Important Clauses in Sale Agreement for Buyers

Following are some important clauses that should be included in the Agreement to sell or conveyance deed to protect the rights and interests of the buyers.

These clauses are –

Here are some important clauses that a property buyer should consider including in a contract or agreement when purchasing a property:

1. Description of the property: This clause should include a detailed description of the property being purchased, including its location, size, and any features or amenities.
2. Purchase price: This clause should specify the amount that the buyer is agreeing to pay for the property.
3. Financing: If the buyer is obtaining a mortgage or other financing to purchase the property, this clause should outline the terms of the financing.
4. Closing date: This clause should specify the date on which the sale of the property will be finalized and ownership will be transferred to the buyer.
5. Closing costs: This clause should outline which party is responsible for paying any closing costs associated with the sale, such as transfer taxes or attorney fees.
6. Inspection and due diligence: This clause should allow the buyer to have the property inspected by a professional before the sale is finalized, and should allow the buyer to terminate the contract if certain issues are discovered during the inspection.
7. Warranties and representations: This clause should outline any warranties or representations made by the seller about the property, such as the condition of the property or the presence of any defects.
8. Indemnification: This clause should require the seller to indemnify (compensate) the buyer for any losses or damages resulting from any misrepresentations or breaches of warranty.
9. Dispute resolution: This clause should specify how any disputes that arise during the sale process will be resolved, such as through mediation or arbitration.

It is important to carefully review and understand all clauses in a property purchase agreement before signing.