Agreement for Sale of an Apartment (India) by OLL
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Agreement for Sale of an Apartment
THIS AGREEMENT
made at ………………….. this ………….. day of ………….., 20
between
A, son of …………………………
resident of ……………………
hereinafter referred to as the Vendor of the ONE PART
and
B, son of ……………….
resident of ………………..
hereinafter referred to as the Purchaser of the OTHER PART.
WHEREAS the Vendor is absolutely seized and possessed of the land bearing Plot No………………………. situated at ………………………………… and hereinafter referred to as the said land and more particularly described in the Schedule 1 hereunder written;
AND WHEREAS the Vendor proposes to develop the said land and for that purpose obtained permission of the Competent Authority under section ……….. of the Urban Land (Ceiling and Regulation) Act vide his Order No ……………………. dated …………………..;
AND WHEREAS the Vendor has submitted the building plans to the ……………….. Municipal Corporation, which have been approved by the ……………….. Municipal Corporation vide letter No ………………………. dated …………. subject to certain conditions laid down in the said letter;
AND WHEREAS the Vendor has started the construction of the buildings as per the building plans approved by the ……………….. Municipal Corporation enclosed herewith at Annexure 1;
AND WHEREAS the Vendor has agreed to sell one apartment on the …………… floor in the building No…………….. being constructed and having the specifications mentioned in the Schedule 11 hereunder written at a price of Rs ………………. (Rupees …………………………… subject to the terms and conditions hereinafter appearing.
AND WHEREAS the Purchaser has inspected the documents relating to the land, the order of the Competent Authority, site plans approved by the ……………….. Municipal Corporation and is satisfied about the Vendor’s title to the said property and the site plans of the proposed buildings;
AND WHEREAS the title of the Vendor to the said property has been certified to be clear, marketable and free from encumbrances by M/s. …………………………… Solicitors and Advocates………………. and a copy of the said title certificate is hereto annexed at Annexure II ;
AND WHEREAS the Vendor has agreed to sell and the Purchaser has agreed to purchase the Apartment No……………..on the…………. floor in the building No……………….. hereinafter referred to as the said Apartment on the following terms and conditions.
NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:
(1) The Vendor shall construct the said building on the said plot of land, more particularly described in the Schedule 1, in accordance with the plans, designs and specifications approved by the ……………….. Municipal Corporation and which have been seen and approved by the Purchaser and kept by the Vendor at the office of M/s. …………………. Architects at ……………………. for inspection. The Vendor shall be entitled to make such variations and modifications as he may consider necessary or as may be required by the ……………….. Municipal Corporation of the Government of …………….. or any local authority.
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This template is an agreement for the sale of a residential apartment in India. It outlines the terms between the developer (Vendor) and the buyer (Purchaser), covering payment installments, construction specifications, possession timelines, and the formation of an apartment owners' association.
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About this template
What is this template?
This document is a formal contract for the sale of a residential unit before the building is complete. It contains specific provisions for Carpet Area measurements, statutory compliance with the Apartment Ownership Act, and a detailed schedule for installment payments. It is not a final Sale Deed or a Deed of Apartment, which are executed only after construction is finished.
When should you use it?
Use this template when a buyer is booking an apartment in a project that has approved building plans but is not yet ready for occupation. If the building is already completed and the occupation certificate is issued, use a Deed of Apartment or Sale Deed instead.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 2 | Agreement to Sell | Specifies the carpet area in square metres and the total purchase price payable in four specific installments. |
| 2 | Interest on Default | Obliges the Purchaser to pay interest at 18% per annum if payments are not made within the stipulated time. |
| 3 | Possession | Sets a specific delivery date for the apartment and requires the Vendor to obtain a completion and occupation certificate. |
| 5 | Common Expenses | Obliges the Purchaser to pay a fixed monthly sum for taxes and common services until possession is taken. |
| 6 | Statutory Compliance | Requires the Vendor to comply with Section 10 of the Ownership Flats Act 1963 and execute a Declaration under the Apartment Ownership Act 1970. |
| 10 | Restriction on Assignment | Prohibits the Purchaser from mortgaging or assigning the apartment prior to transfer without written consent from the Vendor. |
| 11 | Use of Premises | Restricts the use of the apartment strictly to residential purposes and prohibits any structural additions or alterations. |
Who it's for
- a developer in India selling a specific unit in a building currently under construction
- an individual purchasing a residential apartment from a vendor prior to the issuance of an occupation certificate
How long it runs and how it's signed
Law it's drafted under
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