Agreement for Sale of
This Agreement is
made at _______ the ____________ day of ___________ between A (hereinafter
called Ďthe vendorí) of the Other Part, whereby it is agreed as follows :
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.)
title to the property shall commence with Deed of _______ dated the ______ day
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 Vendorís 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.
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objection shall be withdrawn and if such notice shall be given and the
requisition or objection shall not be withdrawn within 7 days after the day on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
Vendor shall thereupon return to the Purchaser the deposit but without any
interest, costs or other compensation or payment whatsoever.
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.
property is sold subject to all easements affecting the same.
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, 1940.
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.
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.
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
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
Vendorís delay or otherwise.
that, if delay in completion arises from any other cause than the Purchaserís
own act or default the Purchaser may Ė
a. at his own risk
deposit the balance of the purchase money at any Bank in the name of the Purchaser
or otherwise and Ė
b. give notice in
writing forthwith of such deposit to the Vendorís 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.
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.
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 re-sale
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
Mr. _________ in the
presence of _________