Agreement for sale of interest of purchaser

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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Agreement for sale of interest of purchaser.

Agreement made _________[date] between _________ of _________, seller, and _________ of _________, purchaser.
1. By a contract in writing, bearing date _________, seller purchased from _________, at the sum of $_____, of which ?he paid deposit of $_____, all that freehold estate situated at _________, and now in the occupation of _________; and seller has agreed to sell the same to purchaser, who by this agreement agrees to purchase at the sum of $_____ all h? right, benefit, and interest whatever of and in the premises under or by virtue of the contract:
2. In consideration of $_____, now paid by purchaser to seller, by way of deposit, and in consideration of the agreements on the part of purchaser contained below, seller by this agreement further agrees with purchaser that, on payment of the residue of the purchase money as mentioned below, ?he will, at the request, costs, and charges of purchaser in all things, effectually release and cause to be conveyed as well all h? right and interest of and in the premises, under or by virtue of the before recited contract, as also the fee-simple of the premises, free from all charges and incumbrances, unto purchaser, h? heirs or assigns, or as ?he or they shall direct, the drafts of such conveyance being first approved by the attorney for seller.
3. Purchaser further agrees on taking such conveyance of the premises as provided above, to duly pay the residue of the $_____ to the original seller, according to the above recited contract; and will duly fulfil the same on the part of seller in all other respects, and pay all costs and expenses whatever of, attending, and incident to the purchase, and to such conveyances and assurances as provided above.
4. Purchaser also agrees to at h? own expense effectually indemnify seller from and against all losses, damages, costs, and expenses whatever of and attending the conveyance of the estate and otherwise in respect of it, and also from and against all actions and other proceedings whatever on account or in respect of it under or by virtue of the recited contract.
5. It is further mutually agreed that if the recited contract shall not, from any cause whatever, be duly performed, this contract shall become void, and the excess of the deposit money paid by purchaser as provided shall be repaid to h? by seller, together with all expenses incurred, and all losses and damages sustained by h? under or by virtue of this agreement.
6. For the due performance of this contract each party binds h?self to the other of them in the penal sum of $_____ which shall be recoverable as liquidated damages between them under or by virtue of this agreement.