Intent To Sell Agreement Template for India

The Intent to Sell Agreement serves as a crucial intermediate document in property transactions under Indian law, bridging the gap between verbal negotiations and the final sale deed. This document is typically used when parties have agreed in principle to a property sale but need time for due diligence, arrangement of finances, or fulfillment of certain conditions before executing the final sale deed. The agreement contains essential details about the property, parties, consideration, and timeline, creating legally binding obligations while allowing for necessary preparatory steps. It must comply with Indian contract law principles and property legislation, including the Transfer of Property Act, 1882, and state-specific regulations. The Intent to Sell Agreement provides security to both parties by documenting their commitments and establishing clear terms for proceeding with the final sale.

1. Parties: Identification and details of the intended seller and buyer, including names, addresses, and legal status

2. Background: Context of the transaction and brief description of the parties' intention to enter into a sale transaction

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

4. Property Details: Detailed description of the property intended to be sold, including location, boundaries, and registration details

5. Purchase Price: Agreed purchase price and payment terms, including any earnest money deposit

6. Timeline: Specified period within which the final sale deed will be executed

7. Seller's Representations: Warranties and representations regarding property title, encumbrances, and legal status

8. Buyer's Undertakings: Commitments regarding payment, due diligence, and compliance with conditions

9. Conditions Precedent: Conditions that must be satisfied before the final sale can proceed

10. Due Diligence: Process and timeline for the buyer to conduct property investigation

11. Default and Consequences: Consequences of either party failing to proceed with the sale

12. Termination: Circumstances under which the agreement can be terminated

13. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction

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