Agreement for Sale of
a House When Purchase Money is to be Paid in
Installments
This Agreement made
at ................................ this day of ................., 2000,
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 house bearing
No........, situated at ………….......... 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 herein before 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 whitewashed 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 Shri
........................ 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
Signed and delivered
by Shri.................
the within named
Vendor
Signed and delivered
by Shri...........
the within named Purchaser
WITNESSES;
1.
2.
