Agreement for Sale of a House (India) by OLL
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Agreement for Sale of a House
THIS AGREEMENT of sale made at ……………… on this ………….. day of ………………. 2000, between A son of ………………… resident of ……………… hereinafter called the vendor of the ONE PART and B son of …………………………. resident of ………………………… hereinafter called the purchaser of the OTHER PART.
WHEREAS the vendor is absolutely seized and possessed of or well and sufficiently entitled to the house more fully described in the Schedule hereunder:
AND WHEREAS the vendor has agreed to sell his house to the purchaser on the terms and conditions hereafter set-forth.
NOW THIS AGREEMENT WITNESSETH AS FOLLOWS
(1) The vendor will sell and the purchaser will purchase that entire house No………………….. Road …………………. more particularly described in the Schedule hereunder written at a price of Rs. …………….. free from all encumbrances.
(2) The purchaser has paid a sum of Rs. …………….. as earnest money on ……………………. (the receipt of which sum, the vendor hereby acknowledges) and the balance amount of consideration will be paid at the time of execution of conveyance deed.
(3) The sale shall be completed within a period of……… months from this date and it is hereby agreed that time is the essence of the contract.
(4) The vendor shall submit the title deeds of the house in his possession or power to the purchaser’s advocate within one week from the date of this agreement for investigation of title and the purchaser will intimate about his advocate’s report within ……………. days after delivery of title deeds to his advocate.
(5) If the purchaser’s Advocate gives the report that the vendor’s title is not clear, the vendor shall refund the earnest money, without interest to the purchaser within …………….. days from the date of intimation about the advocate’s report by the purchasers. If the vendor does not refund the earnest money within ………………. days from the date of intimation about the advocate’s report, the vendor will be liable to pay interest @ ……………. p.m. upto the date of repayment of earnest money.
(6) The vendor declares that the sale of the house will be without encumbrances.
(7) The vendor will hand over the vacant possession of the house on the execution and registration of conveyance deed.
(8) If the purchaser commits breach of the agreement, the vendor shall be entitled to forfeit the earnest money paid by the purchaser to the vendor and the vendor will be at liberty to resell the property to any person.
(9) It the vendor commits breach of the agreement, he shall be liable to refund earnest money, received by him and a sum of Rs. …………….. by way of liquidated damages.
(10) The vendor shall execute the conveyance deed in favour of the purchaser or his nominee as the purchaser may require, on receipt of
the balance consideration.
(11) The vendor shall at his own costs obtain clearance certificate under section 230A, Income tax Act, 1961 and other permissions required for the completion of the sale.
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This document is a formal agreement for the sale of residential property between a seller (vendor) and a buyer (purchaser). It outlines essential terms including the purchase price, earnest money deposit, timeline for completing the sale, and requirements for clear title investigation.
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About this template
What is this template?
This is a preliminary agreement for the sale of real estate that precedes the final conveyance deed. It contains specific provisions for the forfeiture of earnest money and requires statutory tax clearance under the Income Tax Act 1961.
When should you use it?
Use this when a buyer and seller have agreed on a price for a house but need time for title verification and tax clearances. Use a Conveyance Deed instead when the final transfer of ownership and full payment occur simultaneously.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Purchase Price and Encumbrances | The Vendor agrees to sell the house for a price specified in Rupees free from all encumbrances. |
| 2 | Earnest Money | The Purchaser pays a sum as earnest money, with the remaining balance due upon execution of the conveyance deed. |
| 3 | Completion Period | The sale must be completed within a specified number of months, making time the essence of the contract. |
| 4 | Title Investigation | The Vendor must submit title deeds to the Purchaser's advocate within one week for a formal title report. |
| 8 | Breach by Purchaser | The Vendor may forfeit the earnest money and resell the property if the Purchaser fails to meet agreement obligations. |
| 11 | Tax Clearance | The Vendor is responsible for obtaining a clearance certificate under Section 230A of the Income Tax Act 1961. |
Who it's for
- an individual in India selling a residential house to a private buyer
- a purchaser requiring a formal title investigation period before final payment
- parties needing to define liquidated damages for a breach of property sale
How long it runs and how it's signed
Law it's drafted under
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