Agreement For Sale
Indian form
Memorandum of covenant made this ................ day of................between .................................son of ...................... by caste ............. by occupation..............................resident at ………………………………… after it called the seller (which expression shall unless excluded by or contrary to the context be considered to include his successors, executors, administrators and agents) of the one part and.........................son of ............................by caste ...........by occupation.......... residing at................................hereinafter called the purchaser (which expression shall unless excluded by or contrary to the context be considered to include his successors, executors, administrators, agents and assigns) of the other part:
It is hereby consented
by and between the parties as below:
1. The seller consents
to vend and the buyer consents to buy the whole premises No..............................
having an area of................................... sq. ft. specially stated and detailed in
Schedule hereunder written and after it referred to as said premises as a
complete property in fee simple or an property equivalent thereto subject to a
good /marketable title being done relating thereof and the property being found
free from all encumbrances, attachments, charges and other claims and demands
at or costing Rs............ subject to terms /conditions
after it contained.
2. The buyer has this
day paid to seller the sum of Rs.................... (Rupees ...........................
as due to earnest money and the remaining of purchase money amounting to Rs.
........................... shall be payable on completing purchase.
Simultaneously with execution of this covenant, the seller shall handover to
purchaser's solicitor on his receipt all title deeds/other papers and writings
including approved building plan with municipal bills concerning the premises
and the purchase shall be completed by................ days from the date
hereof laid a good marketable title is made out and the seller makes the
property free from all encumbrances, claims and demands whatever and not based
or any scheme of acquisition or requisition. Time shall for this purpose be
considered to the essence of contract.
3. The seller doth hereby consents to reply all reasoned requisitions on title
to be made by buyer’s solicitor.
4. If a better marketable title is made out and property is free from all
encumbrances, attachments and charges and other claims and demands and
ineffective by any notice/scheme of acquisition or requisition, the seller will
execute a proper conveyance/conveyances favouring buyer or his nominee
/nominees or transferee in which the seller shall make such other person/persons,
if any, join, if compulsory , as conveyancing, confirming or assuring
party/parties as the case may be to pass and convey an a complete title unto
the buyer or to redeem any charge or encumbrance. The seller shall bear and pay
all outgoings/reasonability of the property till and including of the date of
vending.
5. The seller shall handover peaceful vacant possession of a part of said
premises which is occupied by him and remaining by attorning of tenancy to
buyer at completion of purchase. In any other portion(s) now occupied by
tenants becomes vacant, the seller shall not induct any new tenant/tenants nor
permit the same to be otherwise occupied and shall handover vacant possession
thereof to buyer.
6. If a better and marketable title is not made out or property is subject to
any encumbrances, attachments or charges or other claims or demands, the buyer
shall be free to cancel this covenant and seller shall on demand by buyer
returned said earnest money with interest @ 15% annually and shall pay to the
buyer Rs. ……………..as decided costs of searches with inquiry of
seller title and this covenant as between party and party.
7. If the seller does
not or neglects completing sale after the title being made out as state above
or otherwise to do any one or more of the duties on his part as here below laid
or otherwise according by law, the buyer will be free in enforcing specific
performance of agreement by filing lawful proceedings or, opt to sue the seller
for recovering money with interest, costs and other reliefs.
8. If the title found good/marketable, the buyer does not complete the purchase
by the time stated above the earnest money shall be forfeited to seller or the
seller may opt to enforce specific performance of this agreement by the buyer
and the buyer will also be liable to pay the costs/expenses of hearings for
specific performance.
The Schedule above referred to
In witness whereof the
parties hereto have set and subscribed their respective hands and seals on the
day, month and year first above-written.
Signed, sealed and
delivered by the within-named vendor at Calcutta in the presence of:
Executed by the within-named purchaser at Calcutta in the presence of:
MEMO OF CONSIDERATION
Witness:
Received
Signature of the seller
0 Comments
Thank you for your response. It will help us to improve in the future.