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Apprentice (Associate)     22 July 2011

Essential term in contract missing?

I have an "Agreement for Sale" with me.  

It contains most of the essential terms of the contract.  However,  there is no mention of anything about a sale deed to be  executed and also when and where the Sale Deed will be executed. Is this an essential term and will it cause problems for the buyer if it is missing?  

  



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 3 Replies

pervez (adviser)     22 July 2011

No.... subsequent actions /acts in furtherance to 'agreement for sale ' would serve the purpose. It is important that the subsequent actions /acts are in continuation and are in respect of same property / matter.

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pervez (adviser)     22 July 2011

Further to add, the nature of agreement for sale is that the 'sellar and buyer both' would have to comply certain terms e.g. the buyer shall pay the part amount and the seller would ensure clear and marketable title of the property.... once the terms are complied in accordance with the agreement for sale, it is implied that the sale deed would be executed for transfer of title..... If the terms are not complied, both the parties may eitherr revert back to the same position or an aggrieved party may prefer suit for injunction and specific performance of contract... In all, no issues will be there if both the parties acts in accordance with the terms of agreement for sale. Hope the legal position is clear to you...

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(Guest)

 

Agreement for sale is a agreement between parties that on such and such terms the sale to take place. Terms and conditions could be agreed and sale to be completed on agreed future date with payment.

 

Agreement for Sale is not the actual sale but a contractual agreement to sell a property on particular terms and for a particular price, however the Sale Deed itself is where the acutal transfer ouccers and one becomes the owner of the property.

 

Sale Deed is a document executed at the time of finalising the sale deal. when entier aount is paid and property is conveyed sale deed is executed.



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