Property Sale Agreement

An agreement to sell a property is a vital document while processing sale and purchase of a property. This contract contains the terms and conditions agreed upon between the parties and make them permanent in black and white. A treaty to sell is the first and most basic document on which a conveyance deed is drafted. It is always advisable to have a land agreement to sell in writing. It precedes the execution of a sale deed. This agreement is signed and effected by the seller and buyer on a non-judicial stamp paper; has legal value and if need be can be produced as evidence in a court. The contract specifies the procedures to be followed leading to the execution of the conveyance or sale deed. These deeds need to be read thoroughly before signing them.

Below we are providing 13+ Property Sale Agreement Examples & Templates for your benefit. These are of different types and have subtle distinctions in some cases, whereas the purposes of some of them are totally unique in nature. We hope you will be able to make use of these to enrich your knowledge regarding these legal matters and that these templates will be of practical help to you.

1. Simple Property Sale Agreement Template

2. Printable Property Sale Agreement Template

3. Printable Property Sale Agreement Template

4. Immovable Property Sale Agreement Template

5. Commercial Property Sale Agreement Template

6. Private Land Property Sale Agreement

The above document is written in clear and uncomplicated English about the terms and conditions. These agreements are floated by big companies, especially government entities. The agreement asks you to furnish details about the buyer and seller. The parties to the agreement have to submit this form by downloading, filling up the required details and signing it. This form is not acceptable if both parties do not sign it. It is a very good example of how a property sale and purchase agreement should be drafted. It is already provided in a format that can be used by any person for their use. It is free to download and is printable as well.

7. House Purchase and Sale Agreement

The second template is for intellectual property agreement. This agreement gives each and every detail you need to buy or sell intellectual property, name the shares of a Holdings Bank. It includes details like the general definitions, termination, amendments, additional agreements, representations and warranties of purchaser, representations and warranties of seller. The property contract details should be studied vividly before signing it. Such an agreement is generally drafted between Finance Companies that are into the business of buying shares and stocks of other entities. They are long term investors in these entities and such transactions take place due to strategic decisions taken at the highest level of the Management.

It is a prolonged process and due diligence has to be exercised before the exact terms and conditions of such an agreement can be finally drafted. Several rounds of talks take place spread over several months before a decision is reached which is based on consensus and then the deal is inked on paper. Such an agreement is also many times supplemented with provisional land purchase agreement depending on the laws and bye-laws of all the countries involved in such a transaction. The above template is a very good indicator of how things work at this level of business and anyone wanting to enrich their knowledge in these matters should download this free template and make use of it.

8. Property Selling Agreement Sample

This is another simple template to sell a property. It is an agreement wherein both first and second party need to sign it after reading minutely every detail about the agreement, fill up the required details and get it registered at the Learned Court of a Judicial Magistrate in the Union territory of New Delhi, India. It is a very standard real estate sell agreement for the transfer of ownership of property and has all the necessary conditions mentioned in it very clearly. It can be freely downloaded and printed as well. You can make use of this to enhance your knowledge in these matters.

9. Agreement of Sale of Immovable Property

This is another template for an agreement of sale of immovable land property where you have to fill up the details about the property and also mention the exact measurement of the property. The agreement template is easy to download and print as well. The terms and conditions are written in a very clear way. The witness also needs to sign this agreement and thereafter it has to be registered in the court of law for it be of any value. It is in a very simple and consolidated format with the bare essentials mentioned to get the deal effected.

10. Sale of Property Agreement

This is another template for agreement for purchase and sale of property by both the parties. This template is floated by big some companies and you can download and print it.  It mentions all the information such as the number of people required for the sales contract, things required, type of property that is being sold, etc., which makes understanding the requirements very easy. It is in a very easy format and is free to download and print.

11. House Sale Deed Agreement Format

12. Draft Property Agreement Letter

13. Apartment Flat Purchase Agreement

14. Plot Property Sale Agreement

15. Home Buying Agreement

What is sale agreement of a property?

A sale agreement of a property, often referred to as a purchase agreement, sale contract, or real estate purchase contract, is a legally binding document between a buyer and a seller that outlines the terms and conditions for the sale and purchase of real estate. The agreement serves as the roadmap for the transaction and includes detailed information relevant to the exchange.

Here are the key components typically found in a property sale agreement:

• Identification of Parties: The full names and contact details of both the buyer and seller.
• Property Description: A detailed description of the property being sold, including its address, legal description, and sometimes its title information.
• Sale Price: The agreed-upon purchase price for the property.
• Earnest Money Deposit: An amount of money (earnest money) paid by the buyer to show their good faith in proceeding with the purchase.
• Terms of Payment: How the purchase price will be paid (cash, through a mortgage, etc.) and any payment schedule if not a single payment.
• Contingencies: Conditions that must be met for the sale to proceed, such as obtaining financing, satisfactory home inspections, or the sale of the buyer’s current home.
• Closing Date: The date by which the sale will be completed, and ownership will be transferred.
• Possession Date: When the buyer will take possession of the property.
• Closing Costs and Adjustments: An outline of which party is responsible for specific costs associated with the sale, such as title insurance, taxes, and association fees.
• Fixture and Fittings: What will be included in the sale (appliances, lighting fixtures, etc.).
• Disclosure of Defects: Any known defects or issues with the property that the seller must disclose.
• Dispute Resolution: How disputes that may arise from the agreement will be resolved.
• Signatures: Both parties must sign and date the agreement.
• Special Conditions: Any additional terms or conditions unique to the transaction.

The sale agreement is typically contingent upon a title search and a home inspection. It becomes a legally enforceable contract when both parties sign it. Until the closing is complete and the deed is transferred, the sale agreement holds both the buyer and seller to their responsibilities and ensures that both parties work together to remove any contingencies to complete the sale.

How to Write an agreement letter for selling a house?

Writing an agreement letter for selling a house is essentially drafting a basic contract outlining the terms of the sale between the seller and the buyer. Here is a guide on how to write one:

[Your Name] [Your Address] [City, State, Zip Code]

[Date]

[Buyer’s Name] [Buyer’s Address] [City, State, Zip Code]

Subject: Agreement Letter for the Sale of [Address of the property being sold]

Dear [Buyer’s Name],

I, [Your Name], the undersigned seller, in acknowledgment of the receipt of [Deposit Amount], hereby agree to sell and transfer ownership of the property located at [Property Address], further described as [any additional details or legal description of the property], to [Buyer’s Name], the undersigned buyer, subject to the terms and conditions set forth in this letter.

• Sale Price: The total purchase price for the property is [Sale Price]. The buyer agrees to pay this amount as per the payment plan discussed.
• Payment Method: The payment will be made by [Payment Method], with a deposit of [Deposit Amount] paid upon signing this agreement letter and the balance to be paid at the time of closing.
• Closing Date: The closing of the sale will occur on [Closing Date], where the final sale will be executed.
• Inspections and Appraisals: The buyer has the right to conduct property inspections and appraisals before the closing date. Any contingency based on inspections and appraisals should be fulfilled by [specific date].
• Contingencies: This agreement is contingent upon [any contingencies, such as the buyer obtaining financing, the sale of another property, etc.].
• Closing Costs: The parties agree that closing costs shall be allocated as follows: [specify how closing costs are divided between buyer and seller].
• Condition of Property: The seller agrees to hand over the property in its current condition, subject to any repairs or improvements agreed upon prior to the closing date.
• Title and Ownership: The seller guarantees that the property title is clear and will be transferred to the buyer at the time of the closing without any encumbrances except for [any existing encumbrances].
• Possession: Possession of the property will be transferred to the buyer upon closing unless otherwise agreed upon.
• Additional Terms: [Any additional terms or requirements].

Both parties agree that this letter serves as a printable agreement for the sale of the aforementioned property. The full, legal sale will be completed with a formal real estate purchase and sale agreement and all necessary closing documents, to be signed on the closing date.

Please sign below to acknowledge agreement to these terms and conditions.

Sincerely,

[Your Full Name]

Acknowledged and Agreed:

[Buyer’s Full Name]

Attachments: [Include any attachments or appendices, such as property disclosures, list of fixtures and fittings included, etc.

When to use a Property Sale Agreement?

A Property Sale Agreement is used during the process of buying or selling real estate. Here are specific instances when this agreement is necessary:

• Formalizing an Offer: Once a buyer decides to purchase a property and the seller is willing to sell, the agreement is used to formalize the offer and outline the terms of the sale.
• Due Diligence Period: After an initial agreement is reached, but before the final sale, the agreement provides a framework for the buyer to conduct due diligence, such as inspections, appraisal, and review of title.
• Securing Financing: If the purchase is contingent upon the buyer obtaining a mortgage or other financing, the agreement sets forth the terms and deadlines for securing financing.
• Establishing Legal Obligations: Both parties use the purchase agreement contract to clearly state their obligations before the transfer of ownership takes place. This includes any repairs, maintaining insurance, and adhering to local regulations.
• Binding Agreement Prior to Closing: The agreement acts as the binding document that guides the transaction through to the closing date when the title is transferred, and the seller is paid.
• Sale of Property with Contingencies: In scenarios where the sale is contingent upon certain conditions being met, such as the sale of the buyer’s current home, a property sale agreement outlines these conditions and the consequences if they are not met.

How do I write a Property Sale Agreement?

Writing a Property Sale Agreement involves a careful process, ensuring all the legal elements are included to make the contract binding and clear. Here’s a general guide on how to write one:

Preliminary Information and Parties Involved:

Start with the full names and contact information of both the buyer and the seller. Identify the parties in clear terms, such as Seller and Buyer, which will be used throughout the document.

Legal Description of the Property:

Include a detailed legal description of the property, including the address, property size, legal boundaries, and any identifiers on the title documents.

Purchase Price and Deposit:

Specify the agreed-upon purchase price for the property and any deposit that the buyer must pay in advance. Detail the form of the deposit, whether it is held in escrow, and the conditions for its release or forfeiture.

Terms and Conditions of Sale:

Outline the terms of the sale, including any contingencies such as the buyer obtaining financing, selling a current home, or the results of a home inspection.

Closing Details and Possession:

Describe the closing process, including the date, location, and responsibilities of each party. Clarify when the buyer will take possession of the property.

Warranties and Disclosures:

The seller must disclose known issues with the property and may provide warranties. State what is covered and the duration of any warranties.

Signature and Notarization:

Both parties must sign the agreement in front of a notary public. Include space for the notary’s acknowledgment, which adds an extra layer of legal formality.

Dispute Resolution:

Include a clause that outlines how disputes will be resolved, whether through mediation, arbitration, or court proceedings.

What is the validity of a Property Sale Agreement?

The validity of a Property Sale Agreement — also known as a Real Estate Purchase Agreement or Contract for Sale —depends on the laws of the jurisdiction where the property is located. However, some general principles apply:

Understanding the Validity of a Property Sale Agreement:

The validity of a Property Sale Agreement depends on several legal elements being in place. For the agreement to be enforceable, it must be composed of a clear offer and acceptance, mutual consent, consideration (usually the purchase price), and capable parties who have the legal authority to enter into a contract. Moreover, the agreement must encompass lawful objectives and be in a written format to comply with the statute of frauds in most jurisdictions, which requires certain types of contracts, including real estate sales, to be in writing.

The Statute of Limitations and Property Sale Agreements:

The enforceability of a Property Sale Agreement is also subject to the statute of limitations, which varies by jurisdiction. This statute defines how long parties have to bring legal action from the date of the alleged breach. If the statute of limitations has passed, the agreement can no longer be enforced through the court system.

Expiry Clauses Within the Agreement:

Property Sale Agreements can contain expiry clauses that stipulate the timeframe within which the conditions of the sale must be met. If the conditions are not met within this period, the agreement may become void unless all parties agree to extend it.

Conditions Precedent and Their Impact on Validity:

The validity can also be contingent upon the fulfillment of conditions precedent. These are specific conditions outlined in the agreement that must be satisfied for the contract to become fully effective.

Termination Clauses in Property Sale Agreements:

Termination clauses define the circumstances under which the agreement can be terminated, which can affect its overall validity. These might include failure to obtain financing, unsatisfactory inspections, or other contingencies not being met.

Recording the Sale Agreement:

In some jurisdictions, recording the sale agreement with the local government may be necessary to protect the interests of the parties involved and could affect the enforceability of the agreement.

Periodic Renewal of Agreement:

Some agreements may require periodic renewal or may state that the agreement is valid until the completion of the sale. It’s important for both parties to be aware of any such terms to maintain the agreement’s validity.

This template is for a sale deed contract agreement or agreement for real estate sale of a house between two parties. The witness must also sign the agreement. This agreement also mentions the actions to be taken if there is any breach of the agreement. This template is written in clear English so that everyone can understand the terms and conditions. You must also get a clearance certificate regarding the Income Tax Act, 1961 and other permissions required for the completion of the sale.  This template is also easy to download on your computer.