The preliminary step to re-sale of a Society Flat is an agreement to sell being signed between the parties when the parties have agreed for a price and earnest money has been paid pending final / balance payment and registration of Sale/Transfer documents subject to inspection of due diligence records by the buyer or until formalities relating to bank loans etc. are completed.
This is an agreement that strictly defines the conditions governing the sale of an immovable property when the parties have finalized the terms of sale and purchase of a Society Flat and the earnest money has been paid;
The document comes with a blank format to execute receipt thereupon confirming receipt of earnest money by the vendor.
Any one wanting to sell or purchase an immovable property essentially a Flat in a Cooperative Group Housing Society;
Property brokers / Real Estate agents can buy once and keep this document handy for repeat usage by their clients;
Key features of Agreement to Sell:
All usual basic provisions to protect interests of both the parties;
Explanatory notes to cover every aspect including execution etc.;
Flexible to suit peculiar situations like seller being represented by a Power of Attorney;
user friendly; drawn in plain and simple English;
ready for adaptation to particular needs of either or both parties;
Compliance with existing provisions of Contract Law;
wide-ranging coverage of all circumstances
Time essence of the agreement;
Representations of the vendor;
Society membership transfer conditions;
Definite identification of the Flat for sale;
Proper receipt to confirm earnest money received by the vendor;
Appropriate legal provisions - warranties, exclusions, indemnities, etc.
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