Sale Agreement
G. ARAVINTHAN
(Querist) 06 September 2008
This query is : Resolved
Can one post a model for a Sale Agreement?
or
Can any one direct me for a model for a Sale Agreement?
Guest
(Expert) 06 September 2008
AGREEMENT FOR SALE5
THIS AGREEMENT FOR SALE is made and executed on this _______ day of
___________month of _____________ year at ___________
BETWEEN Smt./Sri.__________________________ W/o. / Sri.______________
aged _____ years residing at ___________________________________
hereinafter called the “SELLER” (which expression shall mean and include her
legal heirs, successors, successors-in-interest, executors, administrators, legal
representatives, attorneys and assigns) of ONE PART.
AND
Smt./Sri.__________________________ W/o. / Sri.______________ aged _____
years residing at ___________________________________ hereinafter called the
“PURCHASER” (represented by his _____________ as power of attorney holder)
which expression shall mean and include his heirs, successors, executors,
administrators, legal representatives, attorneys and assigns) of the OTHER PART.
WHERE AS THE SELLER is the absolute owner in possession and enjoyment of
the 1residential / Commercial property bearing No.______________________
measuring East to West _____ feet and North to South _____ feet which is
morefully described in the schedule hereunder and hereafter called the
“SCHEDULE PROPERTY”.
2WHERE AS the schedule property is the self acquired property of
Sri.______________ vide registered Sale deed bearing No.________ Volume
No.______ Page _____ to ______ dated ________ registered at Sub-Registrar’s
Office, _________________. He having acquired the same without any aid or
assistance from his family of any quarters/ built the schedule property entirely
with his own earnings.
2WHEREAS said Smt./Sri._____________________ bequeathed the entire
schedule property in favour of SELLER _________________ a will dated
________ / a registered will bearing No._________ Book III, Volume ____
Page_____ to _____ dated ___________ registered at Sub-Registrar
Office,___________________.
WHEREAS there are no encumbrances, liens, charges, Government dues,
attachments, acquisition, or requisition, proceedings and whereas the SELLER has
clear and marketable title to the Schedule Property and he/she has absolute power
to convey the same.
2
WHEREAS the SELLER being in need of funds for the purpose of
__________________________________________________________________
has decided to sell the schedule prope rty after obtaining consent of his wife/her
husband, sons and daughters.
WHEREAS the SELLER offered to sell and transfer the schedule property to the
PURCHASER for a sale consideration of Rs.____________
(Rupees_________________ only) and the PURCHASER herein has agreed to
purchase the same for the aforesaid consideration on the following terms and
conditions:
NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:
1. The Sale Value of the Schedule Property is fixed at Rs.___________
(Rupees_____________________only).
2. The PURCHASER has paid a sum of Rs.___________
(Rupees_____________________only) by cash/cheque/D.D. bearing
No.____________ drawn on __________ dated ________ as advance, the
receipt of which sum the SELLER does hereby acknowledges.
3. The balance payment of Rs.___________
(Rupees_____________________only) will be paid by the PURCHASER to
the SELLER at the time of execution of the Absolute Sale Deed and thus
complete the Sale transaction.
4. The parties herein covenant to complete the Sale transaction and to execute the
Absolute Sale Deed by the end of_________________.
5. The SELLER confirms with the PURCHASER that he/she has not entered into
any agreement for sale, mortgage or exchange whatsoever with any other
person relating to the Schedule Property of this Agreement.
6. 3SELLER agrees to put the purchaser in absolute and vacant possession of the
schedule property after executing the sale deed and registering the same in the
jurisdictional Sub-Registrar’s office.
7. The SELLER covenants with the purchaser that he/she shall not do any act,
deed or thing creating any charge, lien or encumbrance in respect o
Srinivas.B.S.S.T
(Expert) 06 September 2008
This following is a format of sale agreement pertaining to an Immovable property.
SALE AGREEMENT
This agreement of sale is made on this 13th day of August, 2006.
Between :-
(1)
(2)
(3)
hereinafter called the term “Sellers” ( which term shall mean and Include their legal heirs, assignees, executors and administrators) of one part.
And
(1)
(2)
herein after called as the “Purchasers” (which term shall mean and include their legal heirs, assignees etc) of the other part.
I. Whereas the 2nd and 3rd Sellers are the children of the 1st Seller. The 1st Seller’s father late XXXX acquired land admeasuring to an extent of Ac.28.36 cents in Visakhapatnam, through Registered Sale Deed No’s (1) Doc.No.XXXX/XX, dt.**-**-****, Registered at the office of Sub Registrar, Anakapalle, (2) Doc.No.XXXX/XX, dt.**-**-****, Registered at the office of Sub Registrar, Visakhapatnam. Since then the father of 1st Seller was in absolute possession and enjoyment of the property till the date his death i.e.02-07-1951. That after the death of 1st Seller's father the said property bequethed to all the sellers as they are the class-I legal heir and sucessors of the property of the late XXXXX
II And whereas the sellers intend to dispose of the property, since the same is not viable for them to continue the agricultural works they thought it fit to sell the same and offered it for a sale price of Rs. 63,81,000/- (rupees Sixty Three Lakhs Eighty One Thousand Only). As the said offer is fair, reasonable and reflecting the true and correct market value prevailing in the locality, the Purchasers herein came forward to purchase the share of the Sellers in the property and agreed to purchase the Schedule property for the said price.
VI. And whereas the Sellers are in urgent need of cash hence they requested the Purchasers pay the advance sale consideration in the form of cash as the encashment of Cheque/Demand Draft may take considerable time. The Purchasers acceded to the request of the Sellers and today i.e 13-08-2006 the purchasers have paid a sum of Rs.15,00,000/- ( Rupees Fifteen Lakhs only) to the Sellers by way of cash towards advance sale consideration. The Sellers hereby acknowledge the receipt of the said amount. .
NOW THIS AGREEMENT WITNESS AS HEREUNDER
1) The Sellers have to sell and Purchaserss have to purchase the schedule property for a total sale consideration of Rs.63,81,000/- (Rupees Sixty three Lakhs Eighty one Thousand only) and in pursuance of it the Purchasers paid Rs. 15,00,000/-(Rupees Fifteen Lakhs only) in cash as advance to the Sellers, at the time of execution of this agreement and the Sellers acknowledge the receipt thereof.
2) The Purchasers agree to pay balance of sale consideration of Rs.48,81,000/- ( Rupees Forty Eight Lakhs Eighty One Thousand only) to the Sellers on or before 28-02-2007, failing which this agreement stands cancelled and become nonest. The Sellers can forfeit a sum of Rs. 2,00,000/- from the Advance amount paid by the Purchasers and shall return the balance amount to the Sellers and it is further agreed that the Sellers shall obtain necessary documents i.e. Encumbrance certificate, Ryotwari Pattadar Pass Book etc., to facilitate the Purchasers for the registration of Sale deed.
3) Time is the essence of this agreement.
4) The Sellers would take all necessary steps required to get the property surveyed by employing services of licenced surveyor. If the Sellers fail to conduct survey within Six months (13-02-2007) from the date of execution of this sale agreement, the Sellers shall return the entire advance sale consideration to the Purchasers along with interest @24% P.A. from the date of execution of this sale agreement till the date of realisation of the said amount.
5) The Sellers shall execute and register the sale deed/sale deeds in favour of the Purchasers or their nominees af
