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How do I draft that and execute the same?  What are the must have clauses? Who will all sign the agreement? Does it need to be signed by witnesses, if so how many?
asked Aug 29, 2017 in Legal Matters by rahulsekhawat82 (27 points) | 713 views

1 Answer

+1 vote

A Sale Agreement should be drafted with terms and conditions which are mutually agreeable to both the parties i.e. the Seller and Buyer. You should get it done by an experienced property lawyer.

Some of the key points that should be there in the Sale Agreement are:

The date on which the sale agreement is being executed.

1. Name, Father/Husband’s Name, Age, Address and PAN card details of the Vendor(s) and Purchaser(s).

2. Schedule of the property.

3. Title flow of the property.

4. Total sale consideration, i.e. the total sale value.

5. Advance payment & mode of payment.

6. Timeline for completing the transaction, i.e. registering the sale deed.

7. Vendor obligations.

8. Non-solicitation by Vendor.

9. Dispute handling mechanism.

10. TDS details.

11. Default, exit and penalty clause.

Execution of Sale Agreement:  For executing a Sale Agreement, a Stamp Duty of 0.1% of the Sale Consideration needs to be paid to the Government. You can execute the Sale Agreement by printing it on an e-stamp paper which is worth the Stamp Duty or you can get it franked at the sub-registrar’s office by making the payment of Stamp Duty in the form of a Demand Draft. Both are equally accepted in Bangalore. For additional safety, you can also get the Sale Agreement Registered in the Sub-registrar's office.

Both the parties(Buyer/Seller) involved will have to sign on the Sale Agreement along with 2 witnesses.

answered Sep 3, 2017 by Suresh Shetty (60 points)
edited Sep 5, 2017 by Suresh Shetty
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