Important provisions that safeguard both parties should be included in a sale agreement of a house. Including these clauses helps ensure that the sale agreement is comprehensive and protects the interests of both the buyer and the seller. Here are 5 must clause in sale agreement of house.
What are the 5 Must Have Clauses in Property Sale Agreement?
These are the clauses that need to be added in a house sale agreement,
Property Description Clause: This clause provides a detailed description of the property being sold, including its address, dimensions, and any unique features. It ensures both parties are clear about the property being transferred.
Sale Consideration Clause: This clause specifies the total sale price agreed upon by the buyer and seller, including the mode and schedule of payment. It may also detail any advance payment or deposit made at the time of signing the agreement.
Possession and Transfer Clause: This clause outlines the terms and timeline for the transfer of possession and ownership of the property. It specifies when the buyer will take possession and when the property title will be transferred.
Encumbrances and Liabilities Clause: This clause confirms that the property is free from any encumbrances, such as mortgages, liens, or legal disputes. It protects the buyer from inheriting any undisclosed liabilities associated with the property.
Default and Termination Clause: This clause details the consequences of either party defaulting on the agreement. It specifies the actions to be taken in case of default and the rights of both parties to terminate the agreement under certain conditions.
Hope this helps!
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What are the 5 Must Clause in Sale Agreement of House?
Tanisha
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2024-12-30T10:06:09+00:00 2024-12-30T10:06:10+00:00Comment
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