AGREEMENT FOR RELEASE OF DEPOSIT BY THE AUCTIONEER

THIS AGREEMENT FOR RELEASE OF DEPOSIT executed on this ___ day of __________, 20__ between ________________, son of _________________, resident of ___________________________, hereinafter called “Auctioneer” of the ONE PART

AND

_________________, son of __________________, resident of __________________________, hereinafter called the “Vendor”

and

_________________, son of __________________, resident of __________________________, hereinafter called the “Purchaser”

of the OTHER PART.

(The Vendor and the Purchaser may be collectively referred to as the parties, as and when the context may require.)

WHEREAS

1. The Vendor is the sole and absolute owner of the property more fully set out in the Schedule hereunder.
2. The Vendor has agreed to sell the said property to the Purchaser, 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 AGREEMENT FOR RELEASE OF DEPOSIT WITNESSES AS FOLLOWS:

1. 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.
2. The Purchaser has paid to the Auctioneer, 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 Auctioneer doth hereby admit and acknowledge.
3. The Auctioneer will hold the amount of deposit with himself till after the time when either the Memorandum of Sale has been executed between the parties or the Purchaser or his solicitor has examined and approved of the title deeds provided by the solicitor of the Vendor, whichever is earlier in time.
4. Once either the aforesaid Memorandum has been executed or the title deeds have been approved by the Purchaser or his solicitor, the Auctioneer shall release the deposit of Rs. ___________ fully to the Vendor within ___ days.
5. In case the Memorandum is not executed and the title deeds provided by the Vendor’s solicitor to the Purchaser have not been approved by the Purchaser or his solicitor, the Auctioneer shall hold the deposit amount for ___ days and then, release the same in favour of the Purchaser.
6. If the Auctioneer commits a breach of this agreement, he shall be laible to pay damages to the extent of Rs. _________ (Rupees in words), to the Vendor or the Purchaser, as the case may be.

 

 

IN WITNESS WHEREOF the Auctioneer, 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:

 

____________________                                             __________________

Witness                                                                              Auctioneer

____________________                                            __________________

Witness                                                                                    Vendor

____________________                                             __________________

Witness                                                                                Purchaser

 

 

 

SCHEDULE

1. Municipal No./Ward No./Plot No./Khasra No.:
2. Location: Street No.: Street Name:
3. Place/Area North: South: East: West:
4. Sub-District Hqrs./Tehsil/Taluka:
5. Police Station:
6. District/State:
7. Exact Measurement:

Total Area:

Measurement of all sides:

Plinth area/floor area:

Sketch/plan:

Carpet area:

8. Fixtures & Fittings:
9. Any other items to be covered in sale deed:
10. Permitted use of the land/building: