Leasehold Property Sale Agreement (India)

Leasehold Property Sale Agreement for use in India.

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

When a piece of property is given or 'leased' to an individual (known as the 'Lessee') for a stipulated period of time, by the owner of the property (known as the 'Lessor'), the property is referred to as Leasehold Property. A certain sum is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission from the Lessor.

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
  • Registration
  • Arbitration
This attorney-prepared Leasehold Property Sale Agreement packet contains:
  1. Description and Instructions for Leasehold Property Sale Agreement
  2. Leasehold 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
Leasehold Property
(India)










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






General Description
 Agreement for Sale of Leasehold Property
(India)


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

When a piece of property is given or leased' to an individual (known as the Lessee') for a stipulated period of time by the owner of the property (known as the Lessor'), the property is referred to as Leasehold Property.  A certain sum is fixed by the Lessor to be paid as a lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission from the Lessor.

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 Leasehold 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.












DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a lawyer/advocate/solicitor/barrister can provide legal advice.  A lawyer/solicitor/barrister should be consulted for all serious legal matters.  No Lawyer-Client / Solicitor-Client /Advocate-Client relationship is created by use of these materials.  
THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 

The use of these materials is subject to the “Terms and Conditions” found at findlegalforms.com.




Sale of Leasehold Property
AGREEMENT FOR SALE OF LEASEHOLD PROPERTY

This Agreement for Sale of Leasehold Property (Agreement) made and entered into on this the [Day] day of [Month], [Year] (Effective Date) 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

A.  As stipulated in the Deed of Lease (hereinafter referred to as the Original Deed) dated the [Day] day of [Month], [Year] entered into at __________________ by and between Mr. ____________ therein referred to as the Lessor of the One Part and the Vendor therein referred to as the Lessee of the Other Part and registered at _______ under Sr. No. _____ of Book No. ____ at the Office of the Sub-Registrar at ________________.

B. The said Lessor has leased out to the Vendor the Land and Premises (herein referred to as the Property) situated at ______ and more fully described in the Schedule attached herewith, for a period of 999 years, from the day of ____ at the yearly rent of Rs. _______ on the covenants, terms and conditions mentioned in the Original Deed. The Vendor warrants herewith that the Original Deed is still valid, exists and is enforceable.

C. The Purchaser has offered to Acquire the Property and the Vendor has agreed to sell the Property and assign the said Original Deed on the terms and conditions agreed upon and hereinafter set out.

NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:

1. The Vendor shall sell and assign to the Purchaser the Property described in the Schedule hereunder and will assign the Original Deed for the entire remainder of the unexpired period of the Original Deed and subject to the rent reserved by and to the terms, covenants and conditions contained therein.

2. The Purchaser has agreed to acquire the Property subject to the Original Deed, at the price of Rs. ___________________________ (Rupees in words) out of which the Purchaser has paid to the Vendor a sum of  Rs. ___________________ (Rupees _____________________) as earnest money on the execution of this Agreement. The receipt of the earnest money has been attached as Appendix A to this agreement by the Vendor.

3. The balance of Rs. ___________________ (Rupees __________________) is agreed to be paid on the completion of the sale.

4. The Vendor shall make out a marketable title to the said Property free from encumbrances, impediments and/or reasonable doubt. The title to the Property shall be drawn out with the root being the Original Deed.

5. 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.

6. 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.

7. 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.

7.1 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.

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

8. The Vendor shall secure and obtain the written consent of the Lessor to the Assignment of the Original Deed as a mandatory condition precedent to the completion of the acquisition. The Vendor shall also secure and obtain an Income Tax Certificate under Section 230A of the Income Tax Act, 1961 as another mandatory condition precedent to the completion of sale and the execution of the Deed of Assignment.

9. All outgoings with respect to the Property by way of property taxes, ground rent, land revenue etc. payable to the Lessor will, till the completion of the sale be paid by the Vendor. Subsequent to the sale and thereafter these outgoings will be paid by the Purchaser and the same if necessary will be apportioned as on the date of completion of this transaction.

10. The sale will be completed within a maximum period of 4 (four) months from the Effective Date.

11. The sale will be completed by the Vendor entering into and executing a Deed of Assignment in favour of the Purchaser subsequent to the Purchaser paying the balance of the remainder amount.

12. The draft of the Deed of Assignment has been prepared by the Purchasers Advocate and is attached hereunder as Appendix B.

13. 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.

14. The Vendor unconditionally declares that the Property is not subject to any acquisition, requisition, claims, liens and encumbrances and no notice has been received by him for carrying out any heavy or structural repairs.

15. If any notice for acquisition or requisition or structural repairs is issued and received by the Vendor before completion of transaction, the Purchaser will have the option to cancel this Agreement and in that event the Vendor will return the Earnest Money paid to him by the Purchaser.

16. If the Vendor fails to make out a marketable title as aforesaid OR if the vendor defaults in the completion of the sale within the stipulated Period, the Purchaser will have the right to terminate this agreement by giving at least 15 (fifteen) days prior notice in writing to the Vendor. On the expiration of the Period, this Agreement shall stand annulled.  In that event the Vendor will return the Earnest Money to the Purchaser and the Purchaser shall be entitled to claim and recover from the Vendor not only the said amount of Earnest Money but also all costs, charges and expenses incurred by the Purchaser of and incidental to this Agreement and the damages suffered by him. This is notwithstanding the right of the Purchaser to seek specific performance of this agreement through Court.

17. If the Purchaser defaults in the completion of the sale within the stipulated Period, the Vendor will have the right to terminate this agreement by giving at least 15 (fifteen) days prior notice in writing to the Purchaser. On the expiration of the Period, this Agreement shall stand annulled.  In that event the Purchaser will forfeit his right to the said Earnest Money and the Vendor shall be entitled to claim and recover from the Purchaser all costs, charges and expenses incurred by the Vendor of and incidental to this Agreement and the damages suffered by him. This is notwithstanding the right of the Vendor to seek specific performance of this agreement through Court.

18. Incidental expenses such as stamp duty payable on this Agreement, the Deed of Assignment and registration charges etc. will be borne and paid in equal shares by the Parties hereto. All the other costs charges, and expenses incurred by either Party including but not limited to Advocates fees will be borne and paid by him.

19. 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, nationalization, government sanction, blockage, embargo, labour dispute, strike, lockout or interruption or failure of electricity [or telephone service].

20. 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.

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

21.1 The validity or enforceability in that jurisdiction of any other provision of this Agreement; or

21.2 the validity or enforceability in other jurisdictions of that or any other provision of this Agreement.

22. 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

Lessor


Lessee
Name & Address


Name & Address

Witness 1 Name & Address


Witness 1 Name & Address

Witness 2 Name & Address


Witness 2 Name & Address



SCHEDULE 1

Details of Property

Number of Pages8
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#33499
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
Leasehold Property
(India)










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






General Description
 Agreement for Sale of Leasehold Property
(India)


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

When a piece of property is given or leased' to an individual (known as the Lessee') for a stipulated period of time by the owner of the property (known as the Lessor'), the property is referred to as Leasehold Property.  A certain sum is fixed by the Lessor to be paid as a lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission from the Lessor.

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 Leasehold 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.












DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a lawyer/advocate/solicitor/barrister can provide legal advice.  A lawyer/solicitor/barrister should be consulted for all serious legal matters.  No Lawyer-Client / Solicitor-Client /Advocate-Client relationship is created by use of these materials.  
THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 

The use of these materials is subject to the “Terms and Conditions” found at findlegalforms.com.




Sale of Leasehold Property
AGREEMENT FOR SALE OF LEASEHOLD PROPERTY

This Agreement for Sale of Leasehold Property (Agreement) made and entered into on this the [Day] day of [Month], [Year] (Effective Date) 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

A.  As stipulated in the Deed of Lease (hereinafter referred to as the Original Deed) dated the [Day] day of [Month], [Year] entered into at __________________ by and between Mr. ____________ therein referred to as the Lessor of the One Part and the Vendor therein referred to as the Lessee of the Other Part and registered at _______ under Sr. No. _____ of Book No. ____ at the Office of the Sub-Registrar at ________________.

B. The said Lessor has leased out to the Vendor the Land and Premises (herein referred to as the Property) situated at ______ and more fully described in the Schedule attached herewith, for a period of 999 years, from the day of ____ at the yearly rent of Rs. _______ on the covenants, terms and conditions mentioned in the Original Deed. The Vendor warrants herewith that the Original Deed is still valid, exists and is enforceable.

C. The Purchaser has offered to Acquire the Property and the Vendor has agreed to sell the Property and assign the said Original Deed on the terms and conditions agreed upon and hereinafter set out.

NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:

1. The Vendor shall sell and assign to the Purchaser the Property described in the Schedule hereunder and will assign the Original Deed for the entire remainder of the unexpired period of the Original Deed and subject to the rent reserved by and to the terms, covenants and conditions contained therein.

2. The Purchaser has agreed to acquire the Property subject to the Original Deed, at the price of Rs. ___________________________ (Rupees in words) out of which the Purchaser has paid to the Vendor a sum of  Rs. ___________________ (Rupees _____________________) as earnest money on the execution of this Agreement. The receipt of the earnest money has been attached as Appendix A to this agreement by the Vendor.

3. The balance of Rs. ___________________ (Rupees __________________) is agreed to be paid on the completion of the sale.

4. The Vendor shall make out a marketable title to the said Property free from encumbrances, impediments and/or reasonable doubt. The title to the Property shall be drawn out with the root being the Original Deed.

5. 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.

6. 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.

7. 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.

7.1 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.

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

8. The Vendor shall secure and obtain the written consent of the Lessor to the Assignment of the Original Deed as a mandatory condition precedent to the completion of the acquisition. The Vendor shall also secure and obtain an Income Tax Certificate under Section 230A of the Income Tax Act, 1961 as another mandatory condition precedent to the completion of sale and the execution of the Deed of Assignment.

9. All outgoings with respect to the Property by way of property taxes, ground rent, land revenue etc. payable to the Lessor will, till the completion of the sale be paid by the Vendor. Subsequent to the sale and thereafter these outgoings will be paid by the Purchaser and the same if necessary will be apportioned as on the date of completion of this transaction.

10. The sale will be completed within a maximum period of 4 (four) months from the Effective Date.

11. The sale will be completed by the Vendor entering into and executing a Deed of Assignment in favour of the Purchaser subsequent to the Purchaser paying the balance of the remainder amount.

12. The draft of the Deed of Assignment has been prepared by the Purchasers Advocate and is attached hereunder as Appendix B.

13. 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.

14. The Vendor unconditionally declares that the Property is not subject to any acquisition, requisition, claims, liens and encumbrances and no notice has been received by him for carrying out any heavy or structural repairs.

15. If any notice for acquisition or requisition or structural repairs is issued and received by the Vendor before completion of transaction, the Purchaser will have the option to cancel this Agreement and in that event the Vendor will return the Earnest Money paid to him by the Purchaser.

16. If the Vendor fails to make out a marketable title as aforesaid OR if the vendor defaults in the completion of the sale within the stipulated Period, the Purchaser will have the right to terminate this agreement by giving at least 15 (fifteen) days prior notice in writing to the Vendor. On the expiration of the Period, this Agreement shall stand annulled.  In that event the Vendor will return the Earnest Money to the Purchaser and the Purchaser shall be entitled to claim and recover from the Vendor not only the said amount of Earnest Money but also all costs, charges and expenses incurred by the Purchaser of and incidental to this Agreement and the damages suffered by him. This is notwithstanding the right of the Purchaser to seek specific performance of this agreement through Court.

17. If the Purchaser defaults in the completion of the sale within the stipulated Period, the Vendor will have the right to terminate this agreement by giving at least 15 (fifteen) days prior notice in writing to the Purchaser. On the expiration of the Period, this Agreement shall stand annulled.  In that event the Purchaser will forfeit his right to the said Earnest Money and the Vendor shall be entitled to claim and recover from the Purchaser all costs, charges and expenses incurred by the Vendor of and incidental to this Agreement and the damages suffered by him. This is notwithstanding the right of the Vendor to seek specific performance of this agreement through Court.

18. Incidental expenses such as stamp duty payable on this Agreement, the Deed of Assignment and registration charges etc. will be borne and paid in equal shares by the Parties hereto. All the other costs charges, and expenses incurred by either Party including but not limited to Advocates fees will be borne and paid by him.

19. 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, nationalization, government sanction, blockage, embargo, labour dispute, strike, lockout or interruption or failure of electricity [or telephone service].

20. 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.

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

21.1 The validity or enforceability in that jurisdiction of any other provision of this Agreement; or

21.2 the validity or enforceability in other jurisdictions of that or any other provision of this Agreement.

22. 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

Lessor


Lessee
Name & Address


Name & Address

Witness 1 Name & Address


Witness 1 Name & Address

Witness 2 Name & Address


Witness 2 Name & Address



SCHEDULE 1

Details of Property

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