Agreement For Sale 1
Agreement For Sale 1
Agreement For Sale 1
require in respect thereof and the amount of such compensation shall in case of dispute be settled
by two arbitrators or their umpire pursuant to the Arbitration Act, 1940.
7 (i) The Purchaser shall pay the balance of the purchase money on the ______ day of
_______________ at the office of _________ the Advocate of the Vendor at which time and
place the purchaser shall be completed.
(ii) Upon such payment the Vendor and all other necessary parties (if any) shall execute a proper
assurance of the property to the Purchaser. Such assurance shall be prepared and (if necessary)
stamped by and at the expense of the Purchaser.
(iii) The Purchaser paying the balance of the purchase money shall as from the day hereby fixed
for completion of the purchase be let into possession or into receipt of the rents and profits and
shall pay all outgoing which shall if necessary be apportioned and the balance shall be paid by or
allowed to the Purchaser on completion.
(iv) If from any cause whatever (other than the willful default of the Vendor) the purchaser shall
not be completed on that day the Purchaser shall pay to the Vendor interest on the balance of the
purchase money at the rate of ___ per centum per annum from the day until the actual
completion of the purchase but the Vendor shall have the option of taking the rents and profits of
the property (less outgoing) upto the date of actual completion instead of the said interest and the
Purchaser shall not be entitled to any compensation for the Vendors delay or otherwise.
(v) Provided that, if delay in completion arises from any other cause than the Purchasers own
act or default the Purchaser may
(a) at his own risk deposit the balance of the purchase money at any Bank in the name of the
Purchaser or otherwise and
(b) give notice in writing forthwith of such deposit to the Vendors Advocate and in that case the
Vendor shall be bound to accept the interest allowed thereon as from the date of such deposit in
lieu of the interest or net rents and profits accruing after that date which would otherwise be
payable to the vendor under this condition.
8. The Purchaser shall pay to the Vendor the proportionate part of the premium as from the date
of completion of sale on any subsisting policy of fire insurance and shall be entitled so far as the
Policy or consent by the insurance office permits to the benefit of such insurance as from the
date of completion and the Vendor shall if so required consent to the name of the Purchaser
being endorsed on the policy or entered in the books of the insurance office as being interested in
the policy but the Vendor shall not give to the Purchaser notice of any premium being or
becoming due.
9. If the Purchaser shall fail to comply with these conditions the deposit shall be forfeited to the
Vendor who may thereupon re-sell the premises at such time in such manner and subject to such
conditions as the Vendor shall think fit and any deficiency in price which may happen on and all
expenses attending such re-sale shall immediately afterwards be paid by the present Purchaser to
the Vendor and if not so paid shall be recoverable by the Vendor as liquidated damages.
As witness the hands of the said parties have been put the day and year first above written.
The First Schedule (Particulars of the property)
The Second Schedule (Particulars of tenancies)
Signed by the Vendor
Mr. _______ in the presence of ___________
Signed by the said Purchaser
Mr. _________ in the presence of _________