Agreement to sell Property
THIS AGREEMENT is made the . . . . . . . . . . . . . . . day of . . . . . . . . . . in the year . . . . . . . . . ., BETWEEN Srimati . . . . . . . . . ., aged about . . . . years, wife of Shri . . . . . . . . . . and Shri . . . . . . . . . ., aforesaid resident of . . . . . . . . ., (hereinafter for the sake of brevity called ‘‘the Sellers’’) of the one part AND . . . ., a society duly registered under the Societies Registration Act, 1860 (acting through its President), with its head office at . . . . . . . . . ., (hereinafter also for the sake of brevity called ‘‘the Purchaser’’) of the other part.
WHEREAS the Sellers have assured the Purchasers in regard to, one, the property hereby agreed to be sold by them is free of all encumbrances, charges and liens of every description and kind; two, that they the sellers have full and absolute title to the property and a present right to make the transfer in the manner contemplated; three, that they are in actual possession of the same and will be in a position to give vacant physical possession of the same to the Purchasers; and four, that all documents of title shall be made available within a week from today for inspection by the lawyer of the Purchasers and shall on the execution of the sale deed be handed over to the Purchasers. In case any document is not available in original, satisfactory explanation of its non-availability furnished to the Purchasers so that the Purchasers’ lawyer may be able to opine that the property is not encumbered or charged with the payment of any money.
NOW, THEREFORE, it is hereby agreed between and by the parties as under:
1. That the Sellers shall sell and the Purchasers shall buy the property described and detailed in the Schedule hereto, free of all encumbrances, charges and liens for a net price of Rupees . . . . . (Rs . . . . . . .) only to be paid by the Purchasers to the Sellers in the manner noted in the paragraph following.
2. That the sale consideration of Rupees . . . . . . . (Rs . . . . .) only shall be paid by the Purchasers by pay order on a local bank as under:
Rupees . . . . . . . . (Rs . . . . . .) only by way of earnest money, which the Sellers hereby acknowledge as having received from the Purchasers by way of consideration for this agreement, and
Rupees . . . . . . . . (Rs . . . . .) only being the balance of the purchase price, on the day and before the Sub-Registrar on the presentation of the intended sale deed.
3. That the property agreed to be sold is described and detailed in the Schedule hereto.
4. That the Purchasers shall pay all costs of transfer.
5. That one week from the date hereof the Sellers shall make available to the legal adviser of the Purchasers, at his office at . . . . . all the relevant title and other deeds pertaining to the property agreed to be sold, inclusive of all receipts of taxes and any document showing actual possession of the Sellers for his inspection and opinion. If the said legal adviser is of the opinion that the title is defective, or the taxes are not cleared or the Sellers are not in actual possession then the Purchasers may at their option rescind this agreement and demand back the earnest money, which shall forthwith be returned without any delay and in full. In any other case this agreement shall be fully binding on the parties hereto.
6. That the sale deed shall be drafted and drawn up by the legal adviser of the Purchasers and at their cost and shall contain the usual indemnity clauses relating to good and subsisting title and freedom from all encumbrances.
7. That the Sellers shall execute and register the sale deed as drafted and prepared by the Purchasers’ legal adviser one week after receipt of notice by them at their address herein given and not later than one month from today.
8. That the Sellers shall be fully responsible for any damage or loss from whatever causes arising to the property hereby agreed to be sold from the date hereof to the time of actual handing over to the Purchasers. The Sellers shall, however, have full right and liberty to remove all their furniture and furnishings not attached or fixed to the property, but such right and liberty shall not include the right to gather any fruit from the trees in and upon the property.
9. That it is hereby agreed and understood that the expressions ‘‘the Sellers’’ and ‘‘the Purchasers’’ shall include their respective heirs, successors and assigns, unless the context otherwise requires.
IN WITNESS whereof the parties hereto have signed hereunto at . . . . . . . . . the day and the year first above-written.
Witnesses: The. . . . . . . . Society.
Schedule of Property Agreed to be Sold
The . . . . . . . Society.