Land sale agreement format, Exercises of Law

Download Land sale agreement format and more Exercises Law in PDF only on Docsity! Agreement for Sale 1. Date: _________________ 2. Nature of Document: Agreement for Sale 3. Parties: Collectively the following which shall include their respective successors-in-interest. 3.1 Vendors: Collectively the following of the One Part: 3.1.1 ______________. 3.2 Purchaser: _____________of the Other Part. 4. Subject Matter: The ‘Sali’ land measuring about ____ Decimals (Satak) in L.R. Dag No.____________, R.S. Dag No. _______, L.R. Khatian No.____, Mouza______, Block-____________, J.L. No.__, P.S. ______, Sub-Registry Office________, under _____Gram Panchayat, District ______, morefully described in Schedule (the “Land”). 5. Background: 5.1 The Vendors have represented (the “Representations”) to the Purchaser inter alia as follows: 5.1.1 The Vendors are joint owners, seized and possessed of and/or otherwise well and sufficiently entitled and having a good and marketable title to the Land. 5.1.2 The entirety of the said Land is in khas and vacant possession of the Vendors and no person or persons other than the Vendors has any right of occupancy, easement or otherwise on the Land or any part thereto. 5.1.3 There are no suits and/or proceedings and/or litigations pending in respect of the Land or any part thereof. 5.1.4 There is no Bargadar or water body in the Land and there is no case pending nor have the Vendors received notice of any such claim or proceeding. 5.1.5 No part of the Land has been or is liable to be acquired under and/or vested under the West Bengal Land Reforms Act, 1955 and/or under any other law and no proceedings have been initiated or are pending in respect thereof. default by the Vendors, the Purchaser shall be entitled to pay the same on account of the Vendors and deduct the same from the total Consideration. 6.6 Survey: At any time hereafter, the Purchaser shall be at liberty, at its own costs and expenses to cause survey of the Land and the total Consideration shall be finally calculated on the basis of the actual Land area found after physical survey of the Land. 6.7 Clearances: The Vendors shall obtain all permissions and clearances at their own costs and expenses including the necessary clearance from the Urban Land (Ceiling and Regulations) Act, 1976 from the appropriate authorities for completion of the sale in favour of the Purchaser, if required. 6.8 Restrictions: The Vendors shall not sell to any other person, save and except to the Purchaser and its nominee or nominees, nor enter into any agreement for sale or any other arrangements of whatsoever nature with any third party in connection with the Land or encumber the same in any manner whatsoever during the subsistence of this agreement. 6.9 Time: Time in all respects shall be of essence of this contract. 6.10 Original Documents: The Vendors shall hand over all original Title Deeds and documents in respect of the Land to the Purchaser at the time of execution and registration of the Conveyance in respect of the Land in favour of the Purchaser. 6.11 Conveyance: The Sale of the Land shall be completed with marketable title and free from all encumbrances and with delivery of khas, peaceful and vacant possession of the Land against full payment within 90(Ninety days) from the date hereof after making out marketable title to the satisfaction of the Purchaser’s Advocates and after the Vendors fulfilling all their obligations mentioned herein. 6.12 Possession: Simultaneously with the registration of the Conveyance in respect of the Land, the Vendors will hand over to the Purchaser peaceful and vacant possession of the Land. 6.13 Assignment/Nomination: The Purchaser shall have the right to transfer and assign all its right, title, interest or obligations under this Agreement in respect of the Land or any part thereof or to nominate any other person or persons to take Conveyance in respect of the Land in its place and stead and no consent and/or permission of the Vendors or any one of them will be required therefore. The Vendors shall, if required, join and confirm such transfer/assignment. The sale shall be completed by execution and registration of Conveyance and/or Conveyances in such part or portions as may be desired by the Purchaser, within the time mentioned above. 6.14 Legal fees and costs: The Purchaser will bear and pay all costs of Stamp Duty and Registration fee and other legal expenses for preparation of this Agreement and the Deed of Sale in pursuance hereof. 6.15 Defaults: In case the Purchaser complies with and/giving effect to or implementing this agreement or is ready and willing to comply with all its obligations hereunder and the Vendors fail and/or neglect to comply with their obligations hereunder and/or to complete the sale in terms hereof, then and in such event, after the expiry of 7 days from the date when such obligation was to be met, the Purchaser shall have the option either to: a) Claim specific performance and/or damages and/or b) Without prejudice to his other rights, PROVIDED HOWEVER the Vendors shall be liable to pay interest @24% (Twenty Four Percent) on the advance paid hereunder and all costs and expenses spent in pursuance of hereof, for the entire period of delay, and/or c) Terminate this agreement and receive back all sums paid and spent in pursuance hereof together with interest accrued thereon @24% (Twenty Four Percent) per annum, from the date of payment till the date of refund and until such refund, the Purchaser shall have charge on the Land. 6.16 Notice: Any notice required to be given under these presents by either party shall be in writing and dispatched by Registered Post to the address of the other party as hereinbefore stated unless the change of address is expressed/intimated in writing and communicated by the party concerned to the other. 6.17 Indemnity: The Vendors agree to keep the Purchaser well and sufficiently saved, harmless and indemnified from and against all losses and damages in respect of the Land. 6.18 Jurisdiction: Courts within whose territorial jurisdiction the Land is situated shall have the sole jurisdiction to try and determine any litigation arising out of this Agreement for Sale. 6.19 Arbitration: All disputes between the Parties relating to this Agreement shall be referred to arbitration of an arbitral tribunal (the "Tribunal"), consisting of three arbitrators, one each to be appointed by the Vendors and the Purchaser and the third to be appointed by the two arbitrators so appointed. 6.19.1 The Tribunal shall be at liberty to: 6.19.1.1 Proceed summarily and not give any reason for its award. 6.19.1.2 Avoid all rules, procedures and/or evidences that can be lawfully avoided by the mutual consent and/or directions by the Parties. 6.19.1.3 Award damages along with the final award against the Party not complying with any interim award or order passed by the Tribunal. 6.19.2 The Tribunal shall: 6.19.2.1 Make the award within four months from the date of appointment with the right to give extension of not more than one month at a time on emergent grounds but the total extensions shall not be more than four months. 6.19.2.2 Conduct the proceedings from day-to-day and for about 5 hours per day save for initial sittings.