February 26

Agreement with Property Dealer for a House

(letter Form)
To:
AA
_________
Subject: Sale of my House
Dear Sir,
With reference to your request to put on record the oral understanding between us, arrived at on the evening of _________ in the presence of Mr. ________ I am recording the same:
1. You will introduce to me a ready and willing purchaser for my house known as ‘‘Sharma Cottage’’ situated at ________ (Address)
2. That in the event of any purchaser introduced by you buying the said property within the period of _________ months from the date hereof I shall pay you a commission of 2% on the money received by me from such sale.
3. That the house ‘‘Sharma Cottage’’ consists of the main two-storied building with electrical and sanitary fittings (but no furniture), outhouses, garage and an extensive compound, the entire property being in an area of about 5000 sq. ft. The property is freehold and the sale will be free of all encumbrances.
4. That the sale price of the said property will be Rs 20,00,000 or any lesser amount I agree to accept and all costs of transfer to be borne by the purchaser.
5. Commission will accrue to you on the date the final payment of the sale price is made. But in order to oblige you I will make payments as follows:
(i) ½ % of the earnest money will be paid to you on the date such payment is made, as refundable advance in the event of the transaction falling through;
(ii) 1½ % of the balance on final payment.
6. I shall not be entitled to employ any other agent for procuring the sale of my said house within the said period of. _________ Months.
7. After the expiry of the said period of ________ Months this authority shall stand cancelled.
DATE:_____
Yours faithfully,
Signature BB
I confirm the above
Signature AA

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February 26

TENANCY AGREEMENT RE. RESIDENTIAL HOUSE

This agreement made this the 30th day of July 2003,
Between
AB, son of, WX residing …………, Calcutta after it called the landlord of the One Part
And
CD, son of YZ, residing ………… hereinafter called the tenant of the Other Part witnesseth as follows;
1. That the landlord shall lease and the tenant shall take on basis monthly tenancy all that double-storeyed building being premises No. ………….with bath, privies, garage, kitchen, store, compound, out-houses and all fixtures and fittings with electricity and water connection on terms/conditions hereunder contained.
2. That the tenant deposit with the landlord a sum of Rs. 2 lakhs as security deposit/caution money and pay a sum of Rs. 5,000 only, rent per month which will enhance in progress by 10% every five years in advance on the 7th of every current month without any latches or default and it is hereby recorded that the tenant has this day paid to the landlord the security money and also a further sum of Rs. 5,000 as rent for the month of August 2003 which the landlord doth hereby admit, acknowledge and confirm,
3. That it is further consented, declared and agreed by and between the parties that the house will be used and occupied on the following conditions:
(a) The landlord shall keep the house in air and watertight condition, whitewash all walls once with in three years and paint all wood work once in five years.
(b) Save and except as aforesaid, the tenant shall otherwise maintain and preserve the property in good order and condition, protect the same against white ants and moth, substitute all broken fixtures and fittings by replacements of equally good quality.
(c) All taxes (both owner’s and occupier’s share) substituting at presently shall be paid by the landlord, but all enhanced or additional taxes, if and when burdened and other charges, if any as leviable by municipality, shall be borne and paid by the tenant without any right of reimbursement against the landlord.
(d) That tenant shall not material alteration to the property unless expressly approved in sanctioned by the landlord and in any eventuality such alteration, if allowed, shall be made by tenant at his own costs, expense and such terms/conditions as may be burdened by the landlord. Such additions/alterations shall in all cases be the property of landlord and tenant shall have no right to any contribution by the landlord or to any indemnification on that account.
(e) The tenant shall use the property for residential with the members of his family and shall not sublet the whole or any part thereof, not change the tenancy, keep any paying guests nor share accommodation nor carry on any business or trade nor store any combustible or inflammable goods excepting kerosene, coal, etc., in minimum quantities needed for domestic consumption.
(f) If the tenant neglects or does not pay the rent as stated before or otherwise contravenes the agreements, conditions and stipulations hereunder imposed or is adjudged an insolvent, it snail be legal for the landlord to determinate the tenancy hereunder created by proper notice and sue for recovering possession notwithstanding waiving any condition of said contravention.
(g) The tenant had inspected the property and is fully convinced about its internal arrangement and condition and has after it voluntarily and freely consented to the terms of tenancy hereunder laid and shall not after it be aggrieved on any account whatsoever.
4. Expect as aforesaid, the rights and duties between the parties shall be ruled by the law concerning statutory tenancy enforceable for the time being.
IN WITNESS WHEREOF, the parties have set their hands this _________ day of __________.
DATE:
PLACE:
WITNESSESS:-
1. AB
2. CD

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February 26

AGREEMENT TO SELL SHARE IN PARTNERSHIP

THIS AGREEMENT OF SALE is made the __________.day of ____________ in the year 20 ____________, BETWEEN Shri ____________, aged about ____________ years, son of ____________ resident of ____________, (hereinafter called the Seller) of the one part AND Shri ____________, aged about ________ years, son of _________, resident of ________, (hereinafter called the Purchaser) of the other part.
WHEREAS the Seller and the Purchaser under a deed of partnership, dated ____________, were and are till date partners in the business known as _________, run on and from ____________;
AND WHEREAS the Seller was the financing partner and all machinery, tools and finances, including the premises in which the firm and factory was housed belonged to and had been provided to the partnership by the said Seller;
AND WHEREAS the Seller is desirous of retiring from the said business and the Purchaser although keen to purchase the share of the Seller has no finances immediately available to do so.
NOW, THEREFORE, THIS AGREEMENT WITNESSES as under:
1. That the Seller and the Purchaser have together valued the assets and liabilities, book debts, credits, stocks, outstandings, goodwill and the market value of the premises in which the business and factory is housed and both are agreed that the share of the Seller in the said partnership is of the value of Rs ____ as detailed below:
Seller’s share in the goodwill Rs ______
Seller’s share in the remaining assets after taking
into account all liabilities Rs ______
Value of the building and premises Rs ______
——————
Total: Rs _____
2. That by this deed the partnership existing between the Seller and the Purchaser under deed of agreement, dated ________, is hereby dissolved and no party owes to the other anything in regard to the said dissolved partnership. All book debts and credits, whether due from the partnership or by the partnership shall on and from the date hereof be paid or realisable by the Purchaser, who assumes full responsibility and acquires full rights thereto. The Seller shall not have to pay nor have the right to realise any sums of money due from or to the partnership.
3. That by virtue of this agreement the Purchaser acquires the right to purchase, free of all encumbrances, and the Seller shall be bound to sell, free of all encumbrances, his entire share in the said dissolved partnership at the agreed price of Rs _____ in the manner and within the period hereinafter agreed.
4. That in consideration of this agreement, the Purchaser has this day paid to the Seller the sum of Rs ____________, which sum the Seller hereby acknowledges as having received and the balance amounting to Rs ____________.the Purchaser shall pay in instalments of Rs ____________ every month on or before the 15th of each month till final liquidation. The entire sum to be liquidated not later than two years from date.
5. That on the date the last instalment is paid by the Purchaser to the Seller, the Seller shall at the cost of the Purchaser execute and register a sale deed for the entire property sold, including the building and premises occupied by the business and factory, more specifically described and detailed in the Schedule hereto and thereafter the Purchaser shall acquire full rights of ownership over the said property hereby agreed to be sold.
6. That during the period from date till final liquidation and sale of the property, the entire share, consisting of machinery, tools, business and factory premises and building shall be in the possession and control of the Purchaser in the capacity of a licensee of the Seller. The licence shall be revocable at the option of the Seller only in case the Purchaser refuses, neglects or is unable to pay any two instalments or the costs of the sale deed or for any other reason does not get the sale deed executed and registered by the Seller.
7. That during the said period of two years or till the sale deed is not executed the Purchaser shall be liable to pay all taxes in and upon the said building and premises and to maintain the same and the machinery and tools in good and proper condition.
8. That in the event of the Purchaser backing out of the transaction or the proposed sale failing for no default of the Seller or the Purchaser defaulting in any two instalments of the purchase price and the Seller exercising his option to revoke the licence the following consequences ensue:
(a) the right of the Purchaser to buy the property agreed to be sold terminate;
(b) the Purchaser shall surrender possession of all property that is, machinery, tools, building and premises, list whereof is given in the Schedules hereto in as good a condition as he received it on the date of this agreement, within 30 days of the revocation of the licence by the Seller and on failure the Seller may enforce his rights through Court at the cost of the Purchaser.
(c) the sum of Rs __________ received today by the Seller shall stand forfeited and shall not be refundable to the Purchaser;
(d) the amount received by the Seller in excess of the first payment (that is, in excess of the sum received today) shall, after deduction of such amounts as are payable by the Purchaser under this agreement and mentioned in para 7, above or which may be deductible on account of deterioration, loss and damage to machinery and tools and 10% on account of depreciation in building value, be refunded by the Seller to the Purchaser and in default the Purchaser may enforce payment through Court at the cost of the Seller.
9. That it is further agreed and understood that the expressions, ‘‘the Seller’’ and ‘‘the Purchaser’’ herein used, unless repugnant to the context shall include the heirs, successors and assigns of the parties.
IN WITNESS whereof the said __________., the Seller and the said __________, the Purchaser, have hereunto signed at __________ the day and the year first above-written.
Witnesses: Sd. __________
Seller.
1. Sd. __________
2. Purchaser.
Schedule of immovable property agreed to be sold.
______________________________
Schedule of machinery and tools
in and upon the factory and business.
______________________________.
Sd __________
Seller.
Sd__________
Purchaser.
Note.—This document is an agreement and a deed of dissolution, Consequently it should bear stamp duty under Articles 5 and 46(P) of Schedule I-B of the Indian Stamp Act, 1899.

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February 26

AGREEMENT TO LEASE HOUSE

AN AGREEMENT made this the ____________ day of ____________ 20.____________ BETWEEN AA., aged about ____________ years, son of____________ resident of ____________ (hereinafter called the ‘‘Landlord’’) of the one part AND BB., a firm registered under the Indian Partnership Act, through one of its partners, Shri ____________ son of ____________, resident of ____________ (hereinafter called the ‘‘Prospective Tenant’’) of the other part.
WHEREAS the said AA. is owner in possession of the house property (here add the description of the property) and is willing to rent the same on a lease for a definite period and BB. are desirous of taking the same on a lease.
NOW THIS DEED WITNESSES:
1. That the Landlord shall lease and the Prospective Tenant shall take on lease all that double-storeyed dwelling-house with compound, outhouses, garden, garage and all appurtenances belonging thereto, fitted with electricity and water connection and affronting the ____________ .Road bearing number ____________ on the said road in the city of ____________ and bounded as below.
(Here give the boundaries of the dwelling-house)
2. That the Prospective Tenant has offered to pay a rent of Rupees ____________ (Rs _______.) only each month in advance, which said consideration the Landlord is willing and agreeable to accept as such AND the Prospective Tenant has also this day paid to the Landlord rent for the period of ______to ______ which sum the Landlord hereby acknowledges as having received.
3. That it is further covenanted between the parties that the house will be occupied on the following conditions:
(a) All existing taxes shall be paid by the Landlord, but all increased or additional taxes, if and when levied, shall be paid by the Tenant.
(b) That the Tenant shall make no material alteration of a permanent character. All material alterations, if approved by the Landlord, shall be made by the Tenant at his expense and on such terms as may be imposed by the Landlord. All alterations, additions, etc., by whomsoever made, shall in the absence of a contract to the contrary, become the property of the Landlord and the tenant shall not be entitled to any compensation therefor.
(c) That the tenant shall carry out all necessary and annual whitewashing and repairs in a workmanlike and proper manner and shall keep the premises, outhouses, garden compound and garage in good and tenantable condition. The Landlord shall, however, make a contribution towards such repairs etc., to the extent of one month’s rent during one completed year of the tenant’s occupation.
(d) That the period of the lease to begin with shall be five years from the date the Prospective Tenant is allotted the premises by the Authority concerned.
(e) That at the end of five years the Tenant shall give up quiet and peaceful vacant possession of the entire property leased out in as good a condition as he had received it. In case no fresh lease is signed on the expiry or earlier termination of the lease the occupation of the Tenant thereafter shall be deemed to be unauthorised and he shall be liable to damages for use and occupation at the rate of Rs _______ per day for each day of his such occupation.
(f) That a breach of any one or more of the conditions of the lease entitle the Landlord to terminate the tenancy by giving the Tenant a notice to quit as provided in the Transfer of Property Act.
4. That as soon as the present occupant of the premises hereby agreed to be let vacates, the Prospective Tenant shall be entitled to enforce this contract, provided the Rent Control Authorities permit the parties to do so. That on an allotment of the premises to the Prospective Tenant, the said Prospective Tenant shall get a lease deed in terms of this contract made out, executed and registered at his cost.
5. That if the Rent Control Authorities refuse to allot the premises to the Prospective Tenant, this agreement shall stand cancelled and give rise to no contractual liabilities as between the parties AND in such case but no other the Landlord shall forthwith refund to the Prospective Tenant the sum of Rs _____ deposited by him and referred to in para 2, above.
IN WITNESS whereof the parties have hereunto set their hands and seals the day and year above-written.
Witnesses: Sd. AA.
1. Landlord.
2. Sd. BB.
Prospective Tenant.

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