Agreement To Sell And Contract Of Sale Template for India

The Agreement to Sell and Contract of Sale is a crucial legal document used in Indian property transactions when parties wish to combine the initial agreement and final sale contract in a single document. This approach is particularly useful in situations where the sale completion is planned to occur shortly after the initial agreement, streamlining the documentation process. The document must comply with the Transfer of Property Act, 1882, Indian Contract Act, 1872, and Registration Act, 1908, among other relevant legislation. It includes comprehensive details about the property, parties involved, consideration, payment terms, warranties, and completion obligations. This document type is commonly used in both residential and commercial property transactions across India, providing a clear framework for the transfer of property while ensuring legal compliance and protecting the interests of all parties involved.

1. Parties: Details of the seller and purchaser including names, addresses, and legal capacity

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including its location, boundaries, and registration details

5. Sale Consideration: Purchase price, payment terms, and schedule of payments

6. Payment Structure: Detailed breakdown of how and when payments will be made, including earnest money and balance payment

7. Completion Timeline: Schedule for executing the sale deed and completing the transaction

8. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, and legal status

9. Purchaser's Representations and Warranties: Declarations regarding capacity to purchase and source of funds

10. Title Documents: List of title documents to be provided and verification process

11. Conditions Precedent: Conditions that must be satisfied before the sale can be completed

12. Completion Obligations: Actions required by both parties at the time of completion

13. Default and Consequences: Remedies available in case of default by either party

14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction

15. Notices: Method and addresses for serving notices under the agreement

16. Execution: Signature blocks and witness details