agreement of sale property

​ 
AGREEMENT OF SALE
 
THIS AGREEMENT OF SALE  is made and executed on this the ___ day of February,      by and between:
 

1. Mr. _______  S/o ________, aged about ___ years, Occ. __________, R/o ___________________, PAN No.______, Aadhaar No._______, Mobile No._________

 

1. Mr.

 
(Hereinafter called and referred as the VENDORS which expression shall unless repugnant to the context which includes all their legal heirs, representatives, administrators and assigns of the FIRST PART).
AND
 
 1.
 
 
 
 
(Hereinafter called and referred as the VENDEE which expression shall unless repugnant to the context which includes all their legal heirs, representatives, administrators and assigns of the SECOND PART).
 
WHEREAS the Vendor No.1 herein represent that he is the absolute owner and possessor of the agricultural land admeasuring Ac.10.11 Gts situated at NANDIGAM Village & Gram Panchayat, NANDIGAM Mandal, Ranga Reddy District, hereinafter referred to as Schedule A Property under the Jurisdiction of Sub-Registrar Office, Shadnagar – Registration District Ranga Reddy, having purchased the same from various persons under different registered sale deeds.  The details of sale transactions as enumerated below:
 
 
Thus, the total extent of Schedule, hereinafter referred to as Schedule C Property
 
 
AND WHEREAS THE Vendors have offered to sell the Schedule A,B, and C Properties together for a total sale consideration of ___________________ per acre and the Vendee has agreed to purchase the same for the said sale consideration.
 
AND WHEREAS the Vendors have made following representations:
 

1. That the Vendors are absolute owners of the Schedule Properties and their title to the Schedule Property is  good, marketable and subsisting and that none else have any  right, title,  interest or share therein and cost of good title shall  be that of Vendors at all times and the Schedule Property is  free from encumbrances and claims including all claims by way of sale, exchange, mortgage, gift, inheritance, trust, possession, easement, lien or otherwise and can vest clear title to the Schedule Property;

 

1. That the Schedule Properties are not subject to any litigation,   attachments,  court or acquisition proceedings of any kind or to any agency coupled with interests or tax liabilities, award, exchange, sale, gift, surety, charges etc., or hindrances, court  injunctions, decrees, assignment or trust of any nature whatsoever or attachment towards tax liability, nor has the Schedule Properties been given as security for any purpose either directly or indirectly or  made part of any surety in any case or court proceedings;

 

1. That the Vendors have not entered into any agreement or  arrangement for sale or development of the Schedule Properties  with anyone and have not executed any Power/s of Attorney to deal with the same;

 

1. That the Schedule Properties are not subject to  any attachment by the process of the courts or in the possession or custody by any Receiver, Judicial or Revenue Court or any Officer thereof and  is  not  the subject  matter of any suit, writ, execution or  other legal proceedings which bars development and sale of the Schedule Property;

 

1. That the Vendors does not have any pending liabilities with  income tax or any other tax which would  affect their title to the Schedule Properties and/or its development and/or sale in terms herein;

 

1. That the Vendors have not created any charge, mortgage or encumbrances on the Schedule Properties, affecting  development and have not alienated, leased, transferred or  created any other third party rights of whatsoever nature in respect of the Schedule Properties or any part thereof.

 

1. That the Vendors are in possession and enjoyment of the  Schedule Properties and is competent to permit the Second Party to enter upon the Schedule Properties.

 

1. That the Vendors have paid all land revenues, land tax, cesses  and other statutory charges in respect of the Schedule Properties to the concerned authorities upto date except the fee/charges under the Telangana State Agricultural Land (Conversion for Non Agricultural Purposes) Land Act, 2006 ;

 

1. That the Vendors will keep the Schedule Property free from all encumbrances, attachments, court orders, charges, leases, mortgages and other third party claims during the terms of this Agreement;

 

1. That there are no tenancy claims in regard to the Schedule  Property under the Andhra Pradesh Land Reforms Act;

 

1. That that Vendors does not hold land in excess of the   Ceiling limit under the Andhra Pradesh Land Reforms (Ceiling on Agricultural Holdings) Act, 1973 ;

 

• That the Schedule Properties are not a granted land to Schedule  Caste and Schedule Tribes and there is no prohibition or bar or impediment for sale of the Schedule Properties to anyone else;

 

1. That no notice from Government or any other local body or authority or under the Land Acquisition Act or any other Act (Central or State) otherwise or under any other Legislative  Enactment, Government Ordinance Order or Notification (including any notice for acquisition or requisition of the Schedule Property) has been received by the First Party to acquire whole or portions of the Schedule Property;

 

• That the Schedule Properties are not a ‘vacant land’ under the provisions of the Urban Land (Ceiling and Regulation) Act of 1976 ;  

 
 
NOW THIS DOCUMENT WITNESSETH AS UNDER:
 

1. The VENDORS shall sell and the VENDEE shall purchase the Schedule  A to C Properties  totally admeasuring Ac 17-37 Guntas (717 guntas) for a total consideration of Rs. _____________ per acre.

 

1. The Vendors represented that they are having clear, subsisting marketable title in and over the schedule of property, which is free from all encumbrances. 

 

1. The VENDEE has paid a sum of Rs.__________/- to the Vendors as mentioned hereunder:

 
Date
Amount
Cheque No.
Issued by
Issued to
Bank branch

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
The VENDEE has paid a further sum of Rs.______/- (Rupees _____________ only) by way of cheques as detailed below:
 
Date
Amount
Cheque No.
Issued by
Issued to
Bank branch

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 

1. In case if the Vendee intends to pay the balance sale consideration to the Vendors within the stipulated period, in such an event, the Vendors shall transfer the entire property in favour of the Vendee or its nominee or nominees.

 

1. The Vendee shall bear the expenditure relating to preparation, stamp duty, registration charges and related expenses for registration of the sale deed.

 

1. It is agreed that all the disputes, differences, or construction or interpretation of the document and also enforcement of the contract,recession of the contract and also transfer of the properties shall be if the Vendee fails to pay the sale consideration within a period of six months from the date of signing of the agreement or a grace period of two months (60 calendar days),  the Vendors shall have a right to forfeit 25% of the part payment of sale consideration mentioned in the agreement of sale i.e. ________________ and shall refund the balance amount to the Vendee within a period of seven working days.  In case if the Vendors fails to return the amount, they shall be liable to pay interest @ 24% on the said amount to the Vendee till the repayment of amount.

 

1. It is further agreed that in the event if the Vendors commits a breach of the covenants of the Agreement of Sale, even after the Vendee is ready and willing to pay the balance sale consideration, in such an event, it will be construed as breach of the agreement and the Vendee is entitled to enforce the contract in all aspects.

 

1. It is agreed that all the disputes, differences, or construction or interpretation of the document and also enforcement of the contract, recession of the contract and also transfer of the properties shall be referred to a mutually appointed arbitrator in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and shall be decided by such Arbitral Tribunal. The Arbitrator shall pass an award within six months from the date of reference. The award shall be final and binding on the parties.

 

1. The arbitration will be held in Hyderabad City.

 

1. The language of the arbitration proceedings will be in English

 

1. Before invoking the arbitration clause, the parties will mutually negotiate and try to settle the dispute amicably.  In case if the amicable settlement is not possible, the parties can invoke clause no.13.  

 

1. All the previous versions of agreements or understanding or Development General Power of attorney (DGPA) before this agreement, with regards to the scheduled property, between Vendors and Vendee of this document stands cancelled and this supersedes all the previous agreements.

 
SCHEDULE A PROPERTY
 
          All that agricultural land bearing Sy. No._____of an extent of Ac._____ Gts, situated at ________ Village & Gram Panchayat, ____ Mandal, Ranga Reddy District, Title Deed/ Pass Book No.____& Khatha No.____, bounded by:
 
On the North          :         Land of
On the South          :         Land of
        On the East            :         Land of
        On the West           :         Land of
 
 
IN WITNESSESS whereof the VENDORS and the VENDEE have executed this Agreement of Sale in the presence of the following witnesses
 
VENDORS
VENDEE

 
Signature _____________
Name:
 
Signature _____________
Name:
 
 
 
Signature _________________
Name:
 

WITNESSES:
1.
Signature ________________
Name :
 
2.
Signature ________________
Name :
 
 
Signature ____________________
Name :
 
Signature ____________________
Name :
 

 
3.
Signature ________________
Name :
 
Signature ____________________
Name :
 

 

 

 
          Received a sum of Rs.______________as under
 
Date
Amount
Cheque No.
Issued by
Issued to
Bank branch

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
towards part payment of sale consideration in respect of Schedule A to C properties covered by the agreement of sale dated __.  Out of the total sale consideration of  Rs.____________is payable in accordance with the terms and conditions of the agreement of sale dated_______.