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Definition: Absolute Sale
We come across sale of property on a regular basis. One common fact to all such sales is that there is a sale deed or an agreement involved. This deed contains conditions of the agreement between seller and buyer including the amount agreed upon for the sale. But sometimes transfer of rights of the property take place without any condition being involved for the same. Such sales or the transfer of property ownerships, without involving any conditions, except the payment of agreed amount, are termed as Absolute Sales.
Once the amount is paid to the seller, the buyer obtains all the rights of the property under consideration. A sale deed, a document legalizing such transfer of ownership, must consist of the following:
• Description of the property being transferred either using the property’s address or any other distinguishable fact.