Real Estate India Legal Deed Formats by Assetventures - in Indiaproperties4u.com Delhiproperties4u.com Tamanna Realtors PVT LTD

 

AGREEMENT FOR SALE OF LEASEHOLD PROPERTY THIS AGREEMENT is made at ____ this ________ day of ______ between Mr. A residing at __________ hereinafter referred to as the ‘Vendor’ of the One Part Par t and Mr. B res residi iding ng at ___ ______ ______ ______ ______ ______ ______ ___ hereinafter referred to as the ‘Purchaser’ of the Other part. WHEREAS – By a Deed of Lease Dated the _________ day of ____ __ ____ ___ _ ma made de be betw twe een Mr Mr. . __ ____ ___ ___ ____ ____ ___ _ th ther erei ein n referred to as the Lessee of the One Part and the Vend Ve ndor or th ther erei ein n re refe ferr rred ed to as th the e Le Less ssee ee of th the e Other Part and registered at _______ under Sr. No. _____ of Book No. 1, at the office of the sub Regi Re gist stra rar r at __ ____ ____ ___ _ th the e sa said id Le Less ssor or ha has s de demi mise sed d unto the Vendor the land and Premises situated at ____ __ ____ __ an and d mor ore e pa part rtic icul ular arly ly de desc scri ribe bed d in th the e Sche Sc hedu dule le he here reun unde der r wr writ itte ten n fo for r a pe peri riod od of 99 999 9 years, from the day of ____ at the yearly rent of Rs. _______ and on the covenants, terms and conditions therein mentioned. The said Lese is still valid and subsisting. The purchaser has offered to purchase the leasehold land and premises and the Vendor has agreed to sell the same and to assign the said lease on the terms and conditions agreed upon and hereinafter set out. NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS : The Vendor shall sell and assign to the Purchaser the said land and premises described in the Sche Sc hedu dule le he here reun unde der r wr writ itte ten n an and d as assi sign gn th the e sa said id lease for all the residue of the unexpired period

 

of the said lease and subject to the rent reserved by an and d to th the e te term rms, s, co cove vena nant nts s an and d co con ndi diti tion ons s contained therein and the Purchaser has agreed to purchase the said land and premises subject to the said lease, at the price of Rs. ____ out of which the th e Pu Purc rcha hase ser r ha has s pa paid id to th the e Ve Vend ndor or a su sum m of Rs. Rs . __ ____ ____ __ as ea earn rnes est t mo mone ney y on th the e ex exec ecut utio ion n of this agreement (receipt whereof the Vendor hereby admits) and the balance of Rs. ________ is agreed to be paid on the completion of the sale. The Vendor shall make out a marketable title to the said leasehold property free from encumbrances and reasonable doubts. The root of title will be the said Deed of Lease and the Vendor will not be bound to make out a marketable title to the property so far as the said Lessor is concerned. The Vendor shall deliver the title deeds relating to th the e sa said id pr prop oper erty ty in hi his s po poss sses essi sion on or po powe wer r within eight days from the date hereof for inspection thereof by the Purchaser or his Advocate for investigation of title. The said documents may be handed over to the Purchaser’s Advocate against his hi s pe pers rson onal al ac acco coun unta tabl ble e re rece ceip ipt t fo for r th the e sa sake ke of conv co nven enie ienc nce, e, if so re requ quir ired ed by th the e Pu Purc rcha hase ser’ r’s s Advocate. If the Purchaser shall insist on any requisition or obje ob ject ctio ion n of an any y ki kind nd wh whic ich h th the e Ve Vend ndor or sh shal all l be unable or unwilling to remove or comply with, the Vendor may (notwithstanding any intermediate negotiation or litigation in respect thereof) give notice in writing to the Purchaser or his Advocate of th the e in inte tent ntio ion n of th the e Ve Vend ndor or to re res sci cind nd th this is contract unless such requisition or objection shall be withdrawn and if such notice shall be given and the requisition or objection shall not be withdrawn within 7 days after the day on which the notice was sent, this contract shall, without further notice, stand rescinded. The Vendor shall thereupon return to the Purchaser the said earnest money but without

 

any interest, costs or other compensation or payment whatsoever. The Vendor will obtain the written consent of the lessor to the assignment of the Lease as a condition precedent to the completion of the sale. The outgoings in respect of the said property by way wa y of pr prop oper erty ty ta taxe xes, s, gr grou ound nd re rent nt, , la land nd re reve venu nue e payable by the Lessee till the completion of the sale will be paid by the Vendor and thereafter they will be paid by the Purchaser and the same if nece ne cess ssar ary y wi will ll be ap appo port rtio ione ned d as on th the e da date te of completion of this transaction. The sale will be completed within a period of four months from the date thereof. The sale will be completed by the Vendor executing a Deed of Assignment in favour of the Purchaser or his nominee paying the balance of the said price. The draft of the Deed of Assignment will be prep pr epar ared ed by th the e Pu Purc rcha hase ser’ r’s s Ad Advo voca cate te an and d wi will ll be approved by the Vendor’s Advocate. On completion of the sale as aforesaid, the Vendor will give possession of the said property to the Purchaser by delivering vacant possession of such port po rtio ion n th ther ere eof as is va vaca cant nt an and d by at atto torn rnin ing g tenants of such portion thereof as are occupied by them to the Purchaser. The Vendor declares that the said property is not subj su bjec ect t to an any y ac acqu quis isit itio ion n or re requ quis isit itio ion n an and d no notice has been received by him for carrying out any heavy or structural repairs. If any notice for acquisition or requisition or structural repairs is issued and received by the Vendor before completion of Assignment, the Purchaser will have the option to ca canc ncel el th this is ag agre reem emen ent t an and d in th that at ev even ent t th the e Vendor will return the earnest money paid to him by the Purchaser. If the Vendor fails to make out a marketable title as aforesaid, the Purchaser will have the right to canc ca ncel el th this is ag agre reem emen ent t by gi givi ving ng at atle leas ast t fi fift ftee een n

 

days prior notice to the Vendor to that effect and on the expiration of the said period, the agreement shall stand terminated and in that event the Vendor will return the earnest money to the Purchaser and each party will bear and pay the costs of and incidental to this Agreement. If the Vendor makes default in completing the sale within the stipulating period, the Purchaser shall have the right to make time essence of the contract and to cancel this agreement thereafter by giving atle at leas ast t fi fift fte een da days ys no noti tice ce in wr writ itin ing g to th the e Vendor to that effect and on the cancellation of the agreement, 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 an d ex expe pens nses es in incu curr rred ed by the Pu Purc rcha hase ser r of an and d incidental to this Agreement and the damages suffered by him. This is without prejudice to the right of the Purchaser to seek specific performance of this agreement through Court. If th the e Pu Purc rcha hase ser r ma make kes s de defa faul ult t in co comp mple leti ting ng th the e sale sa le, , wi with thin in th the e st stip ipul ulat ated ed pe peri riod od, , th the e Ve Vend ndor or shal sh all l be en enti titl tled ed to ma make ke tim ime e es esse senc nce e of th the e contract and to cancel this agreement, thereafter by giving atleast fifteen days notice to the Purchaser to that effect and on the cancellation of the agreement, the Purchaser will forfeit his right to the said earnest money which will be appr ap prop opri riat ated ed by th the e Ve Vend ndor or to towa ward rds s hi his s cl clai aim m fo for r damages including the costs, charges and expenses of and incidental to this agreement. Befo Be fore re ex exec ecut utio ion n of th the e de deed ed of as assi sign gnme ment nt th the e Vend Ve ndor or wi will ll ob obta tain in In Inco come me Ta Tax x Ce Cert rtif ific icat ate e un unde der r Section 230A of the Income Tax Act, 1961 as a condition precedent to the completion of sale. The expenses by way of stamp duty payable on this agreement and the deed of assignment and regi re gist stra rati tion on ch char arge ges s in re resp spec ect t th ther ereo eof f wi will ll be born bo rne e and pai aid d in eq equa ual l sh sha are res s by th the e pa part rtie ies s

 

hereto and except that all the other costs charges, and expenses incurred by the party in respect of the transactions including his and advocates fees will be borne and paid by him. IN WI WITN TNES ESS S WH WHER EREO EOF F th the e pa par rti ties es ha have ve pu put t resp re spec ecti tive ve ha hand nds s th the e da day y and ye year ar fi firs rst t written. THE SCHEDULE ABOVE REFERRED TO (Particulars of the property)

Signed and delivered by the withinnamed Vendor Mr. ________ in the presence of Signed and delivered by the withinnamed Purchaser Mr. ________ in the presence of

th thei eir r ab abov ove e