Agreement between Company and a Broker

Agreement between Company and a Broker

This agreement made on the 10th day of May 2000 between X Co. Ltd., a company carrying on the business of building contractors at 5 J.P. Nagar, Bangalore (hereinafter called the company) of the one part and B & Co. of 8 Joy Nagar, Bangalore (hereinafter called the broker) of the other part.

Whereas the company wants to sell the property described in the Schedule hereto and for the said purpose the services of the broker are required.And whereas the said broker is agreeable to act as broker for the sale of the said property described in the Schedule hereto.And whereas the company has agreed to pay to the broker a commission of 1 per cent on the sale price.

Now therefore this agreement witnesses  and the parties hereby agree as follows:

1. The company hereby authorises the broker for a period of six months to sell the property described in the Schedule hereto at the price and on the terms and conditions hereinafter contained in these presents.

2. The broker will sell the property at the minimum price of Rs. 8,00,000 and out of this consideration the purchaser shall pay Rs. 2,00,000 in advance as earnest money and the balance of Rs. 6,00,000 shall be paid within 3 months hereof before the Registrar of Assurances at the time of registration of the sale deed.

3. The broker shall be authorised to sell the property at a price not less than Rs. 8,00,000 and on terms and conditions that may be acceptable to the company.

4. The company represents and warrants that the details of the property as described in the Schedule hereto are true and correct and the said property is free from all encumbrances.

5. The company undertakes to deliver to the purchaser within reasonable time an abstract of title showing that the company is the owner of the property having a good title and the said property is free from all encumbrances.

6. The company hereby agrees that the sale-deed to be executed by the company shall contain full covenants and warranties as are usual in similar cases.

The Schedule

In witness whereof  the parties herein have executed these presents on the day, month and year first above-written.

Signed, sealed and delivered by

Mr. …………………………………

pursuant to Board Resolution dated

2nd May 2000 of X Co. Ltd. in the

presence of:

Signed, sealed and delivered by

Mr. …………………………………

as proprietor of B & Co. in the

presence of:

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