Consult your attorney before entering into the agreement and if you feel like adding any other clause, which you may think that it is vital for the agreement, you can get the advice from a Real estate attorney. Your attorney will also guide how you can include provisions.

After the inspection of the house if the buyer finds that there are substantial problems in the house and the seller is not willing to rectify the same he can terminate the deal. The buyer can consult an attorney whether he can sue the seller for not complying with the terms and conditions of the deal.

Sale Deed

When all the terms and conditions of the sale contract is satisfied, you have to draft the sale deed for the sale of the house.

A Sale deed consists of the following:

• Date
• Name, age, and addresses of the seller and the buyer
• The purpose of making the deed
• Description of the property
• Sale price paid by the buyer to the seller
• The property is free from all the encumbrances
• Date and signature of the parties
• Name, age, addresses, signature of the witnesses

You have to register the sale deed. Consult your attorney for drafting the sale deed.

Insurance

You can insure the Property and can claim the property damage insurance if any accidental damages caused. If your building is damaged or destroyed by fire, Property damage insurance will protect your investment.

Title Insurance helps in facing any legal risk if arises in future related to the title of the property. Title insurance guarantees you a complete legal ownership of the property, which you are buying. If any problem arises in the future as to the title of the property, you can file a petition for the claim to the Title insurance company for the loss you have suffered.

Closing

Closing is the date where the seller transfers the property by way of sale deed to the buyer. Once the sale deed is transferred to the buyer the seller loses all his rights over the property and the buyer acquires all the rights of the property. The title insurance and the transfer taxes must be paid.

Seller & Buyer Problem