deed signifies that the process of sale has been completed. The seller transfers the right of ownership to the buyer through sale deed. As soon as the document is signed, the buyer becomes the complete owner of the property. Usually, a sale deed is executed only when both sellers and buyers are fully satisfied and are ready to comply with the terms and conditions as mentioned in sale agreement. The sale deed is drafted on a non-judicial stamp paper of value as set by the state government in which the property transaction is taking place. Every state has predetermined value of stamp paper that are used for drafting immovable property.