Agreement for sale

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 of the
schedule property during the subsistence of this Agreement.
8. The SELLER has specifically agreed and covenants with the PURCHASER
that he/she shall do all acts, deeds and things which are necessary and requisite
to convey absolute and marketable title in respect of the schedule property in
favour of the PURCHASER or his nominee.
9. IT IS AGREED between the parties that all expenses towards Stamp Duty and
Registration charges shall be borne by the PURCHASER only.
10. The SELLER covenant to obtain at her cost necessary permission from the
competent Authority, Income Tax Clearance Certificate and such other
Certificate / Document as may be required at the time of Registration of Sale
Deed in pursuance of this Agreement.
3
11. The PURCHASER shall have the right to nominate or assign his right under
this agreement to any person / persons of his choice and the SELLER shall
execute the Sale Deed as per terms and conditions of this Agreement in favour
of the PURCHASER or his nominee or assignee.
12. The SELLER has agreed to get consent deed duly executed to this Sale
transaction from his wife/her husband, sons and daughters on or before date of
registration of Sale Deed and assured that they all join to execute sale deed in
favour of the purchaser.
13. It is hereby expressly provided and agreed by the parties here to that both
parties are entitled to enforce specific performance of the agreement against
each other in case of breach of any conditions mentioned in this Agreement.
14. The original of the “AGREEMENT” signed by both the parties shall be with
the PURCHASER and copy of the same similarly signed shall be with the
SELLER.
SCHEDULE
All the piece and parcel of 1___________ property bearing No.____________
situated at ___________________________________ measuring East to West
________ feet (_________ feet) and North to South _______ feet
(___________feet) in all ___________ sq.ft. or ___________sq.mtrs. and
bounded on:
NORTH : By _______________
SOUTH : By _______________
EAST : By _______________
WEST : By _______________
4Details of the Building:
i) Plinth area of the building
ii) Type of Roof.
iii) Type of flouring.
iv) Type of wood used.
v) Amenities available.
vi) Year of construction.
4
IN WITNESS WHEREOF the SELLER and the PURCHASER have signed this
Agreement of Sale on the day month and year herein above mentioned in the
presence of the following witnesses at ________________.
WITNESSES:
1. SELLER
2. PURCHASER
øNote:- 1 Specify whether the property agreed to be sold is Residential or
Commercial or Industrial
2 Strike out whichever is not applicable.
3 10% Stamp duty payable on an agreement to sell if the possession of
the property is delivered or is agreed to be delivered without executing
the conveyance. Click on Schedule to the Karnataka Stamp Act, 1957, -
Article 5(e) (i)
4 If the property agreed to be sold is consisting of a building or buildings
then furnish the details of such building or buildings.
5 Click on the Registration Act, 1908, - Of Registerable Documents
Section 17 (2) explanation.