Aviksh is the owner of a flat (Flat No. 304, admeasuring 1500 sq. ft.) in Poornaprajna Co-operative Housing Society Ltd.; the ownership of the said flat is evidenced by Share Certificate No. PP 37. Aviksh now proposes to
CS Professional · Drafting, Appearances and Pleadings · PYQS · June 2018
Aviksh is the owner of a flat (Flat No. 304, admeasuring 1500 sq. ft.) in Poornaprajna Co-operative Housing Society Ltd.; the ownership of the said flat is evidenced by Share Certificate No. PP 37. Aviksh now proposes to sell this flat to Sudharshini for a total consideration of ₹45 lakh. It is agreed that ₹15 lakh would be paid as earnest money at the time of execution of agreement to sell and the balance amount of ₹30 lakh would be paid upon execution of the deed of conveyance. Draft an agreement to sell based on the above facts. Assume other data, where necessary.
Answer & Explanation:
Agreement to Sell THIS AGREEMENT OF SALE executed on the... day of... 2018, between Mr. Aviksh, S/o... aged... years, resident of... having Aadhar Number... hereinafter called the 'vendor' of the one part and Ms. Sudharshini, daughter of... aged... years, resident of... having Aadhar Number... hereinafter called the 'purchaser' of the other part, (The expressions "vendor" and "purchaser" wherever they occur in these presents, shall unless the context otherwise admits, also mean and include their respective heirs, executors, administrators, legal representatives and assigns). WHEREAS the 'vendor' is the sole and absolute owner of the Flat No. 304, admearsuring 1500 sq.ft. in Poornaprajna Co-operatives Housing Society Limited; the ownership is evidenced by Share Certificate No. PP 37, morefully described in Schedule hereto and hereinafter reffered to as Schedule Property: AND WHEREAS it is agreed that the 'vendor' shall sell and the 'purchaser' shall purchase the said property free of all encumbrances as per terms and conditions as hereinafter agreed: NOW THIS AGREEMENT OF SALE WITNESSETH AS UNDER: The Total consideration payble for the Schedule property shall be ₹45 lakhs (Rupees Forty Five lakhs only) free of all encumbrances. The 'purchaser' has paid toady a sum of ₹15 Lakhs (Rupees Fifteen Lakhs only) by way of earnest money for the due performance of this agreement, the receipt of which the 'vendor' hereby admits and acknowledges. The time for performance of the agreement shall be... months or such other mutually agreed date. It is agreed that time is the essence of this agreement. The 'purchaser' shall pay the balance amount of ₹30 Lakhs (Rupees Thirty Lakhs only) to the 'vendor' at the time of registration of the conveyance deed. The 'vendor' agrees that he will deliver vacant possession of the property to the 'purchaser' before registration of the conveyance deed. The 'vendor' shall execute the conveyance deed in favour of the 'purchaser' or his nominee as the 'purchaser' may require. The 'vendor' shall hand over all the title deeds of the property to the 'purchaser' or an advocate nominated by him within... days from the date of this agreement for scrutiny of title and the opinion of the 'vendor's' advocate regarding title to the property shall be final and conclusive. The 'purchaser' shall duly intimate the 'vendor' about the approval of title within... days after delivering the title deeds to him or to his advocate. The 'vendor' shall not sell, dispose off or alienate the property on and from this date and in case of any breach hereof, this agreement to sell shall be voidable at the option of the 'purchaser'. If the 'purchaser' commits a breach of the agreement, he shall forfeit the earnest amount of ₹15 lakhs (Rupees Fifteen Lakhs) paid by her to the 'vendor'. If the 'vendor' commits a breach of the agreement, the 'vendor' shall refund the earnest money of ₹15 lakhs (Rupees Fifteen lakhs) paid to him by the 'purchaser'. Nothing contained in paras 8 and 9 above shall prejudice the rights of the parties hereto specific performance of this agreement of sale/purchase. IN WITNESS WHEREOF the 'vendor' and the 'purchaser' have set their respective hands to the agreement of sale/purchase on the day, month and the year above written, in the presence of the following witnesses: Witnesses: (1) (2) Sd/- 'Vendor' Sd/- 'Purchaser' Schedule of Property Flat No. 304, admearsuring 1500 sq.ft. in Poornaprajna Co-operatives Housing Society Limited, the ownership is evidenced by Share Certificate No. PP 37. Bound on North is... South is... East is... West is...
Topics: Drafting of Agreements
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