When it comes to buying or selling property, a plot sale agreement is an essential document that outlines the terms and conditions of the sale. This agreement serves as a legally binding contract between the buyer and seller, and helps protect the interests of both parties. If you are looking for a sample of plot sale agreement, you have come to the right place.
Before we dive into the details of the agreement, it`s important to understand the key terms involved in a plot sale:
1. Plot size: This refers to the area of the land being sold, typically measured in square feet or acres.
2. Consideration: The amount of money being paid by the buyer to the seller for the sale of the plot.
3. Possession: This refers to the date on which the buyer will take possession of the plot.
4. Encumbrances: Any existing legal claims or disputes related to the land.
Now, let`s take a look at a sample plot sale agreement:
Date of Agreement: _______________
Seller`s Name: _______________
Buyer`s Name: _______________
Plot Number: _______________
Plot Size: _______________
Consideration: _______________
Possession Date: _______________
Encumbrances: _______________
1. Sale of Plot: The Seller hereby agrees to sell the Plot to the Buyer for the Consideration mentioned above.
2. Encumbrances: The Seller represents and warrants that there are no Encumbrances on the Plot except for ______________________.
3. Possession: The Seller agrees to deliver possession of the Plot to the Buyer on or before the Possession Date.
4. Payment: The Buyer agrees to pay the Consideration to the Seller as follows:
a. _______ % of the Consideration on the execution of this agreement.
b. _______ % of the Consideration on the delivery of possession of the Plot.
5. Default: In case of any default by the Buyer, the Seller shall be entitled to forfeit the amounts paid by the Buyer and terminate this agreement.
6. Governing Law: This agreement shall be governed by the laws of the State _____________.
7. Dispute Resolution: Any disputes arising out of or in connection with this agreement shall be resolved through arbitration in accordance with the laws of the State _____________.
Signed by:
Seller`s Signature: ________________________________________
Buyer`s Signature: ________________________________________
Witness Signature: ________________________________________
A plot sale agreement is crucial for a smooth and hassle-free transaction. It`s important to review the terms and conditions carefully before signing the agreement to avoid any conflicts in the future. A sample agreement like the one above can serve as a starting point, but it`s always recommended to work with a qualified legal professional to ensure that the agreement is tailored to your specific situation and meets all legal requirements.