Sale Agreement
A Sale Agreement for land, plot, flat, or house is a legally binding document that outlines the terms and conditions between a buyer and seller. It serves as a commitment before the final sale deed is executed.
A Sale Agreement for land, plot, flat, or house is a legally binding document that outlines the terms and conditions between a buyer and seller. It serves as a commitment before the final sale deed is executed.
Key Elements of a Sale Agreement:
Details of Parties:
- Full names, addresses, and ID proofs of both buyer and seller.
Property Description:
- Exact location, survey number, dimensions, boundaries, and type (land, plot, flat, or house).
Sale Consideration:
- Agreed purchase price and payment terms (advance, installments, balance due).
Possession & Handover:
- Date when the buyer will take possession.
Encumbrances & Title Assurance:
- Seller confirms that the property is free from legal disputes, mortgages, or encumbrances.
Government Approvals:
- Mention of necessary approvals from local authorities, such as RERA, municipal corporation, or town planning.
Transfer of Ownership:
- Process for executing the sale deed and property registration.
Default & Termination Clause:
- Conditions under which the agreement can be canceled and penalties for breach of contract.
Indemnity Clause:
- Seller ensures there are no legal claims and indemnifies the buyer against future disputes.
Stamp Duty & Registration Charges:
- Who will bear the cost of registration, stamp duty, and legal expenses.
Types of Sale Agreements:
- Land Sale Agreement: Used for selling open land or agricultural property.
- Plot Sale Agreement: Specific to residential or commercial plotted developments.
- Flat/Apartment Sale Agreement: Includes building approvals, amenities, and RERA compliance.
- House Sale Agreement: Covers constructed properties, along with existing utilities and furniture (if included).
Would you like a customized Sale Agreement template for a specific type of property? 😊
Â
Â