MEMORANDUM OF SALE BY AUCTION
THIS MEMORANDUM OF SALE executed on this ___ day of __________, 20__ between ________________, son of _________________, resident of ___________________________, hereinafter called “Vendor” of the ONE PART
_________________, son of __________________, resident of __________________________, hereinafter called the “Purchaser” of the OTHER PART.
(The expression "Vendor" and "Purchaser" wherever they occur in these presents, shall also mean and include their respective heirs, executors, administrator, legal representatives and assigns).
- The Vendor is the sole and absolute owner of the property more fully set out in the Schedule hereunder.
- It is agreed that the Vendor shall sell, and the Purchaser shall purchase the said property, as a result of the public auction that took place on __/__/20__, for the bid sum of Rs. _________ (Rupees in words), free of all encumbrances.
NOW THIS MEMORANDUM OF SALE WITNESSES AS FOLLOWS:
- The price of the property more fully set out in the Schedule is Rs. __________ (Rupees in words), as per the bid of the Purchaser, free of all encumbrances.
- The Purchaser has paid to the Vendor, this day, the sum of Rs. ________ (Rupees in words) by way of deposit for the due performance of the Memorandum, the receipt of which the Vendor doth hereby admit and acknowledge.
- The time for performance of the Memorandum shall be ____________ (period of time) from this date, and it is agreed that time fixed herein for performance shall be of essence to this contract.
- The Purchaser shall pay to the Vendor the balance sale price of Rs. ____________ (Rupees in words) before the registration of the sale deed.
- The Vendor agrees that he will deliver vacant possession of the property to the Purchaser before registration of the sale deed.
The Vendor agrees that he will put the Purchaser in constructive possession of the property by causing the tenant in occupation of it to attorn their tenancy to the Purchaser.
- The Vendor shall execute the sale deed in favour of the Purchaser or his nominee or nominees, as the Purchaser may require, on receipt of the balance consideration.
- The Vendor shall hand over all the title deeds of the property to the Purchaser or his solicitor, nominated by him within ___ days from the date of execution of this Memorandum, for scrutiny of the title, and the opinion of the aforesaid solicitor regarding title of the property shall be final and conclusive. The Purchaser shall duly intimate the Vendor about the approval of the title within ___ days after delivery of the title deeds to him or his solicitor.
- If the Vendor's title to the property is not approved by the Purchaser, the Vendor shall refund to the Purchaser the deposit received by him under this Memorandum and on failure of the Vendor to refund the earnest money within ___ days, he shall be liable to repay the same with interest thereon at the rate of __% per annum.
- If the Purchaser commits a breach of the Memorandum, he shall forfeit the deposit of Rs. _________ (Rupees in words) paid by him to the Vendor.
- If the Vendor commits a breach of the Memorandum, the Vendor shall not only refund to the Purchaser the sum of Rs. ________ (Rupees in words) received by him as deposit, but shall also pay to the Purchaser an equal sum by way of liquidated damages.
- Nothing contained in paras 9 and 10 supra shall prejudice the rights of the parties hereto, to specific performance of this Memorandum of sale.
IN WITNESS WHEREOF the Vendor and the Purchaser have set their hands to the Memorandum of sale on this ___ day of ___________, 20__ in the presence of the witnesses:
- Municipal No./Ward No./Plot No./Khasra No.:
- Location: Street No.: Street Name:
- Place/Area North: South: East: West:
- Sub-District Hqrs./Tehsil/Taluka:
- Police Station:
- Exact Measurement:
Measurement of all sides:
Plinth area/floor area:
- Fixtures & Fittings:
- Any other items to be covered in sale deed:
- Permitted use of the land/building:
RECEIPT FOR DEPOSIT
Deposit for: __________________________________________
Received from: ___________________ (name of purchaser)
Amount: Rs. __________________ (Rupees in words)
Received by: __________________ (name of vendor)