When it comes to buying or selling a vehicle in India, having a proper vehicle sale deed agreement becomes necessary. It is a document that acts as proof of the sale and purchase of the vehicle between the buyer and seller. This agreement format typically includes important details about the vehicle and the transaction to protect both parties involved. Let`s take a closer look at the format of a vehicle sale deed agreement in India.
Firstly, the agreement begins with the heading “Vehicle Sale Deed Agreement” in bold letters, followed by the date of agreement and the parties involved, i.e., the buyer and the seller. The agreement format should also mention the address and contact details of both parties.
The document should mention the make, model, variant, year of manufacture, engine number, chassis number, registration number, and odometer reading of the vehicle. It is essential to mention these details, as it will help to avoid any disputes regarding the vehicle`s identity and condition.
The agreement also includes the sale consideration amount, which is the total amount that the buyer is expected to pay to the seller for the vehicle. Along with this, it should also include any additional charges, such as transfer fees, taxes, etc.
One of the most critical aspects of a vehicle sale deed agreement is the warranties and representations. This section should mention that the seller is the rightful owner of the vehicle and has the authority to sell it. It should also state that the vehicle is free from any encumbrances, liens, or debts. The seller should provide the buyer with a clear and marketable title to the vehicle.
The agreement also includes a section on payment terms and conditions, where the buyer agrees to pay the sale consideration amount to the seller in installments, if any. It should also mention the mode of payment, such as cash, cheque, or online transfer.
Finally, a vehicle sale deed agreement in India should have a section on indemnification. This section specifies that the seller will be held responsible for any claims, damages, or losses arising out of the sale of the vehicle.
In conclusion, a vehicle sale deed agreement is a crucial document for both the buyer and the seller. It is essential to have a formal agreement in place to prevent any legal disputes between the parties. The agreement must include all the necessary details mentioned above to be legally binding and protect both the parties` interests.