The Intent to Sell Agreement serves as a crucial intermediate document in property transactions under Indian law, bridging the gap between verbal negotiations and the final sale deed. This document is typically used when parties have agreed in principle to a property sale but need time for due diligence, arrangement of finances, or fulfillment of certain conditions before executing the final sale deed. The agreement contains essential details about the property, parties, consideration, and timeline, creating legally binding obligations while allowing for necessary preparatory steps. It must comply with Indian contract law principles and property legislation, including the Transfer of Property Act, 1882, and state-specific regulations. The Intent to Sell Agreement provides security to both parties by documenting their commitments and establishing clear terms for proceeding with the final sale.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
Alternatively...
1. Parties: Identification and details of the intended seller and buyer, including names, addresses, and legal status
2. Background: Context of the transaction and brief description of the parties' intention to enter into a sale transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property intended to be sold, including location, boundaries, and registration details
5. Purchase Price: Agreed purchase price and payment terms, including any earnest money deposit
6. Timeline: Specified period within which the final sale deed will be executed
7. Seller's Representations: Warranties and representations regarding property title, encumbrances, and legal status
8. Buyer's Undertakings: Commitments regarding payment, due diligence, and compliance with conditions
9. Conditions Precedent: Conditions that must be satisfied before the final sale can proceed
10. Due Diligence: Process and timeline for the buyer to conduct property investigation
11. Default and Consequences: Consequences of either party failing to proceed with the sale
12. Termination: Circumstances under which the agreement can be terminated
13. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
14. Notices: Method and addresses for serving notices under the agreement
1. Broker/Agent Details: Include when a real estate agent or broker is involved in the transaction
2. Property Management: Include when specific arrangements are needed for property maintenance during the interim period
3. Third Party Rights: Include when there are existing tenants or other third-party interests in the property
4. Tax Implications: Include when specific tax arrangements or obligations need to be addressed
5. Force Majeure: Include when parties want to address unforeseen circumstances that might affect the transaction
6. Assignment Rights: Include when either party might need to assign their rights under the agreement
1. Schedule 1 - Property Description: Detailed technical description of the property, including measurements and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
3. Schedule 3 - Title Documents: List of title documents and their current status
4. Schedule 4 - Encumbrances: List of existing encumbrances, if any, on the property
5. Schedule 5 - Due Diligence Checklist: List of documents and verifications required for due diligence
6. Appendix A - Property Photos and Plans: Visual documentation of the property including photographs and layout plans
Authors
Find the document you need
No items found.
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your data is private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
