Format Agreement for Sale

This is a format of an Agreement for Sale, a link to download the PDF version whereof is given below after the format.This agreement is in respect of sale of a plot of land together with a building standing thereon.


FORMAT: AGREEMENT FOR SALE


1.    Date: __________________

2.    Place: _________________

3.    Parties:

3.1    _____________, son of ____________, by Nationality – Indian, by faith – _______, by Occupation-   _______, resident of ______________ ____________.

(Vendor, includes successors-in-interest and assigns)


AND


3.2    ___________________, son of ____________, by Nationality – Indian, by faith – _______, by Occupation-   _______, resident of ______________ ____________.

 (Purchaser, includes successors-in-interest and/or assigns)

[Vendor, Purchaser collectively Parties and individually Party.]


NOW THIS AGREEMENT FOR SALE WITNESSES, RECORDS, GOVERNS AND BINDS THE CONTRACTUAL RELATIONSHIP BETWEEN THE PARTIES AS FOLLOWS:


4.    Background:

4.1    Ownership of the Vendor: The Vendor is the sole and absolute owner of, otherwise well and sufficiently entitled to ALL THAT piece and parcel of Homestead land admeasuring _______________ be the same a little more or less together with a brick-built structure measuring about ________ Sq. ft. standing thereon, situate and lying at and being Premises No. ____, _______ Road, within the local limits of the ___________ Municipality, District - ______, in the State of West Bengal, described in the 1st Schedule below (Said Property). The Vendor became owner of the said property by purchase from the erstwhile owner thereof by virtue of a Deed of Conveyance dated _______ duly registered at the office of the ____________ and recorded in Book No. I, Being No. ______ for the year ____.

4.2    Mutation: The Vendor also got his name mutated in the records of the ________ Municipality as the owner of the Said Property, vide Memo. No. ___________ dated _______ issued by the _________ Municipality.

4.3    Desire to Sell the Said Property: Because of some cogent reasons the Vendor has now become interested to sell and/or alienate the Said Property to the intending purchaser thereof.

5.    Representations and Warranties of the Vendor: 

5.1    Vendor Absolute Owner: The Vendor is the absolute owner of the Said Property and no other person has any right, title or interest on and over thereof.

5.2    Said Property Free from all Encumbrances: The Said Property to be transferred is free from all claims, demands, encumbrances, possessory rights (permissive or adverse), mortgages, charges, liens, attachments, lis pendens, uses, easements, trusts, prohibitions, court proceedings either in execution or pending, revenue recovery proceedings, wealth tax, Income tax dues, Income tax attachment, Financial Institution charges, claims and liabilities whatsoever or howsoever made or suffered by the Said Property or any person or persons having or lawfully, rightfully or equitably claiming any estate or interest therein through under or in trust for the Vendor or the Vendor’s Predecessors-in-title.

5.3    Possession with Vendor: The Vendor is in vacant and peaceful possession of the Said Property.

5.4    No Prejudicial Act by Vendor: The Vendor has not any time done or executed or knowingly suffered or been party or privy to any act, deed, matter, or thing whereby the Said Property hereby agreed to be transferred or any part thereof can or may be impeached, encumbered or affected in title.

5.5    Compliance with Local Laws: The Vendor has fully complied with all the applicable local laws in respect of the Said Property and the proposed sale of the Said Property to the Purchaser is not in violation of any laws including but not limited to local and other laws.

5.6    No Acquisition or Requisition: The Vendor has not received any notice from any authority for acquisition or requisition and declares that the Said Property is not affected by any scheme of the Government or Statutory Body.

5.7    No Notification or Vesting: No part or portion of the Said Property has been notified or planned for any development scheme of the Government or any Statutory Body and/or vested in the State by operation of law.

5.8    No Previous Agreements: The Said Property is not the subject matter of any previous agreement, whether oral or in writing and as such the Vendor is competent to deal with the Said Property and sell the same without any claim or hindrance.

5.9    No Litigation: No part or portion of the Said Property is affected by any pending proceeding, civil, criminal or revenue and thus the Said Property is not affected by the doctrine of lis pendens or any prohibitory order or any mandatory order.

5.10    Vendor has Good Right: Notwithstanding any act, deed or thing whatsoever done as aforesaid, the Vendor has good right, full power, absolute authority and indefeasible title to enter into this Agreement in the manner specified herein, according to the true intent and meaning of these presents.

5.11    Statutory Clearances: The Vendor is in a position to obtain all statutory clearances, consents and permissions required, if any, to transfer the Said Property to the Purchaser.

5.12    No Personal Guarantee: The Said Property is not affected by or subject to any personal guarantee for securing any financial accommodation.

5.13    No Order of Prohibition: There is no order of Court or any other statutory authority prohibiting the Vendor from entering into this Agreement and transferring of the Said Property or any part thereof.

6.    Basic Understanding:

6.1    Announcement by Vendor: The Vendor has announced and has offered to sell the Said Property to the Purchaser.

6.2    Reliance on Representations: Relying on the aforesaid representations and warranties of the Vendor, the Purchaser has agreed to purchase the Said Property.

6.3    Discussions and Negotiations: Discussions and negotiations have taken place between the Vendor and the Purchaser for purchase of the Said Property and essential terms and conditions in this regard have been finalized, which the Parties are recording hereunder.

6.4    Agreement to Sell and Purchase: Pursuant to such discussions and negotiations, the Vendor has agreed to sell and the Purchaser has agreed to purchase from the Vendor Said Property on the consideration stated hereinafter. Conclusive and comprehensive terms and conditions superseding all previous documents and understandings, if any, are now being recorded by this Agreement.


8.    Price/Consideration:

The Price as agreed between the Parties for the sale and/or transfer of the Said Property is Rs. _______/- (Rupees ______ ________________) only (Price).

9.    Payment:

9.1    Advance: At or before hereof, the Purchaser has paid to the Vendor a sum of Rs. _______/- (Rupees ______ ________________) only (Advance) towards earnest money and/or part payment of the Price, receipt whereof the Vendor doth hereby as well as by the receipt and memo hereunder written, admit and acknowledge.

9.2    Balance Payment: Within ______ months from the date hereof and subject to the Vendor making out a marketable title and the Purchaser satisfying himself with regard to the title of the Said Property by way of title investigation and/or as stated hereinafter, as well as also subject to the Vendor having complied with his other obligations, if any, as provided hereinafter, the Purchaser shall pay the rest part of the Price to the Vendor.

10.    Title Investigation:

10.1    Title and Other Documents: The Vendor simultaneously herewith have supplied some documents in respect of the title of the Said Property to the Purchaser and also undertakes to supply such other document/s in connection with the Said Property, which in normal course the Vendor is presumed to have and possess, being requisitioned by the Purchaser or his Advocate. Upon receiving all such document/s the Purchaser shall satisfy himself of the title of the Vendor to the Said Property.

10.2    Requisition on Title: The Vendor will at their cost, comply with all the requisition on title reasonably raised by the Purchaser or his Advocate with regard to the Said Property and furnish such documents, information, sanctions as may be required to establish title to the Said Property.

10.3    Public Notice: The Purchaser shall be at liberty to cause publishing of a Public Notice in the Newspaper at his cost inviting thereby reasonable objection from any third party in respect of the sale/transfer of the Said Property.

11.    Vendor’s Obligations:

11.1    Making out Marketable Title: The Vendor shall keep and convey a good, marketable and subsisting title in regard to the Said Property to the Purchaser.

11.2    Execution & Registration of Deed of Conveyance: Upon receiving the rest of the Price from the Purchaser within the prescribed period as aforesaid, the Purchaser shall be bound to execute and cause register necessary Deed of Conveyance in favour of the Purchaser or his nominee/s or assignee/s.

11.3    Handing over Original Documents: Simultaneously with executing and registering the Deed of Conveyance in respect of the Said Property in favour of the Purchaser or his nominee or assignee upon payment of the balance Price, the Vendor shall handover all original title documents and other papers relating to the Said Property to the Purchaser.

11.4    Sale Free from Encumbrances: The sale of the Said Property shall be free from encumbrances of whatsoever nature.

11.5    No Transfer/Alienation/Third party Right by Vendor: The Vendor has agreed not to sell or transfer or alienate the Said Property to any third party or to create any third party right or interest hereafter in the Said Property unless and until this Agreement is terminated.

11.6    Termination due to Valid Third Party Claim: In the event of there being any valid third party claims raised against the Said Property, in that event the Purchaser shall have the option to terminate this Agreement as breach on the part of the Vendor.

12.    Covenants:

12.1    Right of Nomination: The Purchaser shall be entitled to nominate and/or assign any person or persons or companies to receive the Conveyance of the Said Property directly from the Vendor in pursuance of this Agreement. The Vendor shall not demand any extra or additional consideration for such nomination.

12.2    Completion of Sale: The sale shall be completed, by way of the Vendor executing and registering the conveyance of the Said Property in favour of the Purchaser and/or his nominees or assignees and any other obligations that may have specifically stated herein.

13.    Consequences of Breach:

13.1    Of Vendor: (a) If the Vendor failing to make out a marketable title to the Said Property, the Purchaser shall be entitled to terminate this Agreement, in which event, the Vendor shall forthwith refund the entire money received till the date of such termination, together with a consolidated sum of Rs._______/- (Rupees _________________________) only towards all legal and incidental expenses incurred by the Purchaser, (b) In case of termination of this Agreement as described in the Clause 11.6 above, the Vendor shall forthwith refund the entire money received till the date of such termination, together with a consolidated sum of Rs._______/- (Rupees _____ ____________________) only towards all legal and incidental expenses incurred by the Purchaser and (c) In the event of default by the Vendor to execute and register necessary Deed of Conveyance in favour of the Purchaser or his nominee/s or assignee/s even the Purchaser being ready to make payment of the rest of the Price to the Vendor, the Purchaser shall be at liberty to enforce Specific Performance of Contract and register necessary Deed of Conveyance in his favour through Court by depositing the rest of the Price.

13.2    Of Purchaser: Notwithstanding anything contained in any of the Clauses under this Agreement and subject to the Vendor complying with all his obligations as contained in this Agreement, in the event of there being any breach by the Purchaser by defaulting in making payment of the balance consideration amount, the Vendor shall be entitled to terminate this Agreement and in that event the Purchaser shall be refunded by the Vendor the entire money received by him till the date of such termination after deducting __% of the said amount as compensation.

14.    Interpretation:

14.1    Number: Words denoting the singular number include, where the context permits and requires, the plural number and vice-versa.

14.2    Headings: The headings in this Agreement are inserted for convenience only and shall be ignored in construing the provisions of this Agreement.

14.3    Definitions: Words and phrases have been defined in this Agreement by bold print and by putting them within brackets. Where a word or phrase is defined, other parts of speech or grammatical forms of that word or phrase shall have corresponding meaning.

The Schedule above referred to

[Said Property]


ALL THAT piece and parcel of ……. (detail description of the Said Property) …… and the same is butted and bounded in the following manner:

On the North     :    By ……………………

On the South     :    By …………………….

On the East    :    By  ………………………

On the West    :    By  ………………………


15.    Execution and Delivery:

15.1    In Witness Whereof the Parties have executed and delivered this Agreement on the date mentioned above.







___________                                   _____________

[VENDOR]                                          [PURCHASER]

      


Witnesses:


1. Signature: _________________________

Name:

Father’s/Husband’s Name:

Address:


2. Signature: _________________________

Name:

Father’s/Husband’s Name:

Address:  

 ____________________________


MEMO OF CONSIDERATION


RECEIVED of and from the within named Purchaser the within mentioned sum of Rs. _______/- (Rupees ______ ________________) only as per the memo below:


Mode of payment                              Amount (Rs.)









  (Rupees _________________) only






_________________________

  [VENDOR]


W I T N E S S E S:



1.Signature: _______________________

Name:


2.  Signature: ________________________

Name:

2 comments:

  1. Kindly provide format for "Agreement to Sale" in respect of sale of a builder flat to the buyer by a builder/seller.

    ReplyDelete
  2. Wonderful information, I had come to know about your blog from my friend nandu , hyderabad,i have read at least 7 posts of yours by now, and let me tell you, your website gives the best and the most interesting information. This is just the kind of information that i had been looking for, i'm already your rss reader now and i would regularly watch out for the new posts, once again hats off to you! Thanks a ton once again, Regards,Flats for sale in hitech city

    ReplyDelete

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