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Creating a Sale Agreement for a flat in Bangalore involves following specific legal protocols to ensure that the document is valid and binding. The Sale Agreement is a crucial document as it outlines the terms and conditions of the sale between the buyer and the seller, providing a legal framework that protects the interests of both parties. Here is a simple guide on how to make a Sale Agreement for a flat in Bangalore:
### 1. Collect Necessary Information
Before drafting the Sale Agreement, gather all requisite information, including:
– Details of the Flat: Location, size, description, builder details, etc.
– Buyer and Seller Details: Full names, addresses, identification details (like PAN numbers).
– Transaction Details: Sale amount, advance payment received, balance amount to be paid, payment schedule.
### 2. Draft the Agreement
Drafting the Sale Agreement involves:
– Introduction of the Parties: Clearly mentioning the details of the buyer and seller.
– Description of the Property: Detailed description of the flat including its location, measurement, floor, amenities, etc.
– Sale Consideration: Mentioning the total sale amount, the advance amount received, and how the remaining amount will be paid (dates, mode of payment, etc.).
– Terms and Conditions: Including possession date, penalties for default, obligation for both parties regarding property taxes, maintenance charges, etc.
– Indemnities and Warranties: Stating the condition of the property, any warranties provided by