Format Deed of Cancellation - of Agreement for Sale

Format Deed of Cancellation - cancellation of an Agreement for Sale entered into by and between seller and purchaser. In the present format, both the parties have mutually / amicably decided to cancel / repudiate the Agreement and/or the sale-transaction. A link to download the format of the Deed in PDF version is given below. A format of an Agreement for Sale is also available here.

 FORMAT OF THE DEED OF CANCELLATION IS AS FOLLOWS:


DEED OF CANCELLATION


1.    Date: _________
2.    Place: ________
3.    Parties:

3.1    ___________, son/daughter/wife of ___________, by Nationality – Indian, by faith – ________, by Occupation -   _________, residing at _________________ (including Police Station).
(Vendor, includes successors-in-interest and/or assigns)

AND

3.2    __________, son/daughter/wife of ___________, by Nationality – Indian, by faith – ________, by Occupation -   _________, residing at ______________________ (including Police Station).
(Purchaser, includes successors-in-interest and/or assigns)

[Vendor, Purchaser collectively Parties and individually Party.]

NOW THIS DEED OF CANCELLATION WITNESSES AS FOLLOWS:

4.    Background:
4.1  Agreement for Sale: On or about ________ one Agreement for Sale (AGREEMENT FOR SALE) was entered into by and between the Parties hereto in respect of the property (Said Property) described in the Schedule below on the terms and conditions mentioned therein.
4.2    Mutual Understanding: Because of some legal and valid reasons the Purchaser has now decided not to purchase the Said Property and to cancel/repudiate the AGREEMENT FOR SALE and the Vendor has agreed thereto on certain terms and conditions as stated hereinafter.
4.3    Deed of Cancellation: The Parties upon negotiation have amicably arrived at the terms and conditions for such cancellation of AGREEMENT FOR SALE and conclusive and comprehensive terms and conditions superseding all previous documents and understandings, if any, are now being recorded by this Deed.
   
NOW IT IS HEREBY AGREED AND DECLARED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

1.    Cancellation of AGREEMENT FOR SALE: The AGREEMENT FOR SALE is hereby cancelled simultaneously with the execution hereof upon mutual settlement by and between the Parties.
2.    Refund of the Advance Money: In terms of the AGREEMENT FOR SALE, the Purchaser has till date paid to the Vendor a sum of Rs.______/- (Rupees __________) only towards the advance money and/or part payment of the Price/Consideration money of the Said Property and from said advance money a sum of Rs. _______/- (Rupees________________) only is being refunded to the Purchaser by the Vendor at the execution hereof after deducting a sum of Rs.______/- (Rupees___________) only as a compensation to the Vendor. The Purchaser doth hereby as well as by the receipt and memo hereunder written, admit and acknowledge thereof.

3.    Representation & Warranty:
3.1    By Vendor: Upon execution hereof the Vendor shall have no liability and/or responsibility towards the Purchaser, as well as no other or further claim and/or demand from the Purchaser in terms of the AGREEMENT FOR SALE.
3.2    By Purchaser: Upon execution hereof the Purchaser shall have no other or further claim and/or demand from the Vendor and/or right, title and interest  whatsoever on the Said property in terms of the AGREEMENT FOR SALE and the Vendor shall be at liberty to deal with the Said Property as per his/her discretion and will. The Purchaser has not created any charge and/or claim and/or assignment of right arising out of the AGREEMENT FOR SALE on the Said property and undertakes to indemnify the Vendor from any loss and/or damage arising out of such charge/claim/assignment on the Said Property by the Purchaser, if any. 
  
4.    Interpretation:
4.1    Number: Words denoting the singular number include, where the context permits and requires, the plural number and vice-versa.
4.2    Headings: The headings in this Deed are inserted for convenience only and shall be ignored in construing the provisions of this Deed.
4.3    Definitions: Words and phrases have been defined in this Deed 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.



Schedule above referred to
(Said Property)


The description of the property under the AGREEMENT FOR SALE…..


5.    Execution and Delivery:
5.1    In Witness Whereof the Parties have executed and delivered this Deed 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 REFUND

RECEIVED of and from the within named Vendor the within mentioned sum of Rs.__________/- (Rupees _________) only towards the refund in terms hereof as per the memo below:

                      






Rupees _____________________only






_______________ 
[PURCHASER]

W I T N E S S E S:


1. Signature:
    Name:
    
2. Signature:
    Name:
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LINK TO DOWNLOAD THE FREE PDF VERSION OF THE FORMAT: Click here
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2 comments:

  1. Thank you for the info. It sounds pretty user friendly. I guess I’ll pick one up for fun. thank u


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    ReplyDelete
  2. Thanks for announcement this advisory article.
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    ReplyDelete

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