AGREEMENT FOR THE SALE OF PROPERTY - DRAFT

AGREEMENT FOR THE SALE OF PROPERTY

Sri ………………………………. S/O ……………………….. R/o (Hereinafter called the seller ) and Sri ……………………… s/o …………………..R/o (Hereinafter called the Buyer) do hereby enter into this agreement for the sale of the property detailed in the schedule attached herewith on this ………. Day of ………….2013 WHEREBY BOTH THE SELLER AND THE BUYER AGREE TO ABIDE BY THE FOLLOWING:

1.  The seller shall sell and the Buyer shall purchase for a consideration of Rs……. Whereof an amount of Rs ……… has been paid to the seller, the receipt of which the seller does hereby acknowledges, the said immovable property which has been detailed in the schedule herewith.

2. The title to the property shall pass to the Buyer upon the execution of the Sale Deed .

3. It shall be the responsibility of the Buyers to admit / verify the identity of the property agreed to be purchased with that contained in the documents of title offered by the seller by way of compensation in the description contained in the schedule herewith.

4. The property shall be sold subject to all easementary rights affecting the property.

5. It shall be the responsibility to examine, inspect  and verify the specficiations and details of the property agreed to be sold, If any error, mis-statements or omission occurs in the description of the property detailed in the schedule, it shall not nullify the sale. However, the Seller or the Buyer, ass the case may be entitled to reasonable compensation thereof.

6. The Buyer shall pay the remaining amount of the sale consideration  to the seller on or before……………  at …………………at which terms and place the sale shall be completed.

7. Consequent upon such payment the Seller shall execute an assurance of property/ sale deed in favour of the Buyer which shall be prepared and stamped at the cost of the Buyer and the consequent to payment of sale consideration in full the Buyer shall immediately be put into actual possession of the property.

8. In the event of default in payment of the remaining amount by the Buyer or within the stipulated period, he shall be liable to pay to the seller interest on that amount at the rate of 24% per annum until the actual completion of the sale.

9. In the event of the Buyer failure to comply with any of these terms and conditions his deposit shall be forfeited to the Seller who shall also have the right to resell the property in such manner and or such conditions as he thinks fit at the expenses of the Buyer who shall also be liable to make good the deficiency, if any, occurring in the resale.

IN WITNESS WHEREOF BOTH THE PARTIES that is the BUYER AND SELLER do hereby sign this agreement on this    day of     2013 at …………………..

BUYER                                                                                                     SELLER

WITNESSES:

1.

2.

SCHEDULE OF THE PROPERTY

All the piece and parcel of immovable property  

bearing No.____________

Measuring _______________

Bounded by:

-

On the East:

On the West:

On the South:

On the North

IN WITNESS WHEREOF BOTH THE PARTIES that is the BUYER AND SELLER do hereby sign this agreement on this    day of     2013 at …………………..

BUYER                                                                                                           SELLER

WITNESSES:

1.

2.