Draft Format Agreement of Sale of House Property

     

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

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