An agreement to sale is a very important document in the transaction of sale and purchase of a property. This agreement includes the terms and conditions agreed by both the parties. Its nothing but binding two parties seller and purchaser with the condition. An agreement to sale is the very basic document in the transfer of property.
What are the terms and condition of the agreement to a sale?
1. It includes the details of property which called it a property schedule.
2. Details of the seller and buyers like Name, Age, Occupation, Pan Card No, Aadhar No, Mobile Number and address.
3. Payment schedule with a time that approximately 2-3 months time is given by the seller to the buyer to complete the payment and transaction.
4. Earnest money/ advance money which is approximately 10 % and it is maybe nonrefundable if payment not gets by the seller from the buyer within a time.
5. It includes default penalty for buyer and seller if any one of them take back from the sale or purchase.
6. A seller needs to clear all dues before the execution of the sale deed.
7. Seller declares that the property is free from all encumbrances(like mortgage, claim, Dispute ).
8. This agreement should be irrevocable.
9. Two witnesses with name, address and sign.
10. Photo, Sign and Thumb of both seller and Buyer.