Key Points
Earnest Money Clause: Gupta says the agreement must have a clause on refunding the token or earnest money and other payments if the sale transaction fails due to no fault of the buyer...
Gupta says, "To ensure parity between the buyer and the seller, the agreement must clearly specify that the seller must clear all property-related dues before ownership transfer..
This must be stated in the agreement as well.. Moorthy says, "The 'free from encumbrance' clause is crucial to ensure that the seller clears any outstanding dues or encumbrances associated with the property before the registration process is initiated."..
Gupta says, "The force majeure clause must be added to the agreement in case the buyer fails to meet the obligation to buy the property in case of any unforeseen event .This clause will protect the buyer in case they are unable to meet the obligation to buy the property."..
Gupta says this will cover the consequences of defaults, such as delay in payment by the buyer's side.. Moorthy says, "When drafting the home-buying agreement, it is highly advisable to incorporate a special clause tailored to your property and unique circumstances..
