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Agreement For Sale Of Mortgaged Property for India

Agreement For Sale Of Mortgaged Property Template for India

This document is a comprehensive legal agreement governed by Indian law that facilitates the sale of a mortgaged property while ensuring proper discharge of the existing mortgage. It establishes the terms and conditions for the sale transaction between the seller (mortgagor) and buyer, while incorporating the necessary provisions for mortgage discharge with the mortgagee's (typically a bank or financial institution) consent. The agreement complies with the Transfer of Property Act, 1882, and other relevant Indian legislation, ensuring proper transfer of title and protection of all parties' interests.

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What is a Agreement For Sale Of Mortgaged Property?

The Agreement For Sale Of Mortgaged Property is a specialized legal document used in India when a property owner wishes to sell a property that is currently under mortgage. This document is essential when the seller has an existing loan against the property and needs to coordinate the sale with both the buyer and the lending institution. The agreement includes specific provisions for handling the outstanding mortgage, payment mechanisms to ensure proper discharge of the loan, and the sequence of actions required to complete the transaction. It must comply with various Indian laws including the Transfer of Property Act, 1882, Registration Act, 1908, and SARFAESI Act, 2002. The document is particularly important as it protects the interests of all three parties - the seller, buyer, and mortgagee - by clearly defining their rights, obligations, and the process for transferring clear title to the buyer.

What sections should be included in a Agreement For Sale Of Mortgaged Property?

1. Parties: Identifies all parties: seller (mortgagor), buyer, and mortgagee (usually bank/financial institution)

2. Background: Recitals explaining property ownership, existing mortgage details, and intention to sell

3. Definitions: Defines key terms including Property, Mortgage, Outstanding Amount, Completion Date

4. Sale Agreement: Core terms of sale including purchase price, payment structure, and completion timeline

5. Mortgage Details: Details of existing mortgage, outstanding amount, and terms of discharge

6. Payment Terms: Structured payment process including direct payment to mortgagee for discharge

7. Mortgagee Consent: Express consent of mortgagee for the sale and terms of mortgage discharge

8. Seller's Representations: Warranties about property title, mortgage status, and no other encumbrances

9. Property Handover: Terms for physical possession transfer and documentation

10. Completion Process: Step-by-step process for completing sale and mortgage discharge

11. Costs and Taxes: Allocation of transaction costs, stamp duty, and registration fees

12. Governing Law: Jurisdiction and applicable laws

What sections are optional to include in a Agreement For Sale Of Mortgaged Property?

1. Third Party Claims: Include when there are potential claims or disputes related to the property

2. Insurance: Include when specific insurance arrangements need to be maintained until completion

3. Existing Tenancies: Include if property has existing tenants and their rights need to be addressed

4. Development Permissions: Include if property has pending development approvals or restrictions

5. Multiple Mortgages: Include if property has more than one mortgage to be discharged

6. Condition Precedents: Include when specific conditions must be met before completion

7. Escrow Arrangements: Include when funds or documents need to be held in escrow

What schedules should be included in a Agreement For Sale Of Mortgaged Property?

1. Property Description: Detailed description of property including boundaries, measurements, and registration details

2. Title Documents: List of title documents and chain of ownership

3. Mortgage Documents: Details of mortgage deed, loan agreement, and related documents

4. Outstanding Dues: Statement of outstanding mortgage amount and other dues

5. Payment Schedule: Detailed breakdown of payment installments and timelines

6. Completion Checklist: List of documents and actions required for completion

7. Encumbrance Certificate: Recent encumbrance certificate showing property's charge status

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Ƶ

Document Type

Sales Contract

Sector

Sales

Cost

Free to use
Relevant legal definitions



































Clauses



























Relevant Industries

Real Estate

Banking

Financial Services

Property Development

Construction

Housing Finance

Legal Services

Property Management

Relevant Teams

Legal

Real Estate

Property Management

Mortgage Operations

Risk Management

Compliance

Documentation

Title Processing

Loan Operations

Relevant Roles

Real Estate Lawyer

Property Lawyer

Bank Manager

Mortgage Officer

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Property Developer

Title Officer

Real Estate Transaction Manager

Risk Manager

Documentation Specialist

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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