Agreement for Sale of Freehold Property (India) by OLL
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Agreement for Sale of Freehold Property
THIS AGREEMENT is made at _______ the ____________ day of ___________ between A (hereinafter called ‘the vendor’) of the Other Part, whereby it is agreed as follows :
1. The Vendor shall sell and the Purchaser shall purchase, for the sum of Rs. _______ whereof a sum of ____ has been paid to the Vendor as stakeholders on the signing hereof as a deposit, the freehold property particularly described in the First Schedule hereto (but subject to and with the benefit of the tenancies mentioned in the Second Schedule hereto so far as subsisting.)
2. The title to the property shall commence with Deed of _______ dated the ______ day of ________.
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3. The Purchaser shall deliver the requisitions and objections (if any) in respect of the title and all other matters arising upon the abstract or this agreement to the Vendor’s Advocate within 14 days after the day of the delivery of the abstract and the replies to answers within 7 days after the receipt thereof and in these respects time shall be of the essence of the contract. In default of or subject only to any such requisitions and objections so made the purchaser shall be deemed to have accepted the title.
4. (i) If the purchaser shall insist on any requisition or objection of any kind which the Vendor shall be unable or unwilling to remove or comply with the Vendor may (notwithstanding any intermediate negotiations or litigation in respect thereof) give notice in writing to the Purchaser or his Advocate of the intention of the Vendor to rescind this contract unless such requisition or objection shall be withdrawn and if such notice shall be given and the requisition or objection shall not be withdrawn within 7 days after the day on which the notice was sent, this contract shall without further notice be rescinded.
(ii) The Vendor shall thereupon return to the Purchaser the deposit but without any interest, costs or other compensation or payment whatsoever.
5. The Purchaser shall admit the identity of the property agreed to be purchased with that comprised in the documents of title offered by the Vendor by a comparison of the description contained in the First Schedule hereto.
6. (i) The property is sold subject to all easements affecting the same.
(ii) The property is believed to be correctly described as to quantity and otherwise but if any error, misstatement or omission shall be discovered in the description of the property contained in the First Schedule hereto or in any plan annexed hereto the same shall not annual the same but reasonable compensation shall be allowed by the Vendor or the Purchaser as the case may require in respect thereof and the amount of such compensation shall in case of dispute be settled by two arbitrators or their umpire pursuant to the Arbitration Act, 1940.
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A legal agreement for the sale of freehold property in India, outlining the terms of transfer between a vendor and a purchaser. It covers essential aspects including purchase price deposits, title examination, handling of objections, and the final completion process including possession and insurance.
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About this template
What is this template?
This document is a formal agreement to sell freehold real estate in India. It is not a final Sale Deed, which is the instrument that actually transfers the title upon registration. It contains specific procedural timelines for 'abstract of title' delivery and 'requisitions' that are characteristic of Indian conveyancing practice.
When should you use it?
Use this when parties have agreed on a price for Indian freehold property but need time for due diligence before final completion. Use a Sale Deed instead when the final payment is ready and the transfer is being registered immediately.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Purchase Price and Deposit | Specifies the total sale price in Rupees and the deposit amount paid to stakeholders upon signing. |
| 3 | Requisitions and Objections | Requires the Purchaser to deliver title objections within 14 days of receiving the abstract or be deemed to have accepted the title. |
| 4 | Vendor's Right to Rescind | Permits the Vendor to rescind the contract if the Purchaser insists on a title objection the Vendor is unwilling to remove. |
| 6(ii) | Errors and Omissions | Provides for compensation settled by two arbitrators under the Arbitration Act 1940 if property description errors are discovered. |
| 7 | Completion and Interest | Mandates interest payments at a specified percentage if the Purchaser fails to complete the balance payment by the fixed date. |
| 9 | Forfeiture and Resale | Authorises the Vendor to forfeit the deposit and resell the property if the Purchaser fails to comply with contract conditions. |
Who it's for
- a vendor in India selling freehold land subject to existing tenancies mentioned in a schedule
- an Indian property purchaser requiring a formal period for title investigation and requisitions
- parties in India intending to use arbitration to resolve property description disputes
How long it runs and how it's signed
Law it's drafted under
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