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Sale Agreement
ABOUT SALE AGREEMENT
A sale agreement is a legal document in which a seller agrees to sell his property to a prospective buyer in exchange for money, containing all the terms agreed upon between the buyer and the seller. The person who agrees to sell his property is known as the seller and the person who agrees to buy the said property is known as the buyer. This document is very important before buying a property as it is binding on both the buyer and the seller. If one party refuses to comply with any of the terms of this agreement the other party can assert his right with the help of the court.
A sale agreement is drafted by an experienced property lawyer and all terms agreed upon between the buyers and the sellers are included in the agreement. All terms and conditions contained in this agreement shall be thoroughly read and understood by both parties before signing the sale agreement and both parties shall be bound to abide by all such terms and conditions until the sale deed is executed. It is clear from the above discussion that this is a very important document and must be prepared very carefully by a competent property lawyer.
REGISTERED SALE AGREEMENT
A sale agreement can be registered with the consent of both parties. A sale agreement should be registered in the office of the sub-registrar of the area where the property is situated. A sale agreement can be registered by paying the appropriate stamp duty with the consent of both parties but this stamp duty varies from state to state. In this case, the stamp duty paid at the time of registration of the sale agreement shall be deducted from the actual stamp duty and the remaining stamp duty and registration fee shall be paid at the time of registration of the sale deed.
LANGUAGE OF THE SALE AGREEMENT
The terms of a sale agreement must be clear and unambiguous and the sale agreement should be written in a language that the seller understands very well. The language of a sale agreement shall be such that it is not open to two or more interpretations. If the contract language is ambiguous and has multiple interpretations, it will create problems for both the seller and the buyer in the future.
SALE AGREEMENT IN KOLKATA
If you are looking to buy a property in Kolkata, it is essential to have a sale agreement in place to protect your interests. A sale agreement is a legal document that outlines the terms and conditions of the property sale between the buyer and the seller. It is essential to have a clear and concise sale agreement to avoid any misunderstandings or disputes in the future. In Kolkata, there are various types of sale agreements used for different types of properties such as land, houses, and flats.
The agreement to sell is the preliminary agreement signed between the buyer and the seller before the sale deed is executed. It sets out the terms and conditions of the sale and is an important document that needs to be prepared carefully. It includes important terms and conditions such as the sale price, payment schedule, possession date, and other relevant information.
SALE AGREEMENT FOR PLOT OF LAND
When buying a land in Kolkata, a land selling or purchase agreement is an essential legal document that lays out the terms and conditions of the transaction. This agreement typically includes crucial details about the land, such as its location, measurement, nature and character, and boundaries. It also outlines the purchase price, payment terms, date of sale deed registration, and date of possession. Other essential details that may be included are provisions for the transfer of ownership, payment of taxes, and any conditions that must be met before the sale can be completed.
SALE AGREEMENT FOR HOUSE
A sale agreement for house purchase is used when a buyer intends to purchase a house. It is important to ensure that the agreement covers all necessary requirements to safeguard the interests of both the buyer and seller. Some of the key requirements of a house purchase agreement include specifying the measurements of the house and land, the nature of the land, land boundaries, number of floors or stories, roof and floor type, possession terms, completion date, and any warranties or guarantees provided by the seller.
SALE AGREEMENT FOR FLAT
A sale agreement for resale flat is used when a buyer wants to purchase a flat that has already been sold by the builder or the previous owner. The agreement typically includes specific details of the property being sold, such as its location, flat number, floor number, measurement, number of rooms, and condition. It also outlines the purchase price, payment terms, possession date, possession letter, completion letter, plan sanction number, and any contingencies or conditions that must be met before the sale can be completed. In addition, the agreement may include provisions for the transfer of ownership, payment of taxes, and other legal requirements.
CHECK IMPORTANT POINTS BEFORE SIGNING
Parties to the agreement: This is the most important point where the name, age, occupation, and address of both parties should be written to indicate which person has agreed to buy or sell it.
Property details: A sale agreement should contain a clear description of the property for which the parties agree to sell otherwise a problem may arise between the parties regarding the property. It is very important to specify the property type, measurements, boundaries, and location of the property.
Consideration amount: Before signing a sale agreement it is essential to check whether the correct consideration value of the property is mentioned. It is very important to see how much money is being paid as earnest money and how much is left. If there is an option to pay in installments, it must be mentioned in the agreement.
Free from encumbrances: The agreement must specify whether the property is free from all encumbrances. If the property is not free from all encumbrances then the buyer may face many problems in the future.
No previous transactions: The seller must confirm that there have been no transactions in the past regarding this property and this must be stated in the agreement.
Delivery of possession: Delivery of possession is an important point of the sale agreement. The agreement should state when the final sale deed will be registered and the seller will hand over the property to the buyer.
Indemnity: An indemnity is an important point in a sale agreement. This point describes liability for problems not disclosed by the seller. The seller will be responsible for all property-related issues that he did not disclose to the buyer such as previous transactions, debts, taxes, and charges, etc.
Signature and date: The sale agreement should be signed and dated by both parties after careful review and understanding.
DIFFERENCE BETWEEN A SALE AGREEMENT AND A SALE DEED
A sale agreement and a sale deed are two different types of legal documents. These are as follows.
1. Ownership is transferred through a sale deed and this happens as soon as the sale deed is registered. On the other hand, a sale agreement is a promise to execute a sale deed in the future.
2. The title of the property is transferred through the sale deed but the title of the property is not transferred through the sale agreement.
3. A sale agreement includes the terms on which the property will be transferred in the future but the sale deed includes the content that the property is being transferred.
4. A sale agreement does not change the ownership of the property but Ownership of the property is transferred as soon as the sale deed is registered.
5. In case of the sale agreement, the risk and liability of the property remain with the seller but it is transferred to the new buyer after the sale deed is registered.
6. Registration of the sale deed is mandatory but registration of the sale agreement is not mandatory though it varies from state to state.
7. A registered sale agreement can be cancelled but a registered sale deed cannot be cancelled.
BENEFITS OF THE SALE AGREEMENT
The benefits of the sale agreement are as follows;
• A sale agreement is useful to take a loan from the bank.
• You don’t have to pay all the money at once.
• The seller cannot sell the property to someone else even if the property is priced higher.
• The seller cannot demand a higher price from the buyer.
• The seller cannot refuse to register the sale deed.
• If the buyer refuses to purchase the property, the seller can fine the buyer, but this should be subject to the agreement.
