Draft Format Agreement of Sale of House Property
THIS
AGREEMENT OF SALE executed on the ...................................... day of
.............................................. 2020, between Mr. ........................................ son of ................. residing
at …………….…………….…….………….... hereinafter called the vendor of the one part and Mr. ................ son of …………….…………….……………...., residing at .................................................
hereinafter called the purchaser of the other part,
(The
expressions “vendor” and “purchaser” wherever they occur in these presents,
shall unless the context otherwise admits, also mean and include their respective
heirs, executors, administrators, legal representatives and assigns).
WHEREAS
the vendor is the sole and absolute owner of the property more fully set out in
the Schedule hereunder ;
AND
WHEREAS it is agreed that the vendor shall sell and the purchaser shall
purchase the said property for a sum of Rs…………….……………... (Rupees…………….…………….……………....)
free of all encumbrances.
NOW
THIS AGREEMENT OF SALE WITNESSETH AS UNDER:
1. The price of the property more fully set out
in the Schedule hereunder is fixed at Rs…………….. (Rupees………….……………...) free of
all encumbrances.
2. The purchaser has paid to the vendor this
day, a sum of Rs……. (Rupees …….……………...) by way of earnest money for the
due performance of the agreement, the receipt whereof the vendor doth hereby
admit and acknowledge.
3. The time for performance of the agreement
shall be…………….. months from the date hereof and it is agreed that the time
fixed herein for performance shall be of the essence of this agreement.
4. The purchaser shall pay to the vendor the
balance sale price of Rs.…………. (Rupees …….………...) before registration of the
conveyance deed.
5. The vendor agrees that he will deliver vacant
possession of the property to the purchaser before registration of the
conveyance deed. Or alternatively, the vendor agrees that he will put the
purchaser in constructive possession of the property by causing the tenants in
occupation of the property to attorn their tenancy to the purchaser.
6. The vendor shall execute the conveyance deed
in favour of the purchaser or his nominee as the purchaser may require.
7. The vendor shall hand over all the title
deeds of the property to the purchaser or an advocate nominated by him within…………..
days from the date of this agreement for scrutiny of title and the opinion of
the vendor’s advocate regarding title to the property shall be final and
conclusive. The purchaser shall duly intimate the vendor about the approval of
title within…………….. days after delivering the title deeds to him or to his
advocate.
8. If the vendor’s title to the property is not
approved by the purchaser, the vendor shall refund the purchaser the earnest
money received by him under the agreement and on failure of the vendor to
refund the same within……… days, he shall be liable to repay the same with
interest thereon at the rate of…………….. per cent per annum.
9. If the purchaser commits a breach of the
agreement, he shall forfeit the earnest amount of Rs…………….. (Rupees ……….……………...)
paid by him to the vendor.
10. If the vendor commits a breach of the
agreement, the vendor shall not only refund to the purchaser the sum of Rs…………………………....
(Rupees…………….……………...) received by him as earnest money, but shall also pay to
the purchaser an equal sum by way of liquidated damages.
11. Nothing contained in paras 9 and 10 above shall
prejudice the rights of the parties hereto specific performance of this
agreement of sale/purchase.
Schedule of Property
House
No. ........................................... situated in
...........................................................
On
its North is ......................................
South
is ................................................
East
is ..................................................
West
is .................................................
IN WITNESS WHEREOF the vendor and the purchaser have set their
respective hands to the agreement of sale/purchase on the day, month and the
year above written, in the presence of the following witnesses:
Witnesses:
(1)
Name :
Father’s
Name :
Address
:
Signature
: Vendor
(2)
Name :
Father’s
Name :
Address
:
Signature : Purchaser
