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A sale deed is a document which establishes property ownership. It also includes the details related to the property, buyer and seller, rights of the buyer, etc. The sale deed establishes the ownership of the buyer over the property. The buyer mentioned in the sale deed is the legal owner of the property.

The short answer is that both the buyer and seller should retain the bill of sale for their records. This document protects everyone involved should any disagreements arise in the future. Typically, the buyer should keep the original and the seller should keep a copy.