Agreement for Sale

THIS AGREEMENT FOR SALE is made at ………… on this ………….. day of ………….. 20 ….. between Shri ………. s/o ………… r/o ……….. (hereinafter will be the FIRST PARTY).

Shri ………… s/o …………r/o ………….. (hereinafter called the SECOND PARTY).

The expression of the FIRST and the SECOND PARTY shall mean and include, unless repugnant to the context, their representatives, heirs, successors, legal representatives, administrators, nominees and assignees etc.

IN RESPECT OF:

WHEREAS the FIRST PARTY is the sole and lawful owner, lessee, allottee and in possession of Property …………. (description of property) and the property consists of ………….. (give the details of accommodation).

AND WHEREAS the aforesaid property is self-acquired property of the FIRST PARTY wherein his/her predecessors heir, successors, family members or any other person whosoever have no right, title or interest and as such the FIRST PARTY is fully competent and has full and unfettered power to transfer/sell/lease/mortgage the said property and to execute this Agreement for sale.

AND WHEREAS the FIRST PARTY for his lawful needs and requirements has agree to sell and SECOND PARTY has agree to purchase the said property, with all rights, titles of the same interests including lease hold rights, sanitary and civil fittings for ………….. (description of property) for a sum of Rs. …………… (mention the amount).

AND WHEREAS the FIRST PARTY has paid the entire amount for the aforesaid property as the cost of land to the ……….. (name of the seller owner) and cost of construction to the ………. authority ………. (name of authority) and that no sum/payment or any other demand is due against the said property or against the FIRST PARTY in any manner whatsoever pertaining to the said property.

AND WHEREAS total consideration payable is a sum of Rs. …………… (mention the amount in figures) and the same has been received by the FIRST PARTY from the SECOND PARTY by way of cash/cheque/demand draft No. …………. dt. …………… Drawn on at …………. (name of bank) of FIRST PARTY hereby admits and acknowledges before the Sub-Registrar, ………. (name of place) with a valid separate receipt.

NOW THE AGREEMENT WITNESSETH AS UNDER:

1. That the FIRST PARTY, in consideration of having received full and final payment as the sale price of Rs. ………. (mention the amount in figures) of the said property from the SECOND PARTY, has handed over to the SECOND PARTY following original documents at the time of signing of this Agreement and that all such documents will continue to be remain with the SECOND PARTY.

List of Document

2. That the SECOND PARTY on the behalf of the FIRST PARTY or otherwise shall apply to the ………. (name of authority) for the transfer/conversion of the said property in favour of the SECOND PARTY and shall obtain all the necessary permission/approvals subject to the purchaser paying the amount if any payable to the ………. (name of authority) on account of such transfer/conversion, which shall be in addition to the aforesaid agreed said consideration and hence the FIRST PARTY would execute proper sale deed for conveying the said property in favour of the SECOND PARTY or his/her nominee within the period of one month from the date of grant of sale permission/ approval and get the same duly registered in the office of Sub-Registrar, ……… (name of the place).
3. That in case the aforesaid property is not transferred/or converted in freehold from leasehold/registered in favour of the SECOND PARTY, the FIRST PARTY would fully co-operate with the SECOND PARTY to complete all such formalities and documentation that may be required by the SECOND PARTY.
4. That the FIRST PARTY has also executed a General Power of Attorney and Special Power of Attorney in favour of the SECOND PARTY and the said document shall not be revoked or cancelled by the FIRST PARTY under any circumstances if any.
5. That the SECOND PARTY shall have full rights and privileges to transfer or sell or mortgage or otherwise pledge or otherwise create change, lien on the property to raise funds or transfer the said property to any other person whatsoever, and the FIRST PARTY shall co-operate in execution of fresh documents in favour of the intending purchaser or mortgagee/transferee or to any other person/bank/ institution/society and the FIRST PARTY shall not demand any fresh compensation or payment whatsoever from the SECOND PARTY.
6. That till this date, no lease deed/sub-lease has been executed, by the ……… (name of authority) and if any such documents have to be executed, then the SECOND PARTY shall get it registered or executed, on behalf of the FIRST PARTY or otherwise on its own and FIRST PARTY shall be responsible to sign all such necessary documents or fill up proforma or make applications as may be required in accordance with the rules and regulations applicable at that time and the first party shall co-operate with the SECOND PARTY in obtaining necessary approvals for the execution of the said documents.
7. That in case the FIRST PARTY does not perform its part of the contract then the SECOND PARTY shall be entitled to enforce this contract by way of specific performance before the appropriate court at the risk and cost of the FIRST PARTY without prejudice to SECOND PARTY’s rights to seek other compensation/ remedies.
8. That it has been agreed upon between the parties that the FIRST PARTY shall keep the SECOND PARTY indemnified and free from all losses/damages which may be suffered, incurred, undergone and/or sustained by the SECOND PARTY by the reason of any defect in the title of the property.
9. That the FIRST PARTY and his representative has represented to the SECOND PARTY that the ……….. society (Give the name of the society) shall not charge any fees or payment for entering the society for peaceful living and that in the event the said society demand any such payment or fees, then the FIRST PARTY shall be liable to pay such demands or dues to the said society directly or reimburse to the SECOND PARTY in the event the SECOND PARTY has already paid to the said society.
10. That the FIRST PARTY undertakes to introduce the SECOND PARTY to the society ………. (name of the society) at the time of handling over the complete and peaceful possession of the property including the parking space and obtain a new identity card in favour of the SECOND PARTY, the SECOND PARTY being the purchase and occupant of the said property.
11. That the FIRST PARTY shall make the application or sign such papers to be submitted to ………. (name and place of Electricity Board) for installation of electricity connection/power meter in the said property.
12. That any property tax, lease money and all other dues and demands, arrears etc., relating to the said property …………. (description of property) prior to the date of this agreement shall be paid by the FIRST PARTY to authorities concerned and thereafter shall be paid by the SECOND PARTY.
13. That the FIRST PARTY assures the SECOND PARTY that the said property is absolutely free from all kinds of encumbrances such as sale, mortgage, lien, charge, gift and if it is so proved or found otherwise, then the FIRST PARTY shall be liable and responsible to indemnify the SECOND PARTY for losses or damages or costs as may be incurred or borne by the SECOND PARTY on such account.
14. That in the event of any dispute between the parties on any other matter relating to the allocation and transfer of the aforesaid party including the land and the parking lot thereto allotted against the membership be referred to the sole Arbitrator to be appointed mutually by the FIRST PARTY and the SECOND PARTY and the award of the Arbitrator shall be binding on both the parties hereto.

IN WITNESS WHEREOF both the parties have subscribed their respective hands on these presents on the place, date, month and year first above mentioned in the presence of the following witnesses:

 

WITNESSESS:

• Name…………

Address………

• Name…………

Address………

• Name…………

Address……....

SIGNATURE OF PARTIES

• First Party…………
• Second Party………