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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
Contract Easily
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Guideline for Drafting an Advance Receipt cum Agreement to Sell:
Parties' Information: Begin with the names, addresses, and contact details of both the buyer and seller. Clearly identify their roles in the transaction.
Transaction Details: Describe the property in detail, including its location, size, and any unique features. Mention the purchase price and the amount of the advance paid.
Advance Payment: Specify the amount of the advance payment made by the buyer. Include the date of payment and the mode of payment (e.g., cash, check, bank transfer).
Terms and Conditions: Clearly outline the terms and conditions of the agreement, including the total sale price, payment schedule, and the date by which the full payment must be made.
Delivery and Possession: Define when possession of the property will be handed over to the buyer. Mention any conditions or timelines related to the property's transfer.
Default Clauses: Specify what happens if either party defaults on the agreement, such as forfeiture of the advance amount or legal actions that may be taken.
Encumbrances: Confirm that the property is free from any legal encumbrances, disputes, or claims, and that the seller has the legal right to sell it.
Witnesses: Include the names and signatures of witnesses who can attest to the authenticity of the agreement.
Signatures: Both the buyer and seller should sign the document. This signifies their agreement to the terms and conditions.
Common Mistakes to Avoid:
Incomplete Information: Ensure all relevant details, such as property description, payment terms, and possession date, are accurately included.
Ambiguity: Use clear and concise language to avoid any misunderstandings or misinterpretations.
Legal Compliance: Verify that the agreement complies with local property laws and regulations.
Default Provisions: Clearly outline the consequences of default by either party to avoid legal disputes in the future.
Legal Assistance: When in doubt, seek legal counsel to draft or review the agreement to ensure it protects the interests of both parties.
An Advance Receipt cum Agreement to Sell is a legally binding document that outlines the terms of a property transaction. It provides clarity and legal protection to both the buyer and seller. It's essential to draft it carefully and seek legal advice if necessary to prevent disputes and uphold the integrity of the transaction.