The Agreement of Purchase and Sale Condominium is a crucial legal document used in Indian real estate transactions for the transfer of condominium property ownership. This agreement is essential when selling or purchasing apartment units in multi-story buildings or planned communities in India, and must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), along with state-specific real estate laws. The document details all aspects of the transaction including property specifications, payment schedules, completion timelines, and maintenance terms. It's particularly important in the Indian context where apartment living is increasingly common in urban areas, and strong legal protection is required for both buyers and sellers. The agreement must incorporate specific provisions required by Indian law regarding common areas, maintenance charges, and society formation, while also ensuring all RERA-mandated disclosures and buyer protections are included.
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1. Parties: Identification and details of the seller and purchaser, including their complete legal names, addresses, and contact information
2. Background: Context of the transaction, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Property', 'Common Areas', 'Completion Date', etc.
4. Property Description: Detailed description of the condominium unit, including unit number, floor, carpet area, built-up area, and specifications
5. Purchase Price: Total consideration, payment schedule, and mode of payment
6. Payment Terms: Detailed breakdown of payment installments, due dates, and payment methods
7. Completion and Possession: Timeline for completion, conditions for possession, and procedures for handover
8. Title and Transfer: Warranties of title, encumbrance status, and process for transfer of ownership
9. Common Areas and Facilities: Rights and obligations regarding common areas, facilities, and amenities
10. Maintenance and Services: Terms regarding maintenance charges, service provisions, and facility management
11. Representations and Warranties: Declarations and assurances by both parties regarding the property and transaction
12. Registration and Transfer Costs: Allocation of stamp duty, registration fees, and other transfer-related costs
13. Default and Remedies: Consequences of default by either party and available remedies
14. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
15. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
16. Notices: Method and addresses for serving notices between parties
17. Execution: Signature blocks and execution formalities
1. Loan and Financing: Terms related to housing loans or other financing arrangements, included when buyer is obtaining financing
2. Car Parking: Specific provisions for car parking allocation and rights, included when parking is separately allocated
3. Club Membership: Terms regarding club facilities and membership, included when project includes club facilities
4. Modifications and Alterations: Terms regarding permissible modifications to the unit, included when specific restrictions apply
5. Power of Attorney: Provisions for power of attorney arrangements, included when required for specific circumstances
6. Assignment Rights: Terms regarding rights to assign the agreement, included when assignment might be contemplated
7. Furniture and Fixtures: Details of included furnishings, included when unit is sold furnished
8. Escrow Arrangements: Terms for escrow of funds or documents, included when using escrow mechanisms
1. Schedule A - Property Details: Detailed technical description of the property including measurements, boundaries, and specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with timelines
3. Schedule C - Specifications and Amenities: Detailed list of unit specifications, fittings, and amenities
4. Schedule D - Common Areas and Facilities: List and description of all common areas and facilities included
5. Schedule E - Floor Plan: Unit floor plan and location within the building
6. Schedule F - Title Documents: List of title documents and encumbrance certificates
7. Schedule G - Maintenance Charges: Details of maintenance charges and payment terms
8. Appendix 1 - RERA Disclosures: Mandatory disclosures as required under RERA
9. Appendix 2 - Construction Timeline: Construction and completion milestones with dates
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