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Agreement for Sale
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What exactly is a Agreement for Sale?
Agreement for Sale is a document that outlines the terms and conditions for sale of a immovable property. It is executed by the seller and the buyer for the transfer of ownership of immovable property and contains vital information i.e. the price to be paid for buying the property, description of the property, how and when the property ownership will get transferred to the buyer, etc.
By carefully reviewing the terms and conditions of Agreement for Sale, both the seller and the buyer can minimize their risks. If one party violates such terms, then other party can approach court seeking specific performance of the agreement. Agreement for Sale can also be oral, but if it is in writing, it is better that it is duly stamped and registered before the concerned court.
What are the components of Agreement for Sale?
Agreement for sale documents supports the execution of the sale deed and registration of the same.
- Proposal of sale and purchase of sale transaction.
- Details and description of a property.
- Method of the property delivery.
- Terms of making payment for purchasing the property.
- The time period for completion of the property.
- The time and date of executing a Sale Deed and delivery of actual, vacant and physical possession of the property.
How To Make It Enforceable And Legally Valid?
When you’re prepared to print the document, make sure it is error-free by following the checklist provided below.
- Make sure that the Seller and Buyer put their signatures at the bottom of each page and at the end of the document.
- Make sure that the names and addresses of the Witnesses are mentioned along with their signatures.
- Mention the complete details of the property to be sold under Agreement for Sale.
- The Agreement for Sale if in writing is duly stamped and registered before the concerned court
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