Agreement For Sale Of Mortgaged House - Legal Draft

This Agreement made at

......................... on this ................ day of ...................,

2000, between A, son of ...................... resident of

...................... (hereinafter called the vendor) of the FIRST PART, B,

son of....................... resident of .................................

(hereinafter called the purchaser) of the SECOND PART and C son of

..................... resident of.......................................

(hereinafter called the mortgagee) of the THIRD PART.Whereas the vendor is

absolutely seized and possessed of or well and sufficiently entitled to the

house more fully described in the Schedule hereunder written, hereinafter

referred to as the "said house";And Whereas the said

house is mortgaged with Shri ................. for the sum of Rs.

...................... pursuant to a deed of mortgage executed between the

vendor and Shri ............................. on the other part and a sum of

Rs. ....................... is due from the vendor to the said mortgagee.And Whereas the

vendor has agreed to sell and purchaser has agreed to purchase the said house

an the terms and conditions mentioned below:it is hereby agreed

between the parties as follows:1.

The

vendor will sell and the purchaser will purchase all that house No.

.................... Road ............... more particularly described in the

Schedule hereunder written for a sum of Rs. ............... out of which the

purchaser has paid Rs. ................. to the vendor as earnest money (the

receipt of which sum, the vendor hereby acknowledges) and out of balance price

to be paid by the purchaser, he shall pay Rs . .................. on or before

the date of ......................... and the remaining sum of Rs.

.................. will be paid to the vendor at the time of registration of

the sale deed.2.

The

mortgagee's advocate shall deliver the documents of title of the said house to

the purchaser's advocate against his accountable receipt within ..................

days from the date of this agreement for investigation of title.It is hereby declared

that delivering the documents of title by the mortgagee to the purchaser's

advocate will not affect the mortgage of the mortgagee and mortgage on the said

house will continue until the full payment of the mortgage money is made to the

mortgagee by the vendor or the purchaser.1.2.3.

The

said house will be purchased by the purchaser without any encumbrance,

easements, restrictions and rights affecting the same.4.

The

purchase shall be completed within a period of .............. months from the

date of this Agreement. The purchaser shall send the draft conveyance deed to

the vendor a fortnight prior to the date of the intended execution and after

approval thereof by the vendor, the purchaser shall get the same ready for

execution by the vendor. All expenses for preparation of the conveyance deed,

cost of stamp and registration charges and all other out of pocket expenses

shall be borne by the purchaser.5.

The

mortgagee shall discharge the mortgage on the back of the mortgage deed on

payment of Rs. ........... by the purchaser and return the mortgage deed duly

discharged to the purchaser. It is hereby agreed and confirmed that the sale

deed shall not be executed, unless the mortgage on the said house is discharged

by the mortgagee.6.

If

the vendor's title to the said house is not approved by purchaser's advocate,

the vendor shall refund the earnest money to the purchaser within

................. days from the date of intimation by the purchaser about the

non-approval of the title by his advocate. If the vendor does not refund the

earnest money within................ days, he shall be liable to pay interest @

Rs ................ per month upto the date of payment of earnest money. In the

case of non-approval of title by the purchaser's advocate, the purchaser's

advocate shall return the documents of title of the said house to the

mortgagee's advocate.7.

If

the purchaser commits breach of this agreement, the vendor shall forfeit the

earnest money paid by the purchaser and the purchaser shall also be liable to

pay to the vendor the deficiency and expenses of resale of the said house.8.

If

the vendor commits breach of the agreement, he shall refund the earnest money

to the purchaser and he shall also be liable to pay Rs . .................. to

the Purchaser by way of liquidated damages.9.

The

vendor shall execute conveyance deed in favour of the purchaser or his nominee,

as the purchaser may require.10.

The

vendor shall hand over the vacant possession of the said house and documents of

title in respect thereof to the purchaser before registration of the conveyance

deed.11.

The

vendor shall at his own cost obtain certificate under section 230A, Income-tax

Act, and any other permission or no objection from Government, Municipal or

statutory authority for the completion of conveyance deed.12.

Notwithstanding

anything contained in clauses 7 and 8 hereof, the parties will have the right

for specific performance of this Agreement.The Schedule above

referred toIN WITNESS WHEREOF

the parties have set their hands to this Agreement on the date and year first

hereinabove written.Signed and delivered

by Shri A,the within named

VendorSigned and delivered

by Shri B,the within named

PurchaserSigned and delivered

by Shri C,the within named

MortgageeWITNESSES;1.2.