Lockout Agreement Deeds Immovable Property 917 Legal Draft Template

Agreement made at …..……….... this day of between Mr. ……………… hereinafter referred to as the Vendor (Which expression shall unless repugnant to the context or meaning thereof be deemed to include his /their heirs, executors, administrator, representative and assigns) of the one part and Mr. ……………… hereinafter referred to as the Purchaser (Which expression shall unless repugnant to the context or meaning thereof be deemed to include his /their heirs, executors, administrator, representative and assigns) of the other part as follows :

1. In consideration of sum of Rs………… paid by the buyer to the Vendor this day (the receipt whereof the Vendor having acknowledged) the Vendor agrees that during the period of days/months from the date hereof (called lockout period) the Vendor will not conduct negotiations with any third party for the sale of the property of the Vendor being the piece of land admeasuring about sq……….. meters having S. No……… Plot No. ……… and situate at…………………………….. and will not send to any third party a draft contract of sale or title deeds relating to the property.

2. The buyer agrees forthwith to take all necessary steps to proceed with the proposed purchase of the said property including approval of the contract and the title to the said property, raising inquiries, arranging a mortgage (if required) and a surveyor.

3. This agreement will lapse if the Purchaser informs the Vendor that the purchaser no longer wishes to proceed with the purchase of the said property or upon the expiry of the said lock out period whichever event happens earlier.

4. This agreement is independent of a contract for sale and does not bind the parties to sell or buy the property.

IN WITNESS WHEREOF THE PARTIES HAVE PUT THEIR RESPECTIVE
HANDS THE DAY AND YEAR FIRST HEREINABOVE WRITTEN.

Signed and delivered by the Vendor                         )
Signed and delivered by the Purchaser             )