If you are planning to purchase a plot in Hyderabad, it is important to execute a sale agreement with the seller for a smooth and hassle-free transaction. A sale agreement is a legal document that outlines the terms and conditions of the sale, and it serves as a proof of your ownership of the property. In this article, we will discuss the format of a sale agreement for a plot in Hyderabad.

Introduction

The first section of the sale agreement should include the date when the agreement is being executed, the names and contact details of the buyer and seller, and the address of the plot that is being sold. It is important to mention the complete survey number and extent of the plot to avoid any confusion or disputes in the future.

Sale Consideration

The next section should mention the sale consideration or the sale price of the plot. This should be clearly mentioned in Indian Rupees and should be inclusive of all taxes and duties. The buyer should make sure to clarify if there are any additional costs or charges that need to be paid to the seller.

Payment Terms

The payment terms should specify the payment mode, the amount of advance paid, and the date by which the remaining amount needs to be paid. It is important to mention the consequences of default in payment, such as cancellation of the agreement or forfeiture of the advance amount.

Title and Ownership

The seller should provide a declaration of title and ownership of the plot, stating that they have the complete right and authority to sell the property. The seller should also provide copies of all the necessary documents, such as the title deed, revenue records, and encumbrance certificate, to the buyer for verification.

Possession and Transfer

The agreement should mention the date of handing over possession of the plot to the buyer and the timeline for the completion of the transfer process. The seller should provide all the necessary documents and approvals for the transfer of ownership, such as the mutation certificate and building plan approvals.

Dispute Resolution

In case of any disputes or differences between the parties, the agreement should specify the mode of dispute resolution, such as arbitration or mediation, to avoid legal proceedings and costs.

Conclusion

In conclusion, a sale agreement format for a plot in Hyderabad should include all the essential terms and conditions to ensure a smooth and hassle-free transaction. It is important for both the buyer and seller to read and understand the agreement carefully before signing it to avoid any potential legal issues in the future. As always, it is best to seek the advice of a legal professional before executing any property sale agreement.