Did you ever get a chance to go through a property deed by yourself? Not many got the opportunity to get a close look. For those who did not, it is nothing but a bunch of legal documents prominently speaking out the terms and conditions pertaining to the selling of the property between the buyer and seller. In this property agreement contract, you will come across the agreed sum and the stipulated date by which you will have to pay the whole sum.


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img Leave and license agreement:

Precisely the leave and license agreement state that it is a contract that exists between the licensee and the licensor. Here the licensee can literally dwell in a property and use any area as per his requirement. Remember these types of properties are basically fixed, but the licensee can use this for carrying out any residential business that too for a limited time span. Here are the following bullets that you have to remember while going for this agreement.

 

  • Both the parties should have to submit the original identification proof.

  • The lessor needs to be the actual proprietor of the property, or else one has to hold the property authority letter issued by the owner or the court itself.

  • Then both the parties have to have a clear share of words regarding the time span of the agreement.

  • Then the agreement document format should have a clear context related to the purpose of leasing the property, like whether it is for the residential or commercial purpose.

  • Thereafter, there should be a prominent note on how the payment will be made, for example, whether monthly or annually.

  • If the licensee wants to increase year of the agreement, then that again has to be mentioned clearly in the contract.

  • Apart from this, there should be a precise note whether the licensee is keeping any deposit as a security amount or not.


img Insight into the Property sale agreement

The property sale agreement binds the two parties together on legal terms. In fact, in this agreement, you have to also go for the transaction details as penned in the rental agreement document.


img A selling agreement should include:

Terms of payment: Once the property sale agreement is formatted both the owner and the licensee should review it at length in consent with their lawyers. As the payment term will be followed on the installment basis.

Entitlement of property title: There are should be a clear declaration of the title of the property. In case of purchasing a new property, you should state that the title should be in favor of your name prior the loan gets approved.


 

Stamp duty information: This is none of the mandatory categories; although this is fixed in by the government of the respective states.

Sale contract: As said it is a contract between the owner and the buyer, therefore, all need to rethink on the matter before signing it officially.

Clauses in indemnity: As you know that, these days, properties are undergoing legal dilemmas. But this clause will forewarn the buyer, whether the property has any dispute or not.

Penalty statements: In the initial phase, the buyer offers some amount as token money. Now if he moves out from the deal, then the token sum will be under the grasp of the seller.

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