i m trying to add some points to the document -agreement of sale...plz correct the working if i have it wrong
TERMS OF PAYMENT
3.1 That PURCHASER shall make the requisite payments as specified in Schedule IV to this Agreement and other payments as mentioned by VENDORS/DEVELOPER from time to time, in a timely fashion and under no circumstance later than 7 days from the date specified in Schedule IV to this Agreement failing which interest at the rate of 18% will be charged for all delayed payments.
3.2 If the PURCHASER delays the payment for more than 15 days, VENDORS/DEVELOPER shall be entitled to terminate this Agreement and this Agreement shall be deemed to be terminated without any further notice from the VENDORS/DEVELOPER.
3.3 THE DEVELOPER will not charge any extra cost during the period of construction on account of any fluctuation in the price of materials and labour, if the prevailing rates for the building material/labour wages are not increased beyond 10% of the existing rates of today. IF the prices are increased by more than 10% during the period construction, the said difference shall be borne by the Party of the Second Part.
3.4 The payment by the PURCHASER to the DEVELOPER will be deemed as done on the date the cheque/DD is handed over to the DEVELOPER. The DEVELOPER is responsible for encashing the same, and any delay/loss by the DEVELOPER arising due to non-encashment due to delay in depositing it by DEVELOPER or Bank Holidays or terror attack or accident or mishaps or due to unforeseen acts of god like earthquakes, floods, cyclones etc., which are beyond human control will be solely DEVELOPER’s responsibility and the PURCHASER is not responsible for it and will not be charged any penalty for the same at any point of time.
3.5 The PURCHASER is taking Housing Loan to purchase the flat, hence the disembursement will be done on the date of the registration as mentioned in the Schedule IV. PURCHASER is not responsible for any loss arising to the DEVELOPER due the change in the date of the registration, and will not be charged penalty for the same at any point of time.
Article 4
TERMINATION
4.1 If Agreement is terminated as specified in Article 3.2 of this Agreement, DEVELOPER shall forfeit 10% of the Sale Consideration as liquidated damages from amount already paid by the Purchaser. In case of such termination VENDORS/DEVELOPER shall be entitled to sell the Scheduled Property to third parties, without reference to PUCHASER. The DEVELOPER shall refund the balance amount, after deductions as stated above, to PURCHASER only after receiving the monies from Prospective Purchaser of Schedule Property. Under no circumstances, the PURCHASER is entitled for refund of the money unless the Schedule
Property is sold by the DEVELOPER to the Prospective Purchaser and sale consideration is received from such Prospective Purchaser.
4.2 In event of Termination of this Agreement PURCHASER shall not have any claims over Scheduled Property.
4.3 If the Agreement is terminated due to bank declining the sanctioned home loan for no fault of PURCHASER or due to some legal/statutory issue in property/property documents or due to failure of release of sale deed as specified Article 7.4 or DEVELOPER fails to provide legal/statutory property documents required by the PURCHASER or if PURCHASER finds out any legal defect in property before execution of sale deed then the DEVELOPER shall not forfeit 10% of the Sale Consideration OR charge any penalties to PURCHASER and return the total amount paid by the PURCHASER to the DEVELOPER within 15 days of the termination, failing which an interest of 18% on the amount will be charged to the DEVELOPER.
4.4 If the agreement is terminated by DEVELOPER for any reason other than Article 3.2 , then DEVELOPER will return the total amount paid by PURCHASER within 7 days failing which interest at the rate of 18% per day will be charged to DEVELOPER for all delayed payments.
4.5 If there is a delay of more than 10 days in registering by the DEVELOPER from the date of registration mentioned in Schedule IV then the the agreement stands cancelled and the DEVELOPER will return back the full amount paid by the PURCHASER to the DEVELOPER without any deductions within 7 days and any delayed payments will be charged at 18% interest per day.
the black text has been put by the builder and read by me...plz correct thank u.
