Agreement For
Sale Of Freehold Property
THIS AGREEMENT is made at _______ the
____________ day of ___________ between A (hereinafter called the vendor) of
the Other Part, whereby it is agreed as follows :
1. The 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.)
2. The title to the property shall
commence with Deed of _______ dated the ______ day of ________.
3. The 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 Vendors 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.
4. (i) If 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rescind this contract unless such requisition or objection shall be withdrawn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withdrawn within 7 days after the day on which the notice was sent, this
contract shall without further notice be rescinded.
(ii) The Vendor shall thereupon return
to the Purchaser the deposit but without any interest, costs or other
compensation or payment whatsoever.
5. The 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.
6. (i) The property is sold subject to
all easements affecting the same.
(ii) The 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.
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(i) The 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.
(ii) Upon 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.
(iii) The 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 completion.
(iv) If 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 Vendors delay or otherwise.
(v) Provided that, if delay in
completion arises from any other cause than the Purchasers own act or default
the Purchaser may
(a)
at his own risk deposit the balance of the purchase money at any Bank in
the name of the Purchaser or otherwise and
(b)
give notice in writing forthwith of such deposit to the Vendors 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.
8. The 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.
9. If 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 Purchaser
Mr. _________ in the presence of
__________
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