Freehold Property Sale Agreement (India)

Freehold Property Sale Agreement for use in India.

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This kit includes tools and guidelines to assist you in drafting a Freehold Property Sale Agreement.

When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as freehold property. For a freehold property, ownership is for an indefinite length of time. In a freehold property the title paramount conveys the property in favour of the purchaser by conveyance/ sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the office of the Sub-Registrar. It can be transferred by registration of the sale deed. Freehold estates include freehold in deed, a fee simple estate; freehold in law, an inheritable estate; and determinable freeholds, a life estate.

The transfer by way of sale of tangible immovable property of the value of one hundred rupees and above must be made by a registered instrument.

Among others, this form includes the following key provisions:
  • Terms for Payment
  • Transfer Title of Property
  • Stamp Duty
  • Payments
  • Registration
  • Arbitration
This attorney-prepared Freehold Property Sale Agreement packet contains:
  1. Description and Instructions for Freehold Property Sale Agreement
  2. Freehold Property Sale Agreement for use in India
Law Compliance: This form is designed for use in 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.












Agreement for Sale of a
Freehold Property
(India)










This Packet Includes:
1. General Description
2. Instructions
3. Agreement for Sale of a Freehold Property (India)






General Description
 Agreement for Sale of a Freehold Property
(India)

A contract for the sale of immovable property is a contract laying down the terms and conditions for the 'sale' of such property.  

When ownership rights for a piece of property are given to the purchaser for a price that property is referred to as freehold property.  For a freehold property, ownership is for an indefinite length of time.  In a freehold property the title paramount conveys the property in favour of the purchaser by conveyance/sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the Office of the Sub-Registrar. It can be transferred by registration of the sale deed. Freehold estates include freehold in deed, a fee simple estate, freehold in law, an inheritable estate and determinable freeholds, a life estate.

The transfer by way of sale of tangible immovable property of the value of one hundred rupees and above must be made by a registered instrument. The transfer by way of sale of tangible immovable property of the value of less than one hundred rupees may be made either by a registered instrument or by delivery of the property.

According to Transfer of Property Act, immovable property does not include standing timber, growing crops or grass.





Instructions
Agreement for Sale of a Freehold Property
(India)

   Terms for Payment
The purchaser and seller have to agree upon the terms on the price and other expense for transfer of property.

   Transfer Title of Property
Title of property is important for the sanction of a mortgage or loan from a bank. The title of property should be transferred to the purchaser when the seller receives the agreed amount for the sale. Transfer of title of property is the last step in the transaction. Seller has to register the property in purchasers name with the local registrars office that has jurisdiction over the property.

   Stamp Duty
Stamp duty rates are fixed for properties by the authorities. The rate may vary from state to state. The purchaser has to ensure that seller has registered the property in purchasers name on the rate levied for the property transferring.

   Registration
All the documents to be registered must be accompanied by a prescribed registration fee as determined by the state/region of jurisdiction.

Note: Please seek independent legal and financial advice when signing a sales deed and ensure all copies of documents, including the sales deed, is properly read and understood.












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Sale of Freehold Property
AGREEMENT FOR SALE OF FREEHOLD PROPERTY

This Agreement for Sale of Freehold Property (Agreement) made and entered into on this the [Day] day of [Month], [Year] at _____________, by and between:

A.   Mr. _______________, an individual aged about [Mention Age], being the son of [Mention Fathers Name] and residing at __________________________________________ hereinafter referred to as the Vendor (which expression shall, where ever the context so requires or admits, mean and include his successors, legal representatives, heirs, administrators and permitted assigns); and

B.   Mr. _______________, an individual aged about [Mention Age], being the son of [Mention Fathers Name] and residing at __________________________________________ hereinafter referred to as the Purchaser (which expression shall, where ever the context so requires or admits, mean and include his successors, legal representatives, heirs, administrators and permitted assigns); and

Vendor and Purchaser are individually referred to as the Party and jointly as Parties.

Whereas

The Vendor is the sole and absolute owner in possession of a piece of land situated at ________________________________________________ and more particularly described in the Schedule hereunder.

The Vendor has agreed to sell the said land and premises to the Purchaser at the price and on the terms and conditions hereinafter mentioned.

NOW IT IS AGREED BETWEEN THE PARTIES HERETO AS FOLLOWS:

1) Sale. 

The Vendor hereby agrees to sell and the Purchaser agrees to purchase the freehold property (Property”) more fully described in the Schedule attached hereunder [OR: First Schedule hereto (but subject to and with the benefit of the tenancies mentioned in the Second Schedule hereto so far as subsisting.)],  for the sum of Rs. _______ (Rupees __________________) whereof a sum of Rs. ____ (Rupees _____________________) has been paid to the Vendor as earnest money on the execution of this Agreement (the receipt of which the Vendor admits as part of this Agreement) and the balance will be paid on the execution of the Deed of Conveyance as hereinafter mentioned.

2) Title to Property. 

A) The title to the Property shall commence with Deed of _______ dated the ______ day of ________. [The Vendor shall make out a marketable title to the said Property free from encumbrances and reasonable doubts].

B) The Vendor agrees to submit to the Purchaser and his/her/their Advocate the title deeds for the Property within Seven (7) days from the Effective Date for complete and thorough investigation of title to ensure the Property is free of any claims, liens and encumbrances.

C) The Purchaser shall submit their queries, further requisitions and objections (if any) with respect to the title of the Property and all other matters arising upon the abstract or this agreement to the Vendors Advocate within Fourteen (14) days after the day of the delivery of the abstract. The Vendor will send his/her/their replies to the abovementioned queries, requisitions and objections within 7 days after the receipt of the same. It is agreed by both parties that for this matter, 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 as submitted by the Vendor.

(i) If the Purchaser insists 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 and his/her/their Advocate of the intention of the Vendor to annul this Agreement unless such requisition or objection is withdrawn. If such notice shall be given and the requisition or objection is not be withdrawn within Seven (7) days after the day on which the notice was sent, this Agreement shall without further notice be rescinded.

(ii) The Vendor shall then return to the Purchaser the deposit paid as Earnest Money without any interest, costs or other compensation or payment whatsoever.

3) The Property. 

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.

(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 inaccuracy, misstatement, error or omission is discovered in the description of the Property contained in the First Schedule hereunder or in any plan annexed hereto, the same shall not annul this Agreement. Reasonable compensation shall be allowed by the Vendor or the Purchaser as the case may be and the amount of such compensation shall in case of dispute be settled by two arbitrators or their umpire pursuant to the Arbitration Act, 1996.

4) Payments. 

A) 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 acquisition of the Property shall be deemed complete.

B) Upon such payment the Vendor and all other Parties (if any) shall execute a proper assurance of the Property to the Purchaser. Such assurance shall be prepared and stamped by and at the expense of the Purchaser.

C) The Purchaser paying the remainder of the purchase price shall, as from the day fixed for completion of the purchase, be given possession of the Property. The Purchaser will also be into receipt of the rents and profits and shall commence paying all outgoings which shall if necessary be allocated and the remainder shall be paid by or allowed to the Purchaser on completion.

D) If for any cause whatsoever (other than the willful default of the Vendor) the purchase shall not be completed on that day, the Purchaser shall pay to the Vendor interest on the remainder of the purchase money at the rate of ___ per centum (__%) per annum from that day until the actual completion of the purchase. The Vendor shall have the option of taking the rents and profits of the Property (less outgoing) up to 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.

E) If the delay in completion arises from any other cause than the Purchasers own act or default the Purchaser may

(i) at his own risk deposit the balance of the purchase money at any Bank in the name of the Purchaser or otherwise and

(ii) give notice in writing of such deposit to the Vendors Advocate. In such 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.

F) The Purchaser shall pay to the Vendor the proportionate part of the premium from the date of completion of the sale on any subsisting policy of fire insurance and shall be entitled so far as the Policy or consent by the insurance office allows, to the benefit of such insurance as from the date of completion. 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 becoming due.

G) If the Purchaser shall fail to comply with these terms and 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 deem fit. 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.

5) General Provisions.

A) Force Majeure: The Parties shall be not liable for any failure to perform its obligations where such failure is as a result of Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster), war, invasion, act of foreign enemies, hostilities (whether war is declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalisation, government sanction, blockage, embargo, labour dispute, strike, lockout or interruption or failure of electricity [or telephone service].

B) Either Party asserting Force Majeure as an excuse shall have the burden of proving that reasonable steps were taken (under the circumstances) to minimize delay or damages caused by foreseeable events, that all non-excused obligations were substantially fulfilled, and that the other Party was timely notified of the likelihood or actual occurrence which would justify such an assertion, so that other prudent precautions could be contemplated.

C) If a provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect:

(i) the validity or enforceability in that jurisdiction of any other provision of this Agreement; or

(ii) the validity or enforceability in other jurisdictions of that or any other provision of this Agreement.

D) This Agreement shall be governed, interpreted and construed in accordance with the laws of India.  Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration in ______________________ in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as at present in force. The tribunal shall consist of three (3) arbitrators. Each Party shall appoint one arbitrator and the two arbitrators appointed by the Parties shall appoint the third or presiding arbitrator. If the two arbitrators fail to agree on the appointment of the third arbitrator within thirty days from the date of their appointment, the third arbitrator shall be appointed by the High Court of _____________________. The venue of the arbitration shall be ___________________.

IN WITNESS WHEREOF THE Parties have put their respective hands the day and year first hereinabove written

 Vendor


Purchaser
Name & Address


Name & Address

Witness 1 Name & Address


Witness 1 Name & Address

Witness 2 Name & Address


Witness 2 Name & Address



Number of Pages7
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#33500

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