AGREEMENT TO SELL A SHOP OR SCO
- PARTIES AND TRANSACTION
This agreement is made on 1 April 2026 between Harpreet Singh, of House 118, Sector 35-A, Chandigarh, and Aarav Sharma, of House 211, Sector 21, Panchkula.
The commercial property is House 52, Sector 8, Chandigarh, identified as SCO 120-121, First Floor.
Seller capacity: Sole owner. Possession when signed: Seller in possession.
- PRICE AND PAYMENT
The total sale consideration is ₹2,50,00,000 (Rupees Two Crore Fifty Lakh only). Earnest/token money is ₹25,00,000 (Rupees Twenty Five Lakh only), leaving balance consideration of ₹2,25,00,000 (Rupees Two Crore Twenty Five Lakh only).
Payment mode: Bank transfer. Payment schedule: ₹25,00,000 on signing; balance on registration after title conditions are satisfied..
Tax withholding: Buyer will deduct and deposit tax where the applicable income-tax provision requires it.
- TITLE, DOCUMENTS AND DILIGENCE
Seller relies on the following title/allotment/conveyance record: Sale Deed no. 1842 dated 12 June 2018, Chandigarh.
Diligence position: Buyer will complete title diligence before the stated diligence deadline. Objections should be raised by 2 April 2026.
Encumbrance covenant: Seller will convey free from undisclosed mortgages, charges, liens and third-party rights.
Dues: Seller clears dues attributable to the period before completion.
- COMMERCIAL UNIT
Identifier: SCO 120-121, First Floor. Area: Approx. 2,700 sq ft super area, first floor with independent staircase.. Title type: Freehold commercial unit.
Occupancy: Vacant commercial premises.
If occupied, sale treatment: Buyer takes subject to the disclosed tenancy and receives assigned rent/deposit account at completion. Tenant security deposit to be transferred/accounted: ₹6,00,000 (Rupees Six Lakh only).
- COMMON RIGHTS AND PERMITTED USE
Common-area rights: Common access/parking/service rights pass only as attached to title/allotment.
Use reliance: Buyer will independently verify permitted trade/use before completion.
- TAX AND OCCUPATIONAL ACCOUNTING
Indirect-tax position: Parties will obtain tax advice based on construction/completion and seller status. The parties must allocate rent, maintenance, deposit, tenant receivables and outgoings through the completion date if the unit is pre-leased.
- VACANT OR TENANTED COMPLETION
The completion documents must match the selected possession route: vacant possession, sale subject to disclosed tenancy, or prior termination. The agreement should not promise both vacant possession and transfer of a live tenancy.
- COMPLETION AND CONVEYANCE
The parties will complete the sale and execute/register the required conveyance by 3 April 2026, subject to the conditions stated in this agreement.
Section 54 of the Transfer of Property Act, 1882 treats a contract for sale as an agreement that a sale will take place on settled terms; the contract does not by itself create an interest in or charge on the property. The final transfer of ownership must occur through the legally required conveyance/registered instrument.
- DEFAULT AND REMEDIES
Buyer default: Seller may terminate and claim reasonable compensation subject to law and the stated earnest-money clause. Seller default: Buyer may seek refund with agreed lawful compensation or pursue available contractual remedies.