Sale Deed for a Plot of Land - India

Sale Deed for a Plot of Land for use in India.

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This kit includes tools and guidelines to assist you in drafting a Sale Deed for a Plot of Land.

A sale deed for a plot of land is mainly to confer right to the purchaser who is specifically interested in using the plot for building purposes. Such a plot of land is called a freehold property. For a freehold property, ownership is for an indefinite length of time. In free-hold 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 sale deed. Freehold estates include freehold in deed, a fee simple estate; freehold in law, an inheritable estate; and determinable freeholds, a life estate.

Among others, this form includes the following key provisions:
  • Details of Property
  • Purchase Price and Terms for Payment
  • Transfer Title of Property
  • Stamp Duty
  • Warranties
  • Failure to Perform
  • Queries and Objections
  • Arbitration
This attorney-prepared Sale Deed for a Plot of Land packet contains:
  1. Description and Instructions for Sale Deed for a Plot of Land
  2. Sale Deed for a Plot of Land 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.












Sale Deed for a Plot of Land
(India)












This Packet Includes:
   1. General Description
   2. Instructions
   3. Sale Deed for a Plot of Land






 General Description
 Sale Deed for a Plot of Land
(India)

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

A sale deed for a plot of land is mainly to confer right to the purchaser who is specifically interested in using the plot for building purposes. Such a plot of land is called a freehold property.  For a freehold property, ownership is for an indefinite length of time. In freehold property, the title paramount conveys the property in favor 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 sale deed. Freehold estates include freehold in deed, a fee simple estate, a 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 rupees one hundred and above can 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.

The purchaser of a plot of land must confirm from the seller (the vendor) what kind of taxes (such as municipal taxes), assessments and land revenue the property is subject to. Purchaser should obtain receipts and certificates to all such payments made with respect to the taxes and revenues applicable.

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





Instructions
Sale Deed for a Plot of Land
(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 bank. The title of property should be transferred to purchasers name when the seller receives the amount agreed by purchaser. Transfer of title of property is the last step in the transaction or transferring the property. Seller has to register the property in purchasers name in the local registrar office or under which jurisdiction the property belongs to.

   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 and have to be accompanied by a prescribed registration fee as per the State or region where it has to be registered.

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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AGREEMENT FOR SALE OF A PLOT OF LAND
 
This Agreement for Sale of a Plot of Land (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.   M/s ____________________________________ a construction company incorporated under the Companies Act, 1956 with its registered office at ___________________________________ represented by its _______________, 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 ________________________________________________ (hereinafter referred to as Property) 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.

AND WHEREAS the Purchaser is a building corporation, that is interested to purchase the plot of land for constructing flats and the Vendor has agreed to sell the Property to the Purchaser on the terms and conditions mentioned below:

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

1. Details of Property. The Vendor will sell and Purchaser shall acquire the Property bearing Plot No. _________________ situated at _________________________________________ that measures ________ sq. ft. morefully described in the Schedule hereunder.

2. Purchase Price. The purchase price will be calculated at the rate of Rs. __________ (Rupees in words) per sq. ft. of the actual area of the land. The actual area of the land will be determined by joint measurement of the Property by authorised representatives of the Parties.

3. Tenure; Use. The Vendors declare that the tenure of Property is freehold and the use of the said land is for the construction of buildings including residential buildings thereon. The Property is not subject to any assessment or tax or levy except assessment payable to _________________ Municipal Corporation and the land tax payable to the Government of the State of ___________________________ as under:

3.1 Municipal taxes      Rs. ______________ per annum
3.2 Land Revenue        Rs. ______________ per annum

4. Title. The Vendor shall make out a marketable title to the said Property free from encumbrances, impediments and/or reasonable doubt.

5. Title Deeds. 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. Queries; Objections. 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.

6.1 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.

6.2 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. Warranties. The Vendors warrant, declare and validate that the Property is not subject to any agreement for sale or lease in favour of any other third-party or person and no interest in the Property of any nature whatsoever has been created in favour of any natural person or corporate body including but not limited to General Power of Attorney Agreements.

8. Commencement of Construction. The Purchaser shall be able to commence construction on the Property immediately on completion of sale.

9. Requisition/Acquisition from Government. The Vendors hereby warrant, declare and confirm that the Property is not affected by any Town Planning measures or any other scheme and that no notice of requisition/acquisition has so far been served on them by Government or Municipal Corporation or any other local or public body or authority for acquisition, requisition, set back or otherwise of the said plot or any part thereof.

10. Government. If before the completion of the sale, it is found that the Property or any part thereof is affected by any town planning intended or published scheme of improvement or is affected in any manner by any intended or published scheme of the municipal corporation or any other public body or Government or is reserved for any public purpose, the Purchaser shall have a right to annul this Agreement and in that event each party shall bear and pay its own costs, provided that if the Vendors or any one of them have or has concealed any notice issued or served as aforesaid, the Purchaser will be entitled to all costs, charges and expenses incurred and damages sustained by it.

11. Completion of Transaction. The transaction of sale shall be completed within ____ months from the Effective Date, when the purchase price, shall be paid by the Purchaser to the Vendors. The Vendors shall execute and deliver or to be executed and delivered a proper conveyance deed in favour of the Purchaser or its nominee or nominees.

12. Failure to Perform. If the Vendors fail to complete the sale as aforesaid, they will make good to the Purchaser all losses and damages suffered by it by reason of the Vendors default.

13. Suitability of Property. The Purchaser hereby declares that it is purchasing the Property for constructing residential flats and if the Purchaser is satisfied that it will not be able to use the said plot for the construction of flats for residential purposes, the Purchaser shall have an option to rescind this Agreement and in that event neither party shall have any claim against the other for costs, charges, compensation, damages or otherwise.

14. Stamp Duty. The stamp duty, registration charges and all other out of pocket expenses shall be borne and paid by the Purchaser. Each party shall bear and pay its own solicitor's or advocate's costs, charges and fees.

15. Possession. The Vendor will deliver vacant possession of the plot to the Purchaser at the time of registration of the conveyance deed.

16. No Brokerage. The Purchaser shall not pay any brokerage or any commissions whatsoever with respect to this transaction.

18. Tax Clearance. The Vendors shall obtain necessary tax clearance certificate in pursuance of section 230A of the Income-tax Act or any other permission from the Government or any other authority required for the completion of the sale.

19. Delay in Performance. If the transaction of sale is not completed within _______ months from the Effective Date for no act or omission or default on the part of the Vendors, the Purchaser shall pay interest to the Vendors on the consideration amount at the rate of __ % per annum from the date of expiry of the said period of six months till the date of completion of the sale on the purchase price payable by it on a pro-rata basis.

20. 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].

20.1 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. Severability. 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.  Governing law; Arbitration. 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



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#33498

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