Agreement
For Sale For Purchase Of A Plot For Constructing Flats
THIS AGREEMENT of
sale made at ................... on this .............. day of
....................., 2000, between (1) A, son of ...................... (2)
B, son of ........................... (3) C, son of .........................
(4) D, son of ............................... all residents
of............................... hereinafter collectively called the Vendors of
the ONE PART and M/s. , a company incorporated under the Companies Act, 1956
and having its registered office at ..........................., hereinafter
called the Purchaser of the OTHER PART.
WHEREAS the Vendors
are absolutely seized and possessed of or otherwise well and sufficiently
entitled to the plot of land bearing plot No. ......................, situated
at ........................................ and more fully described in the
Schedule hereunder written.
AND WHEREAS the
Purchaser is the builder, who is interested to purchase the plot of and for
constructing the flats and the Vendors have agreed to sell the said plot of
land to the Purchaser on the terms and conditions mentioned below:
NOW IT IS HEREBY
AGREED BETWEEN THE PARTIES AS FOLLOWS:
(1) The Vendors will
sell and Purchaser shall purchase the plot of land bearing Plot No.
....................., situated at...........................................
and admeasuring about .......... sq. mts. more particularly described in the
Schedule hereunder written. The purchase price will be calculated at the rate
of Rs. 400 per sq. mtr. of the actual area of the land and the actual area of
the land will be ascertained by joint measurement of the land by the
representatives of both the parties.
(2) The Vendors
declare that the tenure of land is freehold and the user of the said land is
for the construction of the buildings including residential buildings thereon.
The said plot is not subject to any assessment or tax or levy except assessment
payable to ................ Municipal Corporation and the land tax payable to
the Government of .. as under:
Municipal taxes Rs.
...................per annum
Land Revenue
Rs........................... per annum
(3) The Vendors will
make out a marketable title to the said plot free from all encumbrances,
charges and claims to the satisfaction of the purchaser's advocate. The Vendors
will, at their own cost, get in all outstanding estates and clear ail defects
in title, encumbrances and claims on or to the property.
(4) The Vendors will
within ..................... days of this Agreement deliver the title deeds of
the property to the purchaser's advocates on their accountable receipt for
investigation of title to the property.
(5) The Vendors
declare and confirm that the said plot is not subject to any agreement for sale
or lease in favour of any person and no interest in the said plot of any nature
whatsoever has been created in favour of any person. The Purchaser shall be
able to commence construction on the said plot immediately on completion of
sale.
(6) The Vendors
hereby agree and declare that the said plot is not affected by any Town
Planning or any other scheme and that no notice of requisition/acquisition has
so far been served on them by Government or Municipal Corporation or any other
local or public body or authority for acquisition, requisition, set back or
otherwise of the said plot or any part thereof. If before the completion of the
sale, it is found that the said plot or any part thereof is affected by any
town Planning intended or published scheme of improvement or is affected in any
manner by any intended or published scheme of the municipal corporation or any
other public body or Government or is reserved for any public purpose, the
Purchaser shall have a right to rescind this agreement and in that event each
party shall bear and pay its own costs, provided that if the Vendors or any one
of them have or has concealed any notice issued or served as aforesaid, the
Purchaser will be entitled to all costs, charges and expenses incurred and
damages sustained by it.
(7) The sale shall be
completed within .............. months from the date of this agreement, when
the purchase price, shall be paid by the Purchaser to the Vendors. The Vendors
shall execute and deliver or to be executed and delivered a proper conveyance
deed in favour of the Purchaser or its nominee or nominees.
(8) If the Vendors
fail to complete the sale as aforesaid, they will make good to the Purchaser
all losses and damages suffered by it by reason of the Vendors default.
(9) The Purchaser
hereby declares that it is purchasing the said property for building
residential flats and if the Purchaser is satisfied that it will not be able to
use the said plot for the construction of flats for residential purposes, the
Purchaser shall have an option to rescind this agreement and in that event
neither party shall have any claim against the other for costs, charges,
compensation, damages or otherwise.
(10) The stamp duty
registration charges and all other out of pocket expenses shall be borne and
paid by the purchaser. Each party shall bear and pay its own solicitor's or
advocate's costs.
(11) The Vendors will
deliver vacant possession of the plot to the Purchaser at the time of
registration of the conveyance deed.
(12) The Purchaser
shall not pay any brokerage in respect of this transaction.
(13) The Vendors
shall obtain necessary tax clearance certificate in pursuance of section 230A
of the Income-tax Act or any other permission from the Government or any other
authority required for the completion of the sale.
(14) If the sale is
not completed within ............. months from the date of this agreement for
no act or omission or default on the part of the Vendors, the Purchaser shall
pay interest to the Vendors on the consideration amount at the rate of
.............. % per annum from the date of expiry of the said period of six
months till the date of completion of the sale on the purchase price payable by
it.
Schedule of property
IN WITNESSES WHEREOF,
the Vendors have set their hands and the Purchaser has hereunto set its hand to
these presents through Shri ................................ Managing Director,
the day and year first above mentioned.
Signed and delivered
by
(1) Shri A
(2) Shri B
(3) Shri C
(4) Shri D
the within named
Vendors
Signed and delivered
by M/s. .,
the within named
Purchaser by its duly
authorised executive
Shri .....................
Managing Director
WITNESSES;
1.
2.
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