An Agreement for Sale is one of the most important legal document signifying an Agreement to sell an immovable property and binds the parties i.e, the seller and the buyer.

The agreement of sale must contain the following aspects and details:

• Basic information regarding the buyer and the seller, such as name, address, contact details etc.
• Information and particulars regarding the co-signers of the contract.
• The nature of the sale taking place should be specified.
• The date of initiation of agreement should be specified.
• Particulars as to the amount already deposited in furtherance of the sale, if any, should be mentioned.
• The intended dates on which the future details and particulars of the agreement shall be accomplished also be mentioned.
• The date in which the contract is finished and the ownership transferred should also be included.
• In case of breach, the consequences of the breach of agreement such as compensation and damages to be paid by the party responsible for the breach.
• In the case of sale agreement with respect to financial matters, basic financial terms, interest rates, sales commission, details as to sales tax and amount financed, time limit to return the funds etc are also to be mentioned.
• The appropriate stamp duty as per the Stamp Schedule must be paid on the Agreement of Sale.