THIS AGREEMENT
is made at _______ the ____________ day of
___________
between A (hereinafter called ‘the vendor’) of the Other Part, whereby it is
agreed as follows :
1.
The
Vendor shall sell and the Purchaser shall purchase, for the sum of Rs. _______
whereof a sum of ____ has been paid to the Vendor as stakeholders on the
signing hereof as a deposit, the freehold property particularly described in
the First Schedule hereto (but subject to and with the benefit of the tenancies
mentioned in the Second Schedule hereto so far as subsisting.)
2.
The
title to the property shall commence with Deed of _______ dated the ______ day
of ________.
3.
The
Purchaser shall deliver the requisitions and objections (if any) in respect of
the title and all other matters arising upon the abstract or this agreement to
the Vendor’s Advocate within 14 days after the day of the delivery of the
abstract and the replies to answers within 7 days after the receipt thereof and
in these respects time shall be of the essence of the contract. In default of
or subject only to any such requisitions and objections so made the purchaser
shall be deemed to have accepted the title.
4.
(i)
If the purchaser shall insist on any requisition or objection of any kind which
the Vendor shall be unable or unwilling to remove or comply with the Vendor may
(notwithstanding any intermediate negotiations or litigation in respect
thereof) give notice in writing to the Purchaser or his Advocate of the
intention of the Vendor to rescind this contract unless such requisition or
objection shall be withdrawn and if such notice shall be given and the
requisition or objection shall not be withdrawn within 7 days after the day on
which the notice was sent, this contract shall without further notice be
rescinded.
(ii)
The Vendor shall thereupon return to the Purchaser the deposit but without any
interest, costs or other compensation or payment whatsoever.
5.
The
Purchaser shall admit the identity of the property agreed to be purchased with
that comprised in the documents of title offered by the Vendor by a comparison
of the description contained in the First Schedule hereto.
6.
(i)
The property is sold subject to all easements affecting the same.
(ii)
The property is believed to be correctly described as to quantity and otherwise
but if any error, misstatement or omission shall be discovered in the
description of the property contained in the First Schedule hereto or in any
plan annexed hereto the same shall not annual the same but reasonable
compensation shall be allowed by the Vendor or the Purchaser as the case may
require in respect thereof and the amount of such compensation shall in case of
dispute be settled by two arbitrators or their umpire pursuant to the
Arbitration Act.
7
(i) The Purchaser shall pay the balance of the purchase money on the ______ day
of _______________ at the office of _________ the Advocate of the Vendor at
which time and place the purchaser shall be completed.
(ii) Upon such payment the
Vendor and all other necessary parties (if any) shall execute a proper
assurance of the property to the Purchaser. Such assurance shall be prepared
and (if necessary) stamped by and at the expense of the Purchaser.
(iii)
The
Purchaser paying the balance of the purchase money shall as from the day hereby
fixed for completion of the purchase be let into possession or into receipt of
the rents and profits and shall pay all outgoing which shall if necessary be
apportioned and the balance shall be paid by or allowed to the Purchaser on
completion.
(iv)
If
from any cause whatever (other than the willful default of the Vendor) the
purchaser shall not be completed on that day the Purchaser shall pay to the
Vendor interest on the balance of the purchase money at the rate of ___ per
centum per annum from the day until the actual completion of the purchase but
the Vendor shall have the option of taking the rents and profits of the
property (less outgoing) upto the date of actual completion instead of the said
interest and the Purchaser shall not be entitled to any compensation for the
Vendor’s delay or otherwise.
(v)
Provided
that, if delay in completion arises from any other cause than the
Purchaser’s
own act or default the Purchaser may –
(a)
at
his own risk deposit the balance of the purchase money at any Bank in the name
of the Purchaser or otherwise and –
(b)
give
notice in writing forthwith of such deposit to the Vendor’s Advocate and in
that case the Vendor shall be bound to accept the interest allowed thereon as
from the date of such deposit in lieu of the interest or net rents and profits
accruing after that date which would otherwise be payable to the vendor under
this condition.
8.
The
Purchaser shall pay to the Vendor the proportionate part of the premium as from
the date of completion of sale on any subsisting policy of fire insurance and
shall be entitled so far as the Policy or consent by the insurance office
permits to the benefit of such insurance as from the date of completion and the
Vendor shall if so required consent to the name of the Purchaser being endorsed
on the policy or entered in the books of the insurance office as being
interested in the policy but the Vendor shall not give to the Purchaser notice
of any premium being or becoming due.
9.
If
the Purchaser shall fail to comply with these conditions the deposit shall be
forfeited to the Vendor who may thereupon re-sell the premises at such time in
such manner and subject to such conditions as the Vendor shall think fit and
any deficiency in price which may happen on and all expenses attending such
resale shall immediately afterwards be paid by the present Purchaser to the
Vendor and if not so paid shall be recoverable by the Vendor as liquidated
damages.
As
witness the hands of the said parties have been put the day and year first
above written.
The First
Schedule (Particulars of the property)
The
Second Schedule (Particulars of tenancies)
Signed
by the Vendor
Mr.
_______ in the presence of ___________ Signed by the said Purchaser
Mr.
_________ in the presence of _________
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