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About this template
What is this template?
This document is a three-party contract between a seller, a buyer, and a lender for the transfer of real estate title. It specifically includes the lender as a party to ensure the mortgage is discharged simultaneously with the sale. It is not a standard two-party sale deed as it requires the Mortgagee to acknowledge receipt of funds and return the title documents.
When should you use it?
Use this agreement when the property being sold is encumbered by an existing mortgage that will be cleared using the sale proceeds. Use a standard Agreement for Sale if the property is already free from all encumbrances and liens.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Purchase Price and Payment | The Purchaser pays earnest money and a secondary installment, with the final balance due at the time of registration of the sale deed. |
| 2 | Title Investigation | The Mortgagee's advocate delivers title documents to the Purchaser's advocate for review without affecting the existing mortgage status. |
| 4 | Completion and Expenses | The purchase must be completed within a specific month-based period, with the Purchaser bearing all stamp duty and registration charges. |
| 5 | Discharge of Mortgage | The Mortgagee must discharge the debt and return the deed upon payment of a specified sum by the Purchaser. |
| 6 | Refund of Earnest Money | The Vendor must refund earnest money with monthly interest if the Purchaser's advocate does not approve the property title. |
| 8 | Breach and Liquidated Damages | If the Vendor breaches the agreement, they must refund the earnest money and pay a specific sum in liquidated damages. |
| 11 | Tax Clearance | The Vendor is responsible for obtaining tax clearance certificates and municipal permissions at their own cost. |
Who it's for
- a property owner selling a house while still owing a debt to a named Mortgagee
- a buyer purchasing real estate that requires the lender to discharge a lien at closing
- an Indian real estate transaction involving the handover of vacant possession and title deeds
How long it runs and how it's signed
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