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The buyer makes an advance payment. The consideration clause contains the amount at which the sale is done; the price should be stated in both numbers and digits. In the sale deed, the parties mutually agree to employ a payment mechanism such as cash, net banking demand, and the amount of payment.

Receipt? clause. The two-fold purpose of this clause is to. acknowledge that (1) the seller has received the price in full and that. (2) the purchaser is quit from all his obligations.

Another example is in a loan agreement, where the receipt clause would state that the borrower acknowledges receiving the loan amount from the lender. This clause is important because it serves as proof that the borrower has received the loan and is obligated to repay it.

Hence, a deed must be in writing and signed by both the parties involved. There are different types of deeds, such as conveyance deed, gift deed, trust deed, mortgage deed, hypothecation deed, release deed, partnership deed, lease deed and partition deed.

The key components of a deed are: Heading of Document: It should mention the title of the deed. Description of the deed title: The description of the deed title, which starts with the name of the deed and so the deed must contain the accurate title, i.e. ?This Deed of Partnership? or ?This Deed of Sale?.

(ix) Receipt: The receipt of consideration is made within parenthesis in the deed. If part consideration has been paid and the balance is being paid at the time of execution of deed, the fact should be stated in the receipt clause.

Operative Part This is the Habendum part which defines the interests conveyed and sets a limitation on the property involved. For example ?The property involved in the deed is encumbered/unencumbered.?

There are four commonly seen deed categories: Quit Claim, Warranty, Special Warranty, and In Trust Deeds. When buying or selling real estate, it is important to understand the differences in each type of deed.