Agreement for sale of interest of purchaser
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Information about the sale agreement
A sales agreement is a vital document in the procedure of purchase or sale of the property. Agreement consists of the conditions agreed by both the parties. It binds both seller and purchaser to the terms and conditions. This agreement gives a description about how the seller acquired the property, the price at which he is planning to sell it and an assurance to the buyer that the said property is free from all encumbrances, indemnity clauses and so on. The agreement for sale of interest of purchaser will cover all the above details and can be used as evidence in court of law as it has legal value. It is executed and signed by the buyer and seller on a non-judicial stamp paper. The conveyance deed will be drafted on the basis on this sale agreement. This agreement will be in writing as to avoid all the risks. Below mentioned are few details which will be found in this agreement.
Details mentioned in sale agreement
- Name of both the parties along with their age and residential address
- Place and date execution of agreement
- Liabilities and right of parties
- Description and location of property
- Agreed amount of sale
- Time and mode of payment
- Expenses that has to be met in future
- Declaration by the party who sells that the property is clear of any lawsuit
- Penalty and forfeiture clauses in the event of default
- Time line within which the formalities have to be finished
- Conditions with regard to delivery of possession
- Brief explanation about how the seller acquired the property
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