KShs 3,500.00
An Agreement for Sale of Property is a crucial legal document that outlines the terms and conditions under which two individuals agree to the sale and purchase of a developed property. This contract specifies the details of the property, the sale price, payment schedule, and any other conditions precedent to the final sale. It serves as a binding promise, ensuring that the seller agrees to transfer the title of the property to the buyer upon fulfillment of certain conditions, such as payment of the purchase price.
The agreement also typically includes provisions regarding the allocation of costs for the transaction, warranties regarding the condition of the property, and stipulations about the consequences of breach of the agreement by either party. It is a comprehensive document that acts as a roadmap for the transaction, providing clear instructions for the steps each party must take to successfully transfer ownership of the property. This agreement is often accompanied by disclosures about the property’s condition and may also address the handling of any fixtures or personal property included in the sale. In essence, it is a formalization of the mutual consent between the buyer and seller to carry out the property transaction under specified terms.
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