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Template: Agreement for Sale

Agreement For Sale

THIS AGREEMENT of sale made at Janakpuri, New Delhi- 110012 on this 22nd day of April 2020,
  1. Mr. Sagar Kathori, (Aadhar no. ************) Son of Mr. Shyam Kathori, aged about 45 years, residing at Janakpur, New Delhi- 110012, herein called the “Vendor”
    AND
    Mr. Ashish Manoharan, (Aadhar no. ************) Son of Mr. Ramesh Manoharan, aged about 45 years, residing at Janakpur, New Delhi- 110012, herein called the “Purchaser”
    WHEREAS the Vendor is absolutely seized and possessed of or well and sufficiently entitled to the house more fully described in the Schedule hereunder:
    AND WHEREAS the Vendor has agreed to sell his house to the Purchaser on the terms and conditions hereafter set-forth.
     
  2. Earnest Money and Forfeit of Earnest Money
    Whereas the purchaser has paid a sum of Rs 10 lakhs (Rupees Ten Lakhs Only) as Earnest Money Deposit out of Rs. 26 Lakhs (Rupees Twenty Six Lakhs Only) in consideration on 22nd Day of April 2020 (receipt of which sum, the vendor hereby acknowledges) and whereas the remaining amount of consideration shall be paid at the time of execution of conveyance deed. In any circumstances the purchaser herein mentioned as the Second Party fails to pay the remaining amount of Rs. 16 Lakhs (Rupees Sixteen Lakhs Only), the First Party shall be at a liberty to forfeit the Earnest Money paid by the purchaser under this agreement.
     
  3. Representation and Warranty Clause by both Buyer and Seller
    1. The First Party assures the Second Party that, the First party has not been included in past in any kind of act where the ownership of this property could be impaired or challenged, or which could stop the transfer of ownership from First party to the Second party.
    2. The First Party hereby declares and represents that the property is not subject to any Hindu Undivided Family (HUF), no part of the said property is owned by any other person other than the First Party mentioned in the Agreement.
    3. The FIRST PARTY assures that the said property is free from all kinds of encumbrances such as Gift, prior sale, Mortgage, Trust, Will, Exchange, legal flaw, Leases, claims, prior Agreement to Sell, Surety, Loan, Security, court injunction, lien, litigation, stay order, notices, charges, family or religious dispute, and acquisition.
    4. That in case the ownership of the Second Party is hindered due to any such reasons mentioned in Clause 3(iii), the First Party shall compensate the loss suffered by the second party.
       
  4. Termination of Deal before Actual Sale
    1. That both the Parties cannot terminate the Agreement without giving a 15 days prior notice before the actual sale. The Party who terminates the deal by serving a notice before 15 days shall pay the damages in form of compensation, in case the Party does not not give notice within 15 days, the agreement cannot be aborted, unless by paying Exemplary damages. ( For the purpose of provision of this clause Exemplary Damages are more than the usual damages to set a example in society)
    2. The First Party is obligated to ensure Clear title of the Proper before the Sale
    3. The Second Party should arrange the balance of payment which forms the part of consideration
       
  5. That the Party at default shall admit its liability and in any such event of encumbrances​ or in case the sale gets aborted or terminated (under clause iv) then defaulting Party shall pay the amount of Rs 26 lakhs (Twenty Six Lakhs) apart from interest and damages to other Party.


SIGNED BY THE WITHINH NAMED
VENDOR………………………………
IN THE PRESENCE OF ……………..



SIGNED BY THE WITHIN NAMED
PURCHASER………………………..
IN THE PRESENCE OF…………… DATE---------

Answer To Questions:

  1. While transferring the title of your property to another person, you will be charged property stamp duty. This is a fee that is levied by the state government on the documents you need to register your property. Stamp duty and Registration Charges differ from one state to another. You will have to pay Stamp duty while registering a property as it is mandatory under Section 3 of the Indian Stamp Act, 1899

    As mentioned earlier, there are many factors that determine the stamp duty charge you’ll land up paying. The bottom line is that stamp duty charge is calculated:
    • considering the total market value of the property. If the market value of your property is high, you will land up paying a high charge and vice versa. In case you have both the market value and the agreement value of the property, whichever is higher will be charged.
    • Apart from the cost or the value of the property, the type of the property, location of the property, gender and age of the owner, usage of the property, and the number of floors in the property all determine the property registration fee and stamp duty charges.
    • Generally, stamp duty officials use Stamp Duty Ready Reckoner to fix the value of the property. The Stamp Duty Ready Reckoner is published by the concerned state government every year on 01 of January.
       
  2. Discussed in above clause (iii) and (iv)
     

    • Suit for Price
    • Damages for non-acceptance.
    • Damages for Non- Delivery.
    • Remedy for Breach of Warranty.
    • Specific Performance.
    • Suit for repudiation of contract before date or anticipatory breach.
    • Interest by way of damages and special damages.
       
  3. A sale deed is an actual transfer of property ownership - there is a conveyancing, and it has to be stamped accordingly.

A sale agreement is a promise of a future transfer of property ownership, once construction is complete and other approvals are obtained.

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