AGREEMENT FOR SALE OF A
HOUSE WHEN PURCHASE MONEY IS TO BE PAID IN INSTALMENTS [CD1]
THIS
AGREEMENT made at
this day of.................... 20 between A, son of resident
of........................... (hereinafter called the Vendor) of the ONE PART
and B, son of resident of (hereinafter called the Purchaser) of the
OTHER PART.
WHEREAS
the Vendor is absolutely seized and possessed of or well and sufficiently
entitled to the house more fully described in the schedule hereunder written;
AND
WHEREAS the Vendor has agreed to sell and the
Purchaser has agreed to purchase the said house for a consideration of Rs.
………out of which the Purchaser has paid a sum of Rs. ………as earnest money in part
payment of the purchase price and has accepted the title of the vendor as at
the date of this Agreement;
AND
WHEREAS the Purchaser has shown his inability to pay
the balance consideration in one lump sum and has requested the Vendor to
accept the balance purchase price in, instalments which the Vendor has agreed
upon the terms and conditions hereinafter appearing.
IT
IS MUTUALLY AGREED BETWEEN THE PARTIES AS FOLLOWS:
(1)
The Vendor shall sell and
the Purchaser shall purchase the purchase house bearing municipal No
............................. Road . ………more fully described in the Schedule
hereunder written and hereinafter called the said house, at the price of Rs .
………out of which the Purchaser has paid Rs . ………as earnest money on………to
the vendor and balance purchase price
will be payable by instalments of Rs . ………each per quarter on day
or..............day of ………day of………and .............. day of in every year, the first payment being made
on the date of this agreement (the receipt of which the Vendor hereby acknowledges)
and the last payment to be made on
................
(2)
The Purchaser may pay off
the entire balance amount of purchase price for the time being remaining due by
giving ............. days notice in writing to the Vendor.
(3)
As soon as the purchase
price is paid in full to the Vendor, he shall
execute the deed of conveyance in favour of the Purchaser in respect of the
said house. The stamp duty, registration charges and other out of pocket
expenses in respect of execution and registration of deed of conveyance shall
be borne by the purchaser.
(4)
If the Purchaser shall make
default in payment of any instalment for a period of months after the date
hereinbefore fixed for payment of the same, the Purchaser shall be deemed to
have neglected or failed to comply
with the conditions of sale and the Vendor shall be entitled to determine this
agreement and the earnest money of Rs..............and the instalments paid by
the Purchaser shall be liable to be forfeited to the Vendor and may be retained
by him in or towards satisfaction of the amount payable by the Purchaser to the
Vendor as liquidated damages for breach of the conditions of the sale, which
are hereby fixed at Rs . ………and the balance, if any, shall be paid by the
Vendor to the Purchaser without interest thereon within ............days of
such forfeiture and thereupon the Vendor shall be entitled to resume possession
of the said house.
(5)
Unless the deed of
conveyance is executed in favour of the Purchaser, the Purchaser shall not
transfer, mortgage, sub-let or transfer the possession of the house or any part
thereof except with the permission
of the Vendor in writing.
(6)
The Purchaser covenants with
the Vendor that he shall keep the said house in proper repair and get the same
annually white-washed till any instalment remains unpaid under this agreement.
(7)
If there shall be any
difference or dispute between the parties on any matter arising hereunder, the
same shall be referred to arbitration of Shril………whose award shall be final and
binding on the parties. The arbitration under this clause shall be deemed to be
arbitration under the Arbitration and Conciliation Act, 1996 or any statutory
modification thereof for the time being in force.
IN
WITNESS WHEREOF the parties aforementioned have
executed this Agreement on the day and year first above written.
Schedule above referred to
WITNESSES
1 Signed and delivered by Shri ………the within
named Vendor
2. Signed
and delivered by Shri ………the within named Purchaser
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