Contract for Deed (India)

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This Contract for Deed is useful when a property buyer cannot obtain traditional financing. This contract allows the seller to retain title in the property until the buyer has made all payments under this contract. This Contract for Deed is created for use in India.

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This Contract for Deed is also known as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Instalment Agreement. This contract allows the seller to retain title to the property until the buyer has made all payments under the agreement. In essence, the seller finances the purchase and holds the property title or deed as security. The buyer who makes instalment payments is entitled to possession and equitable title to the property while the seller holds legal title and is liable for any mortgage payments. A Contract for Deed is useful when a buyer cannot obtain traditional financing. Generally the closing costs for this transaction are lower than those involving a bank or mortgage company. The seller can also choose the type of instalment payment method (i.e., with or without interest, balloon payment). It is imperative that a Contract for Deed be set out in writing and that both buyer and seller understand all the terms of this contract.

This Contract for Deed for use in India contains the following provisions:
  • Parties: Sets forth the names of both the seller and buyer involved in the transaction;
  • Property: Sets forth the location and detailed legal description of the property;
  • Included Property: Identifies what is included with the property (i.e., buildings, right-of-way, fixtures, appliances, etc.);
  • Excluded Property: Identifies specific items which are excluded as part of this sale;
  • Price and Payment: Sets out the price for the property and what type, when and how payments will be made;
  • Security: This contract will act as security for the performance and payments by the buyer;
  • AS-IS Condition: Buyer will accept the property AS-IS without any type of warranty;
  • Deed and Evidence of Title: Seller will deliver a statutory or general warranty deed after buyer fulfils the obligations under this contract;
  • Risk of Loss and Insurance: The buyer agrees to keep the property insured against loss by negligence, fire or other casualty;
  • Prepayment: The buyer may prepay the entire balance without prepayment penalty and without notice;
  • Possession of Property: Buyer shall have possession of the property as long as all contract terms are complied with;
  • Default by Either Party: Sets out the consequences of any default by either the seller or buyer;
  • Mortgage by Seller: Seller is authorized to place a mortgage on the property;
  • Reinstatement after Acceleration: Buyer may reinstate this contract in the event of default and acceleration according to law;
  • Assignment of Sale by Buyer: Buyer will not assign his interest in the property without consent of the seller.

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  2. General Information
  3. Contract for Deed for use in India
Law Compliance: This form complies with the laws of the states and territories of India
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Contract for Deed
(India)

 

 

THIS CONTRACT FOR DEED dated  this_____ day of ___________, 20 ___, is executed as a Deed, by and between ______________________________________, (hereinafter referred to as "Seller"), and ____________________________________________, (hereinafter referred to as "Buyer"), collectively referred to Parties.
 
WITNESSETH, that if the Buyer shall first make the payments and perform the covenants hereinafter mentioned on his part to be made and performed, the Seller hereby covenants and agrees to convey to the Buyer, his heirs, executors, administrators, personal representatives, or assigns, in fee simple absolute, clear of all encumbrances by a good and sufficient warranty deed or equivalent deed, that Property (“Property”) situated in _______________________, more fully described on Exhibit "A", attached hereto and made a part hereof.
 
The sale of the Property (and the term “Property”) shall include all buildings and improvements on the property and all right, title and interest of Seller in and to adjacent streets, roads, alleys and rights-of-way. The sale of the Property shall also include the following fixtures and personal property associated with the Property (unless specifically excluded below), all of which (if any) are owned by Seller free and clear of all liens and encumbrances, including: gas heaters; propane tanks (including propane if owned); central heating, ventilation and air conditioning equipment and fixtures; sump pumps; attached TV antennas and cables; lighting and light fixtures; plumbing equipment and fixtures; attached mirrors; linoleum; wall-to-wall carpet; window and porch shades; blinds; storm windows and doors; screens; curtain and drapery rods; awnings; automated garage door openers and remote control units; keys; attached humidifiers; attached outside cooking units; attached fireplace screens and/or glass doors; attic and ceiling fans; built-in kitchen appliances; and:  ___________________________________________________________________________
___________________________________________________________________________
_________________________________________________________ (Included Items).
 
The following items are specifically excluded from this contract and shall not be transferred to Buyer as a part of the Property:  
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________ (Excluded Items).
 
PRICE AND PAYMENT
Buyer herein covenants and agrees to pay to the Seller the sum of _____________________ Rupees (Rs._____________) as the purchase price for the Property, as follows (select and initial one or more that apply):
 
[ _________ / __________ ] _________________________________________ Rupees (Rs.____________) paid to the Seller upon execution of this agreement, the receipt of which is hereby acknowledged.
 
[ _________ / __________ ] The principal sum of _____________________ Rupees (Rs._____________) with interest on the whole sum at the rate of  _________ ( ____%) percent per annum, payable in monthly instalments of _____________________ Rupees (Rs._____________) beginning on the ________ day of _____________________, 20 ___, and continuing on the ______ day of each and every month thereafter, until paid in full.
 
[ _________ / __________ ] The principal sum of _____________________ Rupees (Rs._____________)  payable in monthly instalments of _____________________ Rupees (Rs._____________) beginning on the ________ day of _____________________, 20 ___, and continuing on the ______ day of each and every month thereafter until the ____ day of ______, 20__ when the final payment shall be due.
 
[ _________ / __________ ]  The principal sum of _____________________ Rupees (Rs._____________) with interest on the whole sum at the rate of  _________ ( ____%) percent per annum, payable in monthly instalments of _____________________ Rupees (Rs._____________) beginning on the ________ day of _____________________, 20 ___, and continuing on the ______ day of each and every month thereafter, until the ___ day of _____, 20___, when all remaining principal and interest shall be paid.
 
Any interest that may be charged, shall be computed monthly and deducted from the payment and the balance of the payment shall be applied to the principal
 
SECURITY
This Contract shall stand as security for the performance of Buyer and as security of the payment of the obligation of Buyer under this Contract. All improvements on the Property, including, but not limited to, buildings, fixtures, trees or other improvements now on the Property, or hereafter made or placed thereon, shall also be part of the security for the performance of this contract and shall not be removed from the Property.
 
AS-IS CONDITION OF PROPERTY
Buyer accepts the Property “as-is” without any type of warranty thereon. Buyer further understands that Seller has not made and does not make any representations or warranties of any kind as to the condition of the Property, buildings, improvements or fixtures located thereon, and/or the location of the boundaries of the Property.
 
DEED AND EVIDENCE OF TITLE
Upon payment of the total purchase price and other amounts, including any late charge, by Buyer, Seller will, at Sellers expense, deliver a Statutory or General Warranty Deed to the Property to Buyer, free and clear of any liens or encumbrances other than taxes and assessments for the current year.
 
TITLE
Title shall be conveyed free and clear of all encumbrances except those mortgages or liens, if any, mentioned herein, easements, restrictions, limitations, reservations, covenants and conditions of record not coupled with a possibility of reverter, right of reentry or other reverter right which amounts to a qualification of the fee, and subject also to applicable laws, ordinances and real estate taxes for the year in which the deed is delivered, and thereafter.
 
TAXES AND ASSESSMENTS
The Buyer agrees to pay all taxes, assessments, or impositions that may be legally levied or imposed upon said land apportioned as of the date of this Contract.
 
RISK OF LOSS AND INSURANCE
Risk of loss by negligence, fire or other casualty is on the Buyer. The Buyer agrees to keep the Property insured, by at least content, liability, fire, casualty, hazard, and windstorm, insurance, with an insurance company satisfactory to the Seller for a sum not less than its full insurable value.  All insurance proceeds shall be payable to the Seller.  In the event of a loss by fire or other casualty, the rights and obligations of the parties shall be as follows:
 
a. If the damage to the Property and/ or building(s) is less than fifty (50%) percent of the total value of the improvements, the Buyer shall be obligated to repair or reconstruct, as the case may be, and the Seller shall either turn over the insurance proceeds to the Buyer or apply the proceeds directly to the costs of such repair or reconstruction, the Buyer being entitled to any surplus insurance funds over and above the costs of repair or reconstruction, and the Buyer being liable for any deficiency after application of the insurance money to such costs.
 
b. If the damage to the Property and/ or building(s) is in excess of fifty (50%) percent of the total value of the improvements, the Buyer shall have the option as to whether to repair or reconstruct following such casualty loss.
 
(1) If the Buyer elects not to repair or reconstruct, then the unpaid balance of the purchase price, together with accrued interest to date, but excluding unearned interest, shall at the option of the Seller become due and payable forthwith, and the insurance proceeds shall be applied towards the application of such sum, any surplus of the insurance proceeds over and above the Buyer's obligations shall be paid to the Buyer. In the event that the contract is paid out as a result of the application of the insurance proceeds, the Seller shall deliver a deed to the Buyer and consummate the transaction. In the event the contract is not paid out as a result of the application of the insurance process pursuant to an election not to repair or reconstruct after casualty, the proceeds shall be credited to the account of the Buyer and the Buyer will continue to make regular payments pursuant to the terms of the contract until the Buyer's obligations are satisfied and the contract consummated.
 
(2) If the Buyer elects to repair or reconstruct, the insurance proceeds shall be applied by the Seller to the costs of such repair or reconstruction, the Buyer shall submit the building plans to the Seller for approval, which approval shall be granted if the value of the land after the repair or reconstruction will equal or exceed the value of the land immediately prior to the casualty.  If requested by the Buyer, the Seller will, after approval of the Buyer's building plans, turn over the insurance proceeds to an insurance trustee for the purpose of paying for the repairs or reconstruction.  Any surplus of insurance proceeds over and above the costs of repair or reconstruction shall be delivered to the Buyer, and any deficiency remaining after application of such proceeds to the costs of repair or reconstruction shall be paid by the Buyer.
 
EMINENT DOMAIN
In the event that any or all of the property is taken by eminent domain during the existence of this Contract, the rights and obligations shall be as follows:
 
a. If the amount taken is less than fifty (50%) percent of the total value of the property at the time of the taking, the entire award shall be paid to the Buyer and the contract shall continue unaffected by the taking.
 
b. If the amount taken is more than fifty (50%) percent of the total value of the property but less than seventyfive (75%) percent of the total value at the time of the taking,
 
(1) if the value of the property remaining is equal to twice the amount of the Buyer's indebtedness under the contract, then the entire award shall be paid to the Buyer and the contract shall continue unaffected by the taking, but,
 
(2) if the value of the property remaining is less than twice the amount of the Buyer's indebtedness under the contract, then so much of the award shall be paid to the Seller as to reduce the outstanding indebtedness of the Buyer under the contract to a point where the value of the property not taken is equal to twice the remaining outstanding indebtedness under the contract, the balance of the award shall be paid to the Buyer, and the contract as thus accelerated as to the final payment shall continue unaffected by the taking.
 
However, such sums as are necessary for the useful alteration or restoration of the uncondemned portion of the property shall be applied for such purpose before the remaining portion of the award is turned over to the Seller for reduction of the debt. In determining the value of the uncondemned portion of the property, the value shall be the fair market value after the completion of such repairs or alterations as may have been necessitated by the condemnation.
 
c. If the amount taken is more than seventyfive (75%) percent of the total value of the property at the time of the taking, then the award shall be paid to the Seller to the extent that is necessary to pay out the contract, such sum including accrued interest to date, but excluding unearned interest, and the balance of the award shall be paid to the Buyer.  The contract will thus be consummated and the Seller will convey to the Buyer any of the property herein included which was not taken by eminent domain.  In the event the amount of the award is insufficient to satisfy the outstanding obligations of the Buyer to the Seller, excluding unearned interest, the contract shall nevertheless be terminated as previously provided in this paragraph, but the Seller shall be authorised to sue for a money judgment for any deficiency between the amount of the award and the outstanding obligations of the Buyer.
 
d. The provisions of this Paragraph shall apply also to any settlement or agreement reached between the Buyer and any corporation, authority or agency having the power of eminent domain whereby the Buyer voluntarily conveys to such agency, authority, or corporation in order to avoid condemnation proceedings.
 
PREPAYMENT
The Buyer may prepay the entire balance outstanding at any time without penalty and without notice.  Such prepayment shall not include unearned interest.  Upon full prepayment, the Seller shall have twenty (20) days in which to deliver a warranty deed or equivalent deed.
 
POSSESSION OF PROPERTY
Upon execution of this Contract Buyer shall take possessions of the Property and shall enjoy peaceful possession of the Property for as long as all payments due under this agreement are made in a timely manner and all other terms and covenants are complied with.
 
TIME OF THE ESSENCE
Time is of the essence with respect to the terms and provisions of this Contract. The time of each payment shall also be an essential part of this contract.
 
DEFAULT BY SELLER
In case of the failure of the Seller to comply with the terms of this Contract or to perform any of the covenants hereby made and entered into, the Buyer shall have the option to collect damages at law or to demand specific performance, costs and reasonable lawyer's fees from the Seller.
 
DEFAULT BY BUYER
If Buyer fails to make any payment due under this Contract or fails to perform any covenant, term or condition required by this Contract on or before the due date, Seller shall give Buyer a notice of default or performance (“Notice). The Notice shall state that Buyer is allowed fourteen (14) days from the date of the Notice to cure the default or performance. If the default or failure of performance is not cured within the 14 day time period, then Seller shall have, at Sellers option, any of the following remedies:
 
(a) Give Buyer a written notice specifying the failure to cure the default or performance (“Notice of Failure to Cure”) and informing the Buyer that if the default continues for an additional fifteen (15) days after service of the “Notice of Failure to Cure” that without further notice, this Contract shall be cancelled and terminated and Seller may regain possession of the Property as provided herein. Buyer shall forfeit all payments made by him to date on this agreement (including taxes and assessments) and said amount (paid to Seller) shall be retained by the Seller in full satisfaction and liquidation of all damages sustained by the Seller. Seller shall have the right to reenter and to take immediate possession of the Property without being liable in any action in trespass, or otherwise, and to seek such selfhelp remedies or other remedies as shall place the Seller in exclusive possession of the premises. Buyer expressly agrees that in the event of default which is not cured by Buyer and termination of this Contract, and if Buyer fails to vacate the Property, Seller shall have the right to obtain possession by appropriate court action. Seller shall also be entitled to recover such other damages as they may be due which are caused by the acts or negligence of Buyer.
 
 
(b) Give the Buyer a written notice specifying the failure to cure the default or performance (“Notice of Failure to Cure”) and informing the Buyer that if the default continues for an additional fifteen (15) days after service of the “Notice of Failure to Cure” that without further notice, the entire principal balance and any unpaid interest shall be due and payable immediately, and Seller may take any appropriate action against Buyer for collection of the entire principal balance and any unpaid interest.  All costs and expenses of collection, by foreclosure, or otherwise, including reasonable lawyer's fees, shall be paid by the Buyer, and all such sums are hereby secured by this agreement.
 
MAINTENANCE OF PROPERTY
The Buyer will not permit, commit or suffer waste and will maintain the Property at all times in a state of good repair and condition, and will not do or permit to be done anything to the Property that will in any way impair or weaken the security of the Seller's title.  In case of the refusal, neglect or inability of the Buyer to repair and maintain said Property, the Seller may, at the Seller's option, make such repairs or cause the same to be made, and advance money in that behalf, which sums advanced or costs of repairs shall be the obligation of the Buyer and shall be secured by this Contract.
 
RETURN OF PROPERTY
In the event this Contract is terminated and Buyer is required to return the Property to Seller as may be required by the terms of this Contract, Buyer agrees to return the property to Seller in substantially the same condition, as it now exists, ordinary wear and tear excepted. Seller reserves the right to inspect the property at any time by giving Buyer reasonable notice.
 
MORTGAGE BY SELLER
During the lifetime of this Contract, Seller may place a mortgage on the Property, which shall become a lien on the Property, superior to the rights of the Buyer, or may continue and renew any existing mortgage on the Property, as long as the total amount due on all outstanding mortgages is not, at any time, greater than the unpaid balance under this Contract.
 
If Sellers interest in the Property is at any time encumbered by a mortgage, Seller agrees to perform all obligations under the mortgage and to make all payments of principal and interest on the mortgage as they become due. Seller further agrees to produce evidence of any such payments to Buyer upon Buyers demand. If Seller defaults on any such mortgage or land contract, Buyer shall have the right to make any necessary payments or take any necessary actions to cure the default and Buyer will be reimbursed be receiving credit to this Contract to apply to any payments that are due or will become due.
 
CONVEYANCE BY SELLER
The Seller reserves the right to convey, Sellers interest in the Property. Such conveyance shall not be a cause for rescission of this Contract and shall be subject to the terms of this Contract
 
JOINT AND SEVERAL LIABILITY
If there is more than one Buyer, then all Buyers covenant and agree to joint and several liability and obligations with respect to this Contract.
 
REINSTATEMENT AFTER ACCELERATION
If Buyer defaults under the terms of this Contract and payments are accelerated hereunder, Buyer shall have the right to reinstate this Contract, provided that Buyer:
 
(a)   pays Seller all sums due at that time under this Contract as if no acceleration had occurred;
(b)   cures any default or other covenant or agreement; and
(c)   reimburses all expenses incurred by Seller in enforcing this Contract and protecting Sellers interest in the property, including, but not limited to, reasonable lawyers fees.
(d)   pay any reinstatement amounts and expenses by: cash, valid money order, valid certified cheque, valid bank cheque, or valid cashiers cheque
 
In the event of any reinstatement, this Security Instrument and any obligations secured hereby shall remain fully effective as if no acceleration had ever occurred.
 
 
Notices
Any notice to be given or to be served upon any party hereto, in connection with this Contract, must be in writing, A notice may be delivered to a party at the address that follows a party's signature or to a new address that a party designates in writing. A notice may be delivered: (1) in person; (2) by certified mail; or (3) by overnight courier as follows: If to Seller:
 
Seller: _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Seller _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
and if to Buyer:
 
Buyer _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Buyer _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
ASSIGNMENT OR SALE BY BUYER
Buyer shall not sell, assign, transfer or convey any interest in the Property or this Agreement, without the prior written consent by Seller. In the event Seller gives Buyer permission to transfer or convey Buyers interest, such conveyance shall not be a cause for rescission of this Contract and shall be subject to the terms of this Contract.
 
Parties
If Seller or Buyer constitutes two or more persons, the terms “Seller” or “Buyer” shall be construed to read “Sellers” or “Buyers” whenever the sense of the Contract requires.  Unless identified as Seller or Buyer, no real estate professional, escrow agent or closing agent is a party to this Contract.
 
SINGULAR, PLURAL AND GENDER
The words "Seller" and "Buyer" herein employed shall be construed to include the plural as well as the singular, and the masculine shall include the feminine and neuter where the context so admits or requires.
 
PENDING LITIGATION
Seller warrants and represents that there are no legal actions, suits or other legal or administrative proceedings, including cases, pending or threatened or similar proceedings affecting the Property or any portion thereof, nor has Seller knowledge that any such action is presently contemplated which might or does affect the conveyance contemplated hereunder.
 
GOVERNING LAW
This Contract, and all transactions contemplated hereby, shall be governed by, construed and enforced in accordance with the laws of India.
 
 
Disputes
(select appropriate provisions)
 
o  Litigation. If a dispute arises, either party may take the matter to court.
 
o  Mediation and Possible Litigation. If a dispute arises, the parties will try in good faith to settle it through mediation conducted by
         o  ______________________.
         o  a mediator to be mutually selected.
The parties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise to the dispute. If the dispute is not resolved within 30 days after it is referred to the mediator, either party may take the matter to court.
 
o  Mediation and Possible Arbitration. If a dispute arises, the parties will try in good faith to settle it through mediation conducted by
         o  ______________________.
         o  a mediator to be mutually selected.
 
The parties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise to the dispute. If the dispute is not resolved within 30 days after it is referred to the mediator, it will be arbitrated by
               o  ______________________.
o   an arbitrator to be mutually selected.
 
Judgment on the arbitration award may be entered in any court that has jurisdiction over the matter. Costs of arbitration, including lawyers' fees, will be allocated by the arbitrator.
 
Lawyer Fees And Costs
In connection with any litigation including appellate proceedings arising out of this Agreement, the prevailing party shall be entitled to recover reasonable lawyer's fees and court costs, and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be entitled.  
 
Severability  
If any court determines that any provision of this contract is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this contract invalid or unenforceable and such provision shall be modified, amended or limited only to the extent necessary to render it valid and enforceable.
 
Waiver
If one party waives any term or provision of this contract at any time, that waiver will only be effective for the specific instance and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this contract, that party retains the right to enforce that term or provision at a later time.
 
Binding Effect
This Agreement and covenants herein shall be binding upon and shall inure to the benefit of the parties hereto and their successors, heirs, executors, administrators, personal representatives and assigns. However, nothing shall authorise a transfer in violation of any other provisions in the Agreement.
 
 
 
Counterparts
This Contract may be executed in several counterparts, each constituting a duplicate original, but all such counterparts constituting one and the same Agreement.  
 
Interpretation
Whenever the context hereof shall require, the singular shall include the plural, the male gender shall include the female gender and the neuter, and vice versa.  
 
Typewritten Or Handwritten Provisions
Typewritten or handwritten provisions inserted herein or attached hereto as Addenda shall control all printed provisions in conflict therewith.
 
Entire Agreement
This Contract is the entire agreement between the parties with respect to the transaction contemplated herein.. It replaces and supersedes any and all oral agreements between the parties, as well as any prior writings.  Neither this Contract nor any provision hereof may be waived, modified, amended, discharged, or terminated except by an instrument in writing signed by the party against which the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.
 
Additional Agreements
Seller and Buyer additionally agree that: __________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
 
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.  CONSULT AN LAWYER AND A TAX PROFESSIONAL BEFORE SIGNING IT, TO MAKE SURE YOU UNDERSTAND ALL OF THE TERMS AND LEGAL AND TAX CONSEQUENCES.
 
IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals the day and year first above written.
 
 
Signature __________________________
Seller __ ___________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Signature __________________________
Seller __ ___________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
 
 
Signature __________________________
Buyer _____________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Signature __________________________
Buyer _____________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
 
 
 
 
 
 
 
EXHIBIT "A"
 
 
Legal Description of Property
 
 
Number of Pages15
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43401
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Contract for Deed
(India)

 

 

THIS CONTRACT FOR DEED dated  this_____ day of ___________, 20 ___, is executed as a Deed, by and between ______________________________________, (hereinafter referred to as "Seller"), and ____________________________________________, (hereinafter referred to as "Buyer"), collectively referred to Parties.
 
WITNESSETH, that if the Buyer shall first make the payments and perform the covenants hereinafter mentioned on his part to be made and performed, the Seller hereby covenants and agrees to convey to the Buyer, his heirs, executors, administrators, personal representatives, or assigns, in fee simple absolute, clear of all encumbrances by a good and sufficient warranty deed or equivalent deed, that Property (“Property”) situated in _______________________, more fully described on Exhibit "A", attached hereto and made a part hereof.
 
The sale of the Property (and the term “Property”) shall include all buildings and improvements on the property and all right, title and interest of Seller in and to adjacent streets, roads, alleys and rights-of-way. The sale of the Property shall also include the following fixtures and personal property associated with the Property (unless specifically excluded below), all of which (if any) are owned by Seller free and clear of all liens and encumbrances, including: gas heaters; propane tanks (including propane if owned); central heating, ventilation and air conditioning equipment and fixtures; sump pumps; attached TV antennas and cables; lighting and light fixtures; plumbing equipment and fixtures; attached mirrors; linoleum; wall-to-wall carpet; window and porch shades; blinds; storm windows and doors; screens; curtain and drapery rods; awnings; automated garage door openers and remote control units; keys; attached humidifiers; attached outside cooking units; attached fireplace screens and/or glass doors; attic and ceiling fans; built-in kitchen appliances; and:  ___________________________________________________________________________
___________________________________________________________________________
_________________________________________________________ (Included Items).
 
The following items are specifically excluded from this contract and shall not be transferred to Buyer as a part of the Property:  
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________ (Excluded Items).
 
PRICE AND PAYMENT
Buyer herein covenants and agrees to pay to the Seller the sum of _____________________ Rupees (Rs._____________) as the purchase price for the Property, as follows (select and initial one or more that apply):
 
[ _________ / __________ ] _________________________________________ Rupees (Rs.____________) paid to the Seller upon execution of this agreement, the receipt of which is hereby acknowledged.
 
[ _________ / __________ ] The principal sum of _____________________ Rupees (Rs._____________) with interest on the whole sum at the rate of  _________ ( ____%) percent per annum, payable in monthly instalments of _____________________ Rupees (Rs._____________) beginning on the ________ day of _____________________, 20 ___, and continuing on the ______ day of each and every month thereafter, until paid in full.
 
[ _________ / __________ ] The principal sum of _____________________ Rupees (Rs._____________)  payable in monthly instalments of _____________________ Rupees (Rs._____________) beginning on the ________ day of _____________________, 20 ___, and continuing on the ______ day of each and every month thereafter until the ____ day of ______, 20__ when the final payment shall be due.
 
[ _________ / __________ ]  The principal sum of _____________________ Rupees (Rs._____________) with interest on the whole sum at the rate of  _________ ( ____%) percent per annum, payable in monthly instalments of _____________________ Rupees (Rs._____________) beginning on the ________ day of _____________________, 20 ___, and continuing on the ______ day of each and every month thereafter, until the ___ day of _____, 20___, when all remaining principal and interest shall be paid.
 
Any interest that may be charged, shall be computed monthly and deducted from the payment and the balance of the payment shall be applied to the principal
 
SECURITY
This Contract shall stand as security for the performance of Buyer and as security of the payment of the obligation of Buyer under this Contract. All improvements on the Property, including, but not limited to, buildings, fixtures, trees or other improvements now on the Property, or hereafter made or placed thereon, shall also be part of the security for the performance of this contract and shall not be removed from the Property.
 
AS-IS CONDITION OF PROPERTY
Buyer accepts the Property “as-is” without any type of warranty thereon. Buyer further understands that Seller has not made and does not make any representations or warranties of any kind as to the condition of the Property, buildings, improvements or fixtures located thereon, and/or the location of the boundaries of the Property.
 
DEED AND EVIDENCE OF TITLE
Upon payment of the total purchase price and other amounts, including any late charge, by Buyer, Seller will, at Sellers expense, deliver a Statutory or General Warranty Deed to the Property to Buyer, free and clear of any liens or encumbrances other than taxes and assessments for the current year.
 
TITLE
Title shall be conveyed free and clear of all encumbrances except those mortgages or liens, if any, mentioned herein, easements, restrictions, limitations, reservations, covenants and conditions of record not coupled with a possibility of reverter, right of reentry or other reverter right which amounts to a qualification of the fee, and subject also to applicable laws, ordinances and real estate taxes for the year in which the deed is delivered, and thereafter.
 
TAXES AND ASSESSMENTS
The Buyer agrees to pay all taxes, assessments, or impositions that may be legally levied or imposed upon said land apportioned as of the date of this Contract.
 
RISK OF LOSS AND INSURANCE
Risk of loss by negligence, fire or other casualty is on the Buyer. The Buyer agrees to keep the Property insured, by at least content, liability, fire, casualty, hazard, and windstorm, insurance, with an insurance company satisfactory to the Seller for a sum not less than its full insurable value.  All insurance proceeds shall be payable to the Seller.  In the event of a loss by fire or other casualty, the rights and obligations of the parties shall be as follows:
 
a. If the damage to the Property and/ or building(s) is less than fifty (50%) percent of the total value of the improvements, the Buyer shall be obligated to repair or reconstruct, as the case may be, and the Seller shall either turn over the insurance proceeds to the Buyer or apply the proceeds directly to the costs of such repair or reconstruction, the Buyer being entitled to any surplus insurance funds over and above the costs of repair or reconstruction, and the Buyer being liable for any deficiency after application of the insurance money to such costs.
 
b. If the damage to the Property and/ or building(s) is in excess of fifty (50%) percent of the total value of the improvements, the Buyer shall have the option as to whether to repair or reconstruct following such casualty loss.
 
(1) If the Buyer elects not to repair or reconstruct, then the unpaid balance of the purchase price, together with accrued interest to date, but excluding unearned interest, shall at the option of the Seller become due and payable forthwith, and the insurance proceeds shall be applied towards the application of such sum, any surplus of the insurance proceeds over and above the Buyer's obligations shall be paid to the Buyer. In the event that the contract is paid out as a result of the application of the insurance proceeds, the Seller shall deliver a deed to the Buyer and consummate the transaction. In the event the contract is not paid out as a result of the application of the insurance process pursuant to an election not to repair or reconstruct after casualty, the proceeds shall be credited to the account of the Buyer and the Buyer will continue to make regular payments pursuant to the terms of the contract until the Buyer's obligations are satisfied and the contract consummated.
 
(2) If the Buyer elects to repair or reconstruct, the insurance proceeds shall be applied by the Seller to the costs of such repair or reconstruction, the Buyer shall submit the building plans to the Seller for approval, which approval shall be granted if the value of the land after the repair or reconstruction will equal or exceed the value of the land immediately prior to the casualty.  If requested by the Buyer, the Seller will, after approval of the Buyer's building plans, turn over the insurance proceeds to an insurance trustee for the purpose of paying for the repairs or reconstruction.  Any surplus of insurance proceeds over and above the costs of repair or reconstruction shall be delivered to the Buyer, and any deficiency remaining after application of such proceeds to the costs of repair or reconstruction shall be paid by the Buyer.
 
EMINENT DOMAIN
In the event that any or all of the property is taken by eminent domain during the existence of this Contract, the rights and obligations shall be as follows:
 
a. If the amount taken is less than fifty (50%) percent of the total value of the property at the time of the taking, the entire award shall be paid to the Buyer and the contract shall continue unaffected by the taking.
 
b. If the amount taken is more than fifty (50%) percent of the total value of the property but less than seventyfive (75%) percent of the total value at the time of the taking,
 
(1) if the value of the property remaining is equal to twice the amount of the Buyer's indebtedness under the contract, then the entire award shall be paid to the Buyer and the contract shall continue unaffected by the taking, but,
 
(2) if the value of the property remaining is less than twice the amount of the Buyer's indebtedness under the contract, then so much of the award shall be paid to the Seller as to reduce the outstanding indebtedness of the Buyer under the contract to a point where the value of the property not taken is equal to twice the remaining outstanding indebtedness under the contract, the balance of the award shall be paid to the Buyer, and the contract as thus accelerated as to the final payment shall continue unaffected by the taking.
 
However, such sums as are necessary for the useful alteration or restoration of the uncondemned portion of the property shall be applied for such purpose before the remaining portion of the award is turned over to the Seller for reduction of the debt. In determining the value of the uncondemned portion of the property, the value shall be the fair market value after the completion of such repairs or alterations as may have been necessitated by the condemnation.
 
c. If the amount taken is more than seventyfive (75%) percent of the total value of the property at the time of the taking, then the award shall be paid to the Seller to the extent that is necessary to pay out the contract, such sum including accrued interest to date, but excluding unearned interest, and the balance of the award shall be paid to the Buyer.  The contract will thus be consummated and the Seller will convey to the Buyer any of the property herein included which was not taken by eminent domain.  In the event the amount of the award is insufficient to satisfy the outstanding obligations of the Buyer to the Seller, excluding unearned interest, the contract shall nevertheless be terminated as previously provided in this paragraph, but the Seller shall be authorised to sue for a money judgment for any deficiency between the amount of the award and the outstanding obligations of the Buyer.
 
d. The provisions of this Paragraph shall apply also to any settlement or agreement reached between the Buyer and any corporation, authority or agency having the power of eminent domain whereby the Buyer voluntarily conveys to such agency, authority, or corporation in order to avoid condemnation proceedings.
 
PREPAYMENT
The Buyer may prepay the entire balance outstanding at any time without penalty and without notice.  Such prepayment shall not include unearned interest.  Upon full prepayment, the Seller shall have twenty (20) days in which to deliver a warranty deed or equivalent deed.
 
POSSESSION OF PROPERTY
Upon execution of this Contract Buyer shall take possessions of the Property and shall enjoy peaceful possession of the Property for as long as all payments due under this agreement are made in a timely manner and all other terms and covenants are complied with.
 
TIME OF THE ESSENCE
Time is of the essence with respect to the terms and provisions of this Contract. The time of each payment shall also be an essential part of this contract.
 
DEFAULT BY SELLER
In case of the failure of the Seller to comply with the terms of this Contract or to perform any of the covenants hereby made and entered into, the Buyer shall have the option to collect damages at law or to demand specific performance, costs and reasonable lawyer's fees from the Seller.
 
DEFAULT BY BUYER
If Buyer fails to make any payment due under this Contract or fails to perform any covenant, term or condition required by this Contract on or before the due date, Seller shall give Buyer a notice of default or performance (“Notice). The Notice shall state that Buyer is allowed fourteen (14) days from the date of the Notice to cure the default or performance. If the default or failure of performance is not cured within the 14 day time period, then Seller shall have, at Sellers option, any of the following remedies:
 
(a) Give Buyer a written notice specifying the failure to cure the default or performance (“Notice of Failure to Cure”) and informing the Buyer that if the default continues for an additional fifteen (15) days after service of the “Notice of Failure to Cure” that without further notice, this Contract shall be cancelled and terminated and Seller may regain possession of the Property as provided herein. Buyer shall forfeit all payments made by him to date on this agreement (including taxes and assessments) and said amount (paid to Seller) shall be retained by the Seller in full satisfaction and liquidation of all damages sustained by the Seller. Seller shall have the right to reenter and to take immediate possession of the Property without being liable in any action in trespass, or otherwise, and to seek such selfhelp remedies or other remedies as shall place the Seller in exclusive possession of the premises. Buyer expressly agrees that in the event of default which is not cured by Buyer and termination of this Contract, and if Buyer fails to vacate the Property, Seller shall have the right to obtain possession by appropriate court action. Seller shall also be entitled to recover such other damages as they may be due which are caused by the acts or negligence of Buyer.
 
 
(b) Give the Buyer a written notice specifying the failure to cure the default or performance (“Notice of Failure to Cure”) and informing the Buyer that if the default continues for an additional fifteen (15) days after service of the “Notice of Failure to Cure” that without further notice, the entire principal balance and any unpaid interest shall be due and payable immediately, and Seller may take any appropriate action against Buyer for collection of the entire principal balance and any unpaid interest.  All costs and expenses of collection, by foreclosure, or otherwise, including reasonable lawyer's fees, shall be paid by the Buyer, and all such sums are hereby secured by this agreement.
 
MAINTENANCE OF PROPERTY
The Buyer will not permit, commit or suffer waste and will maintain the Property at all times in a state of good repair and condition, and will not do or permit to be done anything to the Property that will in any way impair or weaken the security of the Seller's title.  In case of the refusal, neglect or inability of the Buyer to repair and maintain said Property, the Seller may, at the Seller's option, make such repairs or cause the same to be made, and advance money in that behalf, which sums advanced or costs of repairs shall be the obligation of the Buyer and shall be secured by this Contract.
 
RETURN OF PROPERTY
In the event this Contract is terminated and Buyer is required to return the Property to Seller as may be required by the terms of this Contract, Buyer agrees to return the property to Seller in substantially the same condition, as it now exists, ordinary wear and tear excepted. Seller reserves the right to inspect the property at any time by giving Buyer reasonable notice.
 
MORTGAGE BY SELLER
During the lifetime of this Contract, Seller may place a mortgage on the Property, which shall become a lien on the Property, superior to the rights of the Buyer, or may continue and renew any existing mortgage on the Property, as long as the total amount due on all outstanding mortgages is not, at any time, greater than the unpaid balance under this Contract.
 
If Sellers interest in the Property is at any time encumbered by a mortgage, Seller agrees to perform all obligations under the mortgage and to make all payments of principal and interest on the mortgage as they become due. Seller further agrees to produce evidence of any such payments to Buyer upon Buyers demand. If Seller defaults on any such mortgage or land contract, Buyer shall have the right to make any necessary payments or take any necessary actions to cure the default and Buyer will be reimbursed be receiving credit to this Contract to apply to any payments that are due or will become due.
 
CONVEYANCE BY SELLER
The Seller reserves the right to convey, Sellers interest in the Property. Such conveyance shall not be a cause for rescission of this Contract and shall be subject to the terms of this Contract
 
JOINT AND SEVERAL LIABILITY
If there is more than one Buyer, then all Buyers covenant and agree to joint and several liability and obligations with respect to this Contract.
 
REINSTATEMENT AFTER ACCELERATION
If Buyer defaults under the terms of this Contract and payments are accelerated hereunder, Buyer shall have the right to reinstate this Contract, provided that Buyer:
 
(a)   pays Seller all sums due at that time under this Contract as if no acceleration had occurred;
(b)   cures any default or other covenant or agreement; and
(c)   reimburses all expenses incurred by Seller in enforcing this Contract and protecting Sellers interest in the property, including, but not limited to, reasonable lawyers fees.
(d)   pay any reinstatement amounts and expenses by: cash, valid money order, valid certified cheque, valid bank cheque, or valid cashiers cheque
 
In the event of any reinstatement, this Security Instrument and any obligations secured hereby shall remain fully effective as if no acceleration had ever occurred.
 
 
Notices
Any notice to be given or to be served upon any party hereto, in connection with this Contract, must be in writing, A notice may be delivered to a party at the address that follows a party's signature or to a new address that a party designates in writing. A notice may be delivered: (1) in person; (2) by certified mail; or (3) by overnight courier as follows: If to Seller:
 
Seller: _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Seller _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
and if to Buyer:
 
Buyer _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Buyer _____________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
ASSIGNMENT OR SALE BY BUYER
Buyer shall not sell, assign, transfer or convey any interest in the Property or this Agreement, without the prior written consent by Seller. In the event Seller gives Buyer permission to transfer or convey Buyers interest, such conveyance shall not be a cause for rescission of this Contract and shall be subject to the terms of this Contract.
 
Parties
If Seller or Buyer constitutes two or more persons, the terms “Seller” or “Buyer” shall be construed to read “Sellers” or “Buyers” whenever the sense of the Contract requires.  Unless identified as Seller or Buyer, no real estate professional, escrow agent or closing agent is a party to this Contract.
 
SINGULAR, PLURAL AND GENDER
The words "Seller" and "Buyer" herein employed shall be construed to include the plural as well as the singular, and the masculine shall include the feminine and neuter where the context so admits or requires.
 
PENDING LITIGATION
Seller warrants and represents that there are no legal actions, suits or other legal or administrative proceedings, including cases, pending or threatened or similar proceedings affecting the Property or any portion thereof, nor has Seller knowledge that any such action is presently contemplated which might or does affect the conveyance contemplated hereunder.
 
GOVERNING LAW
This Contract, and all transactions contemplated hereby, shall be governed by, construed and enforced in accordance with the laws of India.
 
 
Disputes
(select appropriate provisions)
 
o  Litigation. If a dispute arises, either party may take the matter to court.
 
o  Mediation and Possible Litigation. If a dispute arises, the parties will try in good faith to settle it through mediation conducted by
         o  ______________________.
         o  a mediator to be mutually selected.
The parties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise to the dispute. If the dispute is not resolved within 30 days after it is referred to the mediator, either party may take the matter to court.
 
o  Mediation and Possible Arbitration. If a dispute arises, the parties will try in good faith to settle it through mediation conducted by
         o  ______________________.
         o  a mediator to be mutually selected.
 
The parties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise to the dispute. If the dispute is not resolved within 30 days after it is referred to the mediator, it will be arbitrated by
               o  ______________________.
o   an arbitrator to be mutually selected.
 
Judgment on the arbitration award may be entered in any court that has jurisdiction over the matter. Costs of arbitration, including lawyers' fees, will be allocated by the arbitrator.
 
Lawyer Fees And Costs
In connection with any litigation including appellate proceedings arising out of this Agreement, the prevailing party shall be entitled to recover reasonable lawyer's fees and court costs, and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be entitled.  
 
Severability  
If any court determines that any provision of this contract is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this contract invalid or unenforceable and such provision shall be modified, amended or limited only to the extent necessary to render it valid and enforceable.
 
Waiver
If one party waives any term or provision of this contract at any time, that waiver will only be effective for the specific instance and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this contract, that party retains the right to enforce that term or provision at a later time.
 
Binding Effect
This Agreement and covenants herein shall be binding upon and shall inure to the benefit of the parties hereto and their successors, heirs, executors, administrators, personal representatives and assigns. However, nothing shall authorise a transfer in violation of any other provisions in the Agreement.
 
 
 
Counterparts
This Contract may be executed in several counterparts, each constituting a duplicate original, but all such counterparts constituting one and the same Agreement.  
 
Interpretation
Whenever the context hereof shall require, the singular shall include the plural, the male gender shall include the female gender and the neuter, and vice versa.  
 
Typewritten Or Handwritten Provisions
Typewritten or handwritten provisions inserted herein or attached hereto as Addenda shall control all printed provisions in conflict therewith.
 
Entire Agreement
This Contract is the entire agreement between the parties with respect to the transaction contemplated herein.. It replaces and supersedes any and all oral agreements between the parties, as well as any prior writings.  Neither this Contract nor any provision hereof may be waived, modified, amended, discharged, or terminated except by an instrument in writing signed by the party against which the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.
 
Additional Agreements
Seller and Buyer additionally agree that: __________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
 
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.  CONSULT AN LAWYER AND A TAX PROFESSIONAL BEFORE SIGNING IT, TO MAKE SURE YOU UNDERSTAND ALL OF THE TERMS AND LEGAL AND TAX CONSEQUENCES.
 
IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals the day and year first above written.
 
 
Signature __________________________
Seller __ ___________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Signature __________________________
Seller __ ___________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
 
 
Signature __________________________
Buyer _____________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
Signature __________________________
Buyer _____________________________
Date ______________________________
Address: ___________________________
City: ______________________________
State:  _____________________________
Pincode: ___________________________
 
 
 
 
 
 
 
 
EXHIBIT "A"
 
 
Legal Description of Property
 
 

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