A term sheet is a written document the parties exchange containing the important terms and conditions of deal. The document summarizes the main points of a deal agreement and sorts out the differences before actually executing the legal agreement. Here the following agreement states the deal for a said flat between the Assignor (vendor) and the Assignees (purchaser). The document refers to various details about the deal like premises, shares, area (in sq. Ft), registration no of society and also under the final balance payment. At time of execution of agreement for sale against possession of free and clear marketable title and quite vacant, peaceful and absolute possession on said flat also representing clauses includes that the vendor must pay and complete all dues regarding the flat including maintenance, electricity or telephone bills before the date of execution of agreement there must be no mortgage on flat created by vendor and he/she must be should not have agreed to sale the said flat to any other persons. A concession of 15 days can be provided to the purchaser in case of delay in payment off date, if not paid then interest per annum on balance amount.

 
If there is delay in handing over the possession of flat from vendor to purchasers, the purchaser shall be entitled to terminate their present sum of money and amount must be refunded within 48 hours with 12% interest per annum with original documents. In case of any dispute or difference in respect shall first referred to mediation. The charges for stamp duty and registration must be paid exclusively by purchaser and transfer charges paid by both equally to society. Two witnesses are required and also NOC must be given to society with agreement of both parties.