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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:

  1. Details of Parties:

    • Full names, addresses, and ID proofs of both buyer and seller.
  2. Property Description:

    • Exact location, survey number, dimensions, boundaries, and type (land, plot, flat, or house).
  3. Sale Consideration:

    • Agreed purchase price and payment terms (advance, installments, balance due).
  4. Possession & Handover:

    • Date when the buyer will take possession.
  5. Encumbrances & Title Assurance:

    • Seller confirms that the property is free from legal disputes, mortgages, or encumbrances.
  6. Government Approvals:

    • Mention of necessary approvals from local authorities, such as RERA, municipal corporation, or town planning.
  7. Transfer of Ownership:

    • Process for executing the sale deed and property registration.
  8. Default & Termination Clause:

    • Conditions under which the agreement can be canceled and penalties for breach of contract.
  9. Indemnity Clause:

    • Seller ensures there are no legal claims and indemnifies the buyer against future disputes.
  10. Stamp Duty & Registration Charges:

  • Who will bear the cost of registration, stamp duty, and legal expenses.

Types of Sale Agreements:

  1. Land Sale Agreement: Used for selling open land or agricultural property.
  2. Plot Sale Agreement: Specific to residential or commercial plotted developments.
  3. Flat/Apartment Sale Agreement: Includes building approvals, amenities, and RERA compliance.
  4. 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? 😊

 

 

 

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