Contract based on an MoU
PRACHI
(Querist) 30 April 2009
This query is : Resolved
Hi All:
In continuation of my earlier query, I would like to clarify that we already have an MoU in place for a proposed sale and purchase of property.
The MoU states the parties' wish to execute the sale -purchase transaction at a certain price.
I would like to ask you all experts that as I understand there has to be an agreement to support such an MoU. In such a situation, what terms & conditions should the agreement (following the MoU)have?
Regards
A V Vishal
(Expert) 30 April 2009
AGREEMENT FOR SALE
THIS AGREEMENT FOR SALE is made and executed on this the day of , 2....
BETWEEN
Sri. s/o. aged years residing at hereinafter called the "SELLER" (which expression shall mean and include her legal heirs, successors, successors-in-interest, executors, administrators, legal representatives, attorneys and assigns) of ONE PART.
AND
Sri. s /o aged years residing at hereinafter called the "PURCHASER" (represented by his power of attorney ) which expression shall mean and include his heirs, successors, executors, administrators, legal representatives, attorneys and assigns of the OTHER PART.
WHEREAS THE SELLER AND THE PURCHASER HAVE ENTERED INTO AN MEMORANDUM OF UNDERSTANDING ON............ IN CONTINUATION OF THE SAME WISH TO PUT THE TERMS IN WRITING TO AVOID FUTURE DISPUTES.
WHEREAS THE SELLER is the absolute owner in possession and enjoyment of the
more fully described in the schedule hereunder and hereafter called the "SCHEDULE PROPERTY.
WHEREAS the property more fully described in the schedule hereunder is the self acquired property of the SELLER who purchased the same from in and by sale deed dated and registered as Doct.No. of Book 1 Volume No Pages to ,registered on and filed on the file of the Sub-Registrar,
WHEREAS the SELLER is the absolute owner of the property and he has been enjoying the same with absolute right and he has clear and marketable title to the Schedule Property
WHEREAS the SELLER being in need of funds for the purpose of
has decided to sell the property more fully described in the Schedule hereunder and the PURCHASER has offered to purchase the same..
WHEREAS the SELLER offered to sell and transfer the schedule property to the PURCHASER for a sale consideration of Rs (Rupees only) and the PURCHASER herein has agreed to purchase the same for the aforesaid consideration on the following terms and conditions:
NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:
1. The Sale consideration of the Schedule Property is fixed at Rs. (Rupees only).
2. The PURCHASER has paid a sum of Rs. (Rupees only) by cash/ cheque /D.D. bearing No drawn on dated as advance, the receipt of which sum the SELLER hereby acknowledges.
3. The balance payment of Rs . (Rupees only) will be paid by the PURCHASER to the SELLER at the time of execution of the absolute Sale Deed and thus completing the Sale transaction.
4. The parties herein covenant to complete the Sale transaction and to execute the Absolute Sale Deed by the end of
5. The SELLER confirms with the PURCHASER that he/she has not entered into any agreement for sale, mortgage or exchange whatsoever with any other person relating to the Schedule Property of this Agreement.
6. The SELLER hereby assures the PURCHASER and he/she has absolute power to convey the same and there are no encumbrances, liens, charges, Government dues, attachments, acquisition, or requisition, proceedings etc.
7. The SELLER agrees to put the purchaser in absolute and vacant possession of the schedule property after executing the sale deed
