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Agreement To Sell Contract for India

Agreement To Sell Contract Template for India

An Agreement to Sell Contract under Indian law is a legally binding document that creates a commitment for the future transfer of property from a seller to a purchaser. This document, governed by Indian contract law and property law, establishes the terms and conditions of the intended sale, including property details, consideration amount, payment terms, and completion timeline. It serves as a crucial preliminary agreement that precedes the final sale deed, creating mutual obligations while ensuring compliance with the Transfer of Property Act, 1882, and other relevant Indian legislation.

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What is a Agreement To Sell Contract?

The Agreement to Sell Contract is a fundamental document in Indian property transactions, serving as a crucial intermediate step between initial property negotiations and the final sale deed. This document is typically used when parties have agreed on the basic terms of a property sale but need time to complete various requirements before executing the final transfer. It includes essential details such as property description, sale consideration, payment schedule, and completion timeline, while ensuring compliance with Indian contract law, property law, and registration requirements. The agreement creates legally binding obligations on both parties and can be enforced through specific performance under Indian law. It's particularly important as it protects both parties' interests during the interim period before the final sale deed execution.

What sections should be included in a Agreement To Sell Contract?

1. Parties: Identifies and provides full details of the seller and purchaser including names, addresses, and legal status

2. Background: Sets out the context of the agreement, including seller's ownership and intention to sell

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Detailed description of the property being sold including address and registration details

5. Sale Consideration: States the agreed purchase price and payment structure

6. Payment Terms: Details the schedule of payments, including earnest money and balance payment terms

7. Completion Timeline: Specifies the timeline for completing the sale and executing the final sale deed

8. Seller's Representations: Warranties and representations regarding property title, encumbrances, and legal status

9. Seller's Obligations: Lists the seller's commitments and responsibilities until completion

10. Purchaser's Obligations: Specifies the purchaser's commitments and responsibilities

11. Title Documents: References to property ownership documents and their verification

12. Default and Consequences: Describes events of default and their consequences for both parties

13. Dispute Resolution: Mechanism for resolving disputes between parties

14. Notices: Specifies how formal communications between parties should be made

15. Governing Law: Specifies Indian law as governing law and relevant jurisdiction

16. Execution: Signature blocks and execution formalities

What sections are optional to include in a Agreement To Sell Contract?

1. Power of Attorney: Required when either party is acting through an authorized representative

2. Third Party Rights: Needed when there are existing tenants or other third-party interests in the property

3. Condition Precedents: Used when specific conditions must be met before the sale can proceed

4. Tax Obligations: Detailed section on tax implications when complex tax considerations apply

5. Force Majeure: Include when additional protection against unforeseen events is required

6. Loan/Mortgage Details: Required when the property has existing loans or when purchase is through new financing

7. Property Maintenance: Important when there's a significant gap between agreement and completion

8. Indemnification: Additional protection clauses for specific identified risks

What schedules should be included in a Agreement To Sell Contract?

1. Property Schedule: Detailed description of property including boundaries, measurements, and fixtures

2. Payment Schedule: Detailed breakdown of payment installments and dates

3. Title Documents List: Complete list of title and ownership documents

4. Encumbrance Details: List of existing encumbrances, if any

5. Due Diligence Report: Summary of legal and technical verification of property

6. Outstanding Liabilities: List of pending bills, taxes, or other liabilities

7. Property Photographs: Visual documentation of property condition at time of agreement

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

Cost

Free to use
Relevant legal definitions




































Clauses





































Relevant Industries

Real Estate

Construction

Property Development

Banking & Finance

Retail

Manufacturing

Hospitality

Healthcare

Education

Information Technology

Logistics

Agriculture

Relevant Teams

Legal

Real Estate

Compliance

Finance

Operations

Facilities Management

Business Development

Administration

Risk Management

Corporate Affairs

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Company Secretary

Property Developer

Real Estate Agent

Compliance Officer

Contract Manager

Property Manager

Business Development Manager

Facilities Manager

Investment Manager

Asset Manager

Chief Financial Officer

Chief Legal Officer

Operations Director

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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