THIS AGREEMENT to sell made at...... (Give place) on this ..... ...........(Give date) day of ........ (Give month) 200_ Between A, son of ......... resident of.......... (Give details) hereinafter called the vendor of the ONE PART and B, son of ....... resident of ......... (Give details) hereinafter called the purchaser of the OTHER PART.
WHEREAS the vendor is absolutely seized and possessed of the house more fully described in the Schedule hereunder:
WHEREAS the vendor has agreed to sell his house to the purchaser on the terms and conditions hereafter set-forth.
NOW THIS AGREEMENT WITNESSETH AS FOLLOWS
- The vendor will sell and the purchaser will purchase the house bearing no,........ situated at.........., (Give details) more particularly described in the Schedule hereunder for a price of Rs .......... (Give the price) free from all encumbrances.
- The purchaser has paid a sum of RS........... (Give details) as earnest money on......... (Give date) (the receipt of which sum, the vendor hereby acknowledges) and the balance amount of consideration will be paid at the time of execution of conveyance deed.
- The sale shall be completed within a period of........ (specify period) months from this date and it is hereby agreed that time is the essence of the contract.
- The vendor shall submit the title deeds of the house to the purchaser within one week from the date of this agreement for investigation of title and shall report the same to the vendor.
- If the purchaser finds that the vendor's title is not clear, the vendor shall refund the earnest money, without interest to the purchaser within ........ (specify period) days from the date of intimation about the report by the purchasers. If the vendor does not refund the earnest money within ........ (specify period) days from the date of intimation about the report, the vendor will be liable to pay interest @ ........... (Give interest rate) p.m. upto the date of repayment of earnest money.
- The vendor declares that the sale of the house will be without encumbrances.
- The vendor will hand over the vacant possession of the house on the execution and registration of sale deed.
- If the purchaser commits breach of the agreement, the vendor shall be entitled to forfeit the earnest money paid by the purchaser to the vendor and the vendor will be at liberty to resell the property to any person.
- If the vendor commits breach of the agreement, he shall be liable to refund earnest money, received by him and a sum of Rs ......... (Give details) by way of liquidated damages.
- The vendor shall execute the sale deed in favor of the purchaser or his nominee as the purchaser may require, on receipt of the balance consideration.
- The vendor shall at his own cost obtain clearance certificate under section 230A, Income tax Act, 1961 and other permissions required for the completion of the sale.
- The expenses for preparation of the conveyance deed, cost of stamp, registration charges and all other out of pocket expenses shall be borne by the purchaser.
Schedule above referred to
(Give details of the house referred to in the agreement)
IN WITNESS WHERE OF the parties have set their hands to this Agreement on the day and year first hereinabove written.
Signed by A _ the within named vendor
Signed by B _ the within namedpurchaser