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Provisional agreement for sales and purchase of property between Vendor, Purchaser and Agent highlighting the specifics of the sales and general terms and conditions relating to the transaction.
The Vendor agrees to sell and the Purchaser agrees to purchase, through the Agent subject to the terms and conditions herein contained, all that the said premises. The Purchase price of the said premises shall be the Purchase Price with initial deposit, further deposit and balance on completion.
The said premises is to be sold to the Purchaser or it nominee(s), sub-purchaser(s) free from encumbrances. Upon completion, the Vendor shall deliver vacant possession of the said premises to the Purchaser. The Vendor and the Purchaser agree that they shall separately appoint their own lawyers.
Should the Purchaser fail to complete the purchase in the manner herein contained, the initial deposit shall be forfeited to the Vendor and the vendor shall then be entitled at his absolute discretion to sell the said premises to anyone he thinks fit and the Vendor shall not sue the Purchaser for any liabilities and / or damages or to enforce specific performance.
Should the Vendor after receiving the Initial deposit paid hereunder fail to complete the sale in the manner herein contained, the Vendor shall immediately compensate the Purchaser with a refund of the initial deposit together with a sum equivalent to the amount of the initial deposit as liquidated damages and the reimbursement / payment (as the case may be) of stamp duty of the said premises and the Purchaser shall not take any further action to claim damages or to enforce specific performance.