Agreement for Sale

Agreement for Sale

Indian Form

Memorandum of agreement made this ……………. day of ……………. 1999 between ……………. son of ……………. by caste ……………. by occupation ……………. residing at ……………. hereinafter called the vendor (which expression shall unless excluded by or repugnant to the context be deemed to include his heirs, executors, administrators and representatives) of the one part and……………. son of ……………. by caste ……………. by occupation …………… residing at ……………. hereinafter called the purchaser (which expression shall unless excluded by or repugnant to the context be deemed to include his heirs, executors, administrators, representatives and assigns) of the other part: It is hereby agreed by and between the parties as follows:

1. The vendor agrees to sell and the purchaser agrees to purchase the entirety of the premises No. …………… comprising an area of ……………. cottahs ……………. chittacks ……………. sq. ft. particularly mentioned and described in the Schedule hereunder written and hereinafter referred to as the said premises as an absolute estate in fee simple or an estate equivalent thereto subject to a good and marketable title being made in respect thereof and the property being found free from all encumbrances, attachments, charges and other claims and demands at or for the price of Rs. …………… subject to the terms and conditions hereunder contained.

2. The purchaser has this day paid to the vendor the sum of Rs. …………… (Rupees …………….) as and by way of earnest money and the balance of the purchase money amounting to Rs. …………… shall be paid at the time of completion of the purchase. Simultaneously with the execution of this agreement, the vendor shall deliver to the purchaser’s solicitor on his accountable receipt all title deeds and other papers and writings including the sanctioned building plan and municipal bills relating to the premises and the purchase shall be completed within ……………. days from the date hereof provided a good marketable title is made out and the vendor makes the property free from all encumbrances, claims and demands whatsoever and not subject to any scheme of acquisition or requisition. Time shall for this purpose be deemed to be the essence of contract.

3. The vendor doth hereby agrees to answer all reasonable requisitions on title to be made by the purchaser’s solicitor.

4. If a good and marketable title is made out and the property is found to be free from all encumbrances, attachments and charges and other claims and demands and not affected by any notice or scheme of acquisition or requisition, the vendor will execute a proper conveyance or conveyances in favour of the purchaser or his nominee or nominees or assignee in which the vendor shall make such other person or persons, if any, join, if necessary, as conveyancing, confirming or assuring party or parties as the case may be to pass and convey an absolute title unto the purchaser or to redeem any charge or encumbrance. The vendor shall bear and pay all outgoings and liabilities of the property up to and inclusive of the date of sale.

5. The vendor shall deliver peaceful vacant possession of a portion of the said premises which is in his occupation and the rest by attornment of tenancy to the purchaser at the time of completion of the purchase. In case any other portion(s) now occupied by the tenants falls vacant, the vendor shall not induct any new tenant or tenants nor allow the same to be otherwise occupied and shall also deliver vacant possession thereof to the purchaser.

6. If a good and marketable title is not made out or the property is found to be subject to any encumbrances, attachments or charges or other claims or demands, the purchaser shall be at liberty to rescind this agreement and the vendor shall in that event and on demand by the purchaser refund the said earnest money with interest @ 15% per annum and shall pay to the purchaser a sum of Rs. …………… only as settled costs of searches and investigation of the vendor’s title and of this agreement as between party and party.

7. If the vendor fails and/or neglects to complete the sale after the title being made out as aforesaid or otherwise to carry out any one or more of the obligations on his part as hereunder provided or otherwise required by law, the purchaser will be at liberty to enforce specific performance of agreement by institution of legal proceedings or, at his option, may sue the vendor for recovery of the earnest money with interest, costs and other reliefs.

8. If on the title being found good and marketable, the purchaser fails to complete the purchase within the time aforesaid, the earnest money shall be forfeited to the vendor or the vendor may at his option enforce specific performance of this agreement by the purchaser and the purchaser will also be liable to pay the costs and expenses of proceedings for specific performance.

9. The said premises or any portion thereof is not at present affected by any Notice or Scheme of the Municipality or any other local public authority or body corporate. If it be found to be so affected before the completion of the sale, it shall be optional on the part of the purchaser to rescind this ag agreement and in that event the vendor shall refund the earnest money to the purchaser and shall further pay to his said solicitor a sum of Rs. …………… as aforesaid as settled costs of investigation of title and of this agreement.

10. The vendor shall procure the necessary certificate under s. 230A of the Income Tax Act 1961 and permission under s. 27 of the Urban Land Ceiling (Regulation and Control) Act 1976, if necessary and produce the same for inspection of the purchaser’s solicitor.

The Schedule above referred to

In witness whereof the parties hereto have set and subscribed their respective hands and seals on the day, month and year first above-written.

Signed, sealed and delivered by         the within-named vendor at Calcutta  in  the  presence  of:

Executed by the within-named purchaser at Calcutta in the  presence  of:

Memo of Consideration

Received of and from the within-mentioned purchaser a sum of Rs. 1,50,000 as Earnest Money for the within-mentioned agreement for sale by bank draft No. 34, dated 15th December 1999 for Rs. 1,50,000 on X Bank Ltd. payable in Calcutta.

Witness:                                                                                               Received

Signature of the vendor

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