Key Contract Clauses that Affect Vendor and Purchaser

Clauses affect vendor

Clauses affect the purchaser

1.       Agreed to sell the property (the said property) free from encumbrances and vacant possession 2.       Agreed to the sell the 'Agreed Sale Price' as specified in the schedule attached in the agreement 3.       Upon execution of sale the vendor shall execute and deliver a valid and registrable memorandum of transfer. 4.       Vacant possession of the said property shall be delivered by the vendor to the purchaser upon full payment of the purchase price 5.       The vendor shall be responsible to submit the necessary returns any tax shall be levied 6.       The vendor shall pay the stamp duty registration fees and solicitors cost if any 7.       The vendor shall settle the quit rents, rate assessment and other outgoings 8.       The proper time for deposit to be collected

1.       Agreement to purchase - the purchaser agreed to purchase 2.       Purchase price - shall be the sum specified in the agreement 3.       Mode of payment (cash, loan, etc.) - the balance of the purchase price shall be paid via solicitor within period specify in the agreement 4.       Release of purchase price - shall be released by the solicitor to the vendor on presentation of the transfer 5.       Specific performance - the purchaser performing and observing the terms and conditions in the agreement 6.       Acceptance - deemed to purchase with full notice in all respect of the actual state and condition of the said property 7.       Costs - the costs of and incidental to the agreement including the stamp duty registration fees and solicitors costs shall be duly paid by the purchaser 8.       Notice - shall be sufficiently served, usually sent by registered letter 9.       Time - shall be of the essence of this agreement