Agreement To Sell Immovable Property Template for India

The Agreement to Sell Immovable Property is a crucial preliminary document in Indian property transactions that creates a contractual obligation for the future transfer of property. It is used when parties have agreed to a property sale but need time before executing the final sale deed, often due to pending payments, title verification, or other conditions. This agreement, governed by Indian property and contract laws, must comply with the Transfer of Property Act, 1882, Indian Contract Act, 1872, and relevant state laws. While not requiring mandatory registration under the Registration Act, 1908, it should be properly stamped as per applicable stamp duty laws. The document typically includes comprehensive details about the property, parties, consideration, payment terms, warranties, and conditions precedent to the final sale, serving as a legally enforceable commitment to transfer the property.

1. Parties: Identifies and provides full details of the seller(s) and purchaser(s), including names, addresses, and legal capacity

2. Background: Establishes the context of the agreement, including the seller's ownership and intention to sell, and the buyer's intention to purchase

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Details: Comprehensive description of the property being sold, including its location, boundaries, and measurements

5. Sale Consideration: States the agreed purchase price and payment terms, including earnest money and balance payment schedule

6. Mode of Payment: Specifies how payments will be made and acknowledged

7. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, taxes, and legal compliance

8. Seller's Covenants: Seller's commitments regarding property maintenance, insurance, and restrictions until completion

9. Purchaser's Representations and Warranties: Purchaser's declarations regarding capacity to purchase and financial ability

10. Completion Timeline: Timeframe for completing the sale and executing the sale deed

11. Title Documents and Investigation: Process for title verification and handling of title documents

12. Possession: Terms regarding transfer of possession and maintenance until possession

13. Default and Consequences: Consequences of default by either party and remedies available

14. Force Majeure: Provisions for unforeseen circumstances preventing performance

15. Notices: Method and addresses for serving notices between parties

16. Governing Law and Jurisdiction: Specifies applicable law and courts having jurisdiction

17. Execution: Signature clauses and witness requirements