IRDAI Registration

Sample Format of Agreement for Sale

An Agreement for Sale is essential in real estate transactions, detailing terms between buyer and seller for immovable property. This document secures transparency and ensures legal protection.

Introduction to Agreement for Sale

An Agreement for Sale is a crucial legal document that outlines the terms and conditions agreed upon by the seller and purchaser during the sale of immovable property. It serves as a prelude to the final sale deed, protecting the interests of both parties by documenting the negotiated terms such as sale consideration, payment schedule, and possession timeline. This document ensures transparency and legally binds the parties to their commitments, mitigating the risk of disputes.

This template is designed to provide clarity and structure to your property sale transaction. It includes essential clauses like title assurance, possession terms, and expense allocation while adhering to legal standards. Customize this document to suit your specific requirements and establish a strong legal foundation for the property sale process.

Format for Agreement for Sale

AGREEMENT FOR SALE

This Agreement for Sale is made and executed on this ___ day of ___, 20:

BETWEEN
Mr. ____________, aged ___ years, residing at ____________ (hereinafter referred to as the "SELLER," which expression shall mean and include his/her legal heirs, successors, executors, administrators, legal representatives, attorneys, and assigns) of the ONE PART,

AND
Mr. ____________, aged ___ years, residing at ____________ (hereinafter referred to as the "PURCHASER," which expression shall mean and include his/her heirs, successors, executors, administrators, legal representatives, attorneys, and assigns) of the OTHER PART.

WHEREAS:

Ownership: The SELLER is the absolute owner in possession and enjoyment of the property described in the Schedule hereunder (hereinafter referred to as the "SCHEDULE PROPERTY").
Acquisition of Property: The SELLER acquired the Schedule Property by way of a sale deed dated ____________, registered as Document No. _______ of Book 1, Volume No. ________, Pages ________ to ________, filed in the Sub-Registrar's Office at ________.
Marketable Title: The SELLER has a clear, marketable title to the Schedule Property and has been enjoying the same with absolute ownership rights.
Purpose of Sale: The SELLER, being in need of funds for ____________, has decided to sell the Schedule Property, and the PURCHASER has expressed interest in purchasing the same.
Mutual Agreement: The SELLER has agreed to sell, and the PURCHASER has agreed to purchase the Schedule Property for a total sale consideration of Rs. _______ (Rupees _________ only) on the following terms and conditions.

NOW THIS AGREEMENT WITNESSES AS FOLLOWS:

Sale Consideration:
The total sale consideration for the Schedule Property is fixed at Rs. ________ (Rupees _________ only).
Advance Payment:
The PURCHASER has paid an advance sum of Rs. _______ (Rupees _________ only) by cash/cheque/DD bearing No. ________, drawn on ________, dated ________, the receipt of which is hereby acknowledged by the SELLER.
Balance Payment:
The remaining sum of Rs. _______ (Rupees _________ only) shall be paid by the PURCHASER to the SELLER at the time of execution and registration of the absolute Sale Deed.
Completion of Sale Transaction:
The parties agree to complete the sale transaction and execute the absolute Sale Deed on or before ___, 20.
Assurance of Title:
- The Schedule Property is free from all encumbrances, liens, charges, Government dues, attachments, acquisition, or requisition proceedings.
- No agreement for sale, mortgage, or exchange of the Schedule Property has been entered into with any other party.
Possession:
The SELLER agrees to deliver absolute and vacant possession of the Schedule Property to the PURCHASER after executing and registering the Sale Deed.
Non-Encumbrance Clause:
The SELLER shall not create any charge, lien, or encumbrance on the Schedule Property during the validity of this Agreement.
Assistance in Conveyance:
The SELLER agrees to do all acts, deeds, and things necessary to convey absolute and marketable title of the Schedule Property to the PURCHASER or his/her nominee.
Expenses:
The PURCHASER shall bear all expenses towards stamp duty and registration charges for the execution of the Sale Deed.
Nomination/Assignment:
The PURCHASER shall have the right to nominate or assign his/her rights under this Agreement to any person(s) of his/her choice, and the SELLER shall execute the Sale Deed accordingly.
Consent of Family Members:
The SELLER agrees to obtain a consent deed from his/her spouse, children, or any other person(s) holding an interest in the Schedule Property and ensure their participation in the execution of the Sale Deed.
Specific Performance:
Both parties shall have the right to enforce specific performance of this Agreement in the event of a breach of any terms and conditions by the other party.
Custody of Agreement:
The original of this Agreement, signed by both parties, shall remain with the PURCHASER, while a duly signed copy shall remain with the SELLER.

SCHEDULE

Details of the property being sold, including boundaries, area, and location:

North: ________
South: ________
East: ________
West: ________

IN WITNESS WHEREOF

The SELLER and the PURCHASER have signed this Agreement for Sale on the day, month, and year first above written in the presence of the following witnesses:

WITNESSES:

Signed by:
SELLER: __________________________
In the presence of: __________________________

PURCHASER: __________________________
In the presence of: __________________________

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