What is an agreement of sale?
The agreement of sale shows the willingness of the parties to buy/sell the property in future upon the satisfaction of certain terms and conditions. However, since it does not involve an immediate transfer of ownership, the buyer has no right and interest in the property in question.
Sale agreement specifies the terms and conditions under which the property will be transferred.
Sale agreement precedes sale deed, signed and executed by the seller and buyer on a non-judicial stamp paper.
An agreement of sale includes the following terms:
- Proposal to purchase and agreement to sell in future
- Detailed description of the property
- Disclaimer that the property is free from legal encumbrances
- Value of the property including payment details
- Delivery of the original documents on the final payment
- Execution of sale deed and registration of the same if the titles are found good
- Method of property delivery
- Payment refund in case of improper titles
- Action course for non-completion of sale on the part of the seller
- Loss of advance payment if the purchaser fails to complete the transaction
- Remedy if legal issues besiege the property
- Transfer of tax-related certificates
- All other matters related to the proposed sale
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