Agreement for Sale

Agreement for Sale

English Form

Articles of agreement made this …………….… day of ………..…1999  between …………… son of ……………. etc. residing at ……………. (hereinafter called the vendor) of the one part and
Mr. …………… son of ……………. etc. residing at ……………. (hereinafter called the purchaser) of the other part. Whereby it has been agreed and declared by and between the parties hereto as follows:

(1) The expressions vendor and purchaser shall include their respective heirs, executors, administrators, representatives and assigns.

(2) The vendor shall sell and the purchaser shall purchase the property particularly mentioned described in Schedule hereto and hereinafter referred to as the said property as an absolute estate in fee simple or an estate equivalent thereto free from encumbrances, attachments or other defects in title. The vendor shall at his own costs make all other necessary persons join with him in the conveyance whether as conveying parties, confirming parties or assuring parties as shall be required to pass and convey unto and to the use of the purchaser a clear title of the said property free from all doubts as hereunder contemplated.

(3) The price of the property is settled at Rs. …………… to be paid by the purchaser as follows (that is to say) a sum of Rs. …………… as earnest money immediately upon execution of this agreement and the balance thereof at the time of the completion of the purchase.

(4) Subject to the vendor’s making out a good and marketable title to the said property to the reasonable satisfaction of the purchaser or his solicitor and performing the other terms of this Agreement as hereunder appearing, the purchase shall be completed on or before the 5th day of December 1999 and the relevant conveyance shall be executed at the office of the vendor’s  solicitor. Time for this purpose shall be deemed as Essence of Contract.

(5) Upon the purchaser paying the purchase money in full, he shall, as from the date fixed for completion, be entitled to possession of the property and shall as from that day pay all outgoings and liabilities in respect thereof; the outgoings and liabilities up to and inclusive of the date of completion being cleared by the vendor.

(6) (a) If the completion of the purchase is delayed beyond the date fixed for completion by reason of any act, default or negligence on the part of the purchaser in spite of the readiness and willingness on the part of the vendor, he shall be entitled to interest on the balance of the purchase money at the rate of 12 per cent per annum from the date fixed for completion of the purchase.

(b) No interest shall become payable by the purchaser if delay in completion is due to failure on the part of the vendor to establish a good and a marketable title to the property or performance or non-performance of any of the covenants, conditions or stipulations contained in this Agreement.

(7) The vendor or his solicitor shall on or before the …………… day of ……………. deliver to the purchaser or his solicitor an abstract of title of the property intended to be sold and make all the title deeds and other papers and writings concerning the title thereto available for inspection for which he will deliver them to the purchaser’s solicitor on accountable receipt.

(8) The purchaser shall within 14 days after the actual delivery of the abstract on title and the production of the documents send to the vendor or his solicitor a statement in writing containing all the objections and requisitions (if any) to or on the title and the documents and all particulars and information relating to the same required by him and send back the title deeds and other papers and writings received by him to enable the vendor or his solicitor to answer them.

(9) Any answer to any objection or requisition shall be replied to in writing within 10 days after delivery thereof.

(10) (a) If notwithstanding a good and marketable title as hereunder contemplated is made out, the purchaser shall nevertheless make any objection or further requisition or requisitions, which the vendor is unable to comply with, and the purchaser shall not withdraw such objection or requisition within 10 days after being so required, in writing, the vendor may, in that event by notice in writing delivered to the purchaser or his solicitor cancel this agreement notwithstanding any intermediate negotiations to the contrary.

(b) If the contract is so rescinded, the vendor shall within three days after rescission, refund to the purchaser the entire earnest money but without interest and the purchaser shall return forthwith all title deeds, abstracts and other papers and writings in his possession belonging to the vendor and shall not make any claim on the vendor for costs, compensation or otherwise. Otherwise the vendor shall pay a sum of Rs. …………… as the assessed costs of the purchaser for searches, investigation on title; preparation of the draft conveyance and other connected matters.

(11) (a) The conveyance(s) shall be prepared by the purchaser at his own costs and expenses and the draft thereof shall be delivered at the office of the Lawyer of the vendor at least 14 days before the date fixed for completion, for perusal and approval on behalf of the vendor.

(b) The conveyance(s) engrossed on stamped paper ready for execution by the vendor shall be left at the office of his Solicitor within four days next after the draft has been returned approved on behalf of the vendor.

(12) Upon payment of the purchase money at the time and in the manner aforesaid and tender of the sale deed, the vendor shall execute a conveyance of the said property with proper covenants for title, peaceful enjoyment, non-encumbrance and further assurance in favour of the purchaser or his nominee.

(13) The vendor shall hand over to the purchaser all documents of title relating to the property sold and deliver possession of the same simultaneously with the execution of the conveyance.

(14) (a) If the purchaser shall neglect or fail to perform his part of the contract, the vendor may give to the purchaser or to his lawyer at least 15 days’ notice in writing specifying breach and requiring the purchaser to make good the default before the expiration of the notice.

(b) If the purchaser does not comply with the terms of such notice—

(i)  The deposit money shall be forfeited to the vendor.

(ii)  The vendor may resell the property without previously tendering a conveyance or instrument of transfer to the purchaser.

(iii)  The resale may be made by auction or private contract at such time subject to such conditions and in such manner—generally as the vendor may think proper and the defaulting purchaser shall have no right to any part of the purchase money thereby arising.

(15) If in course of searches and investigation of title the property is found to be affected by any notice of acquisition or requisition by the Government or any statutory body or authority or injunction or prohibitory order from any court the purchaser shall be entitled to rescind this agreement in which event the vendor shall refund the earnest money.

(16) The vendor shall have his name recorded in the municipal and revenue records relating to the property as owner of the property unless the same has already been done as will appear from the title deeds.

(17) Notwithstanding anything hereinbefore contained, each party shall have the right to sue for specific performance with or without damages.

The intended sale includes all fittings and fixtures in the property sold as they are now and the vendor shall not remove nor cause any damage to any of them before the sale.

(18) Save and except what are hereinbefore provided, the rights and liabilities of the parties shall be governed by the law in force as between vendor and purchaser.

The Schedule above referred to

(Full description of the property intended to be sold)

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

Signed, sealed and delivered

at ……………………. by vendor

in  the   presence   of:                                                                            Signature

Signed, sealed and delivered

at  …………… by  purchaser

in   the    presence   of:                                                                          Signature

Memo of Consideration

Received from the within named purchaser the sum of Rupees ……………. as earnest money for within-mentioned Agreement for Sale.

Witness                                                                        Signed by vendor

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