The For Sale By Owner Purchase Agreement is designed for property transactions in India where owners choose to sell their property directly to buyers without engaging a real estate agent. This approach can result in cost savings for both parties by eliminating agent commissions. The document is crucial in establishing legally binding terms between the parties and must comply with Indian property laws, including the Transfer of Property Act, 1882, and state-specific regulations. It includes comprehensive details about the property, payment terms, warranties, and closing conditions, while ensuring all necessary legal requirements for property transfer in India are met. This agreement is particularly relevant in today's market where many property owners prefer direct transactions, supported by digital platforms and increased access to legal resources.
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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: Brief context of the transaction and the seller's ownership of the property
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Property Description: Detailed description of the property being sold, including address, dimensions, and registration details
5. Purchase Price: The agreed purchase price and payment structure, including earnest money deposit details
6. Payment Terms: Timeline and method of payment, including installment details if applicable
7. Closing Date: Specified date for completion of the transaction and transfer of ownership
8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and legal status
9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capability and understanding of property condition
10. Title and Documentation: Requirements for clear title transfer and necessary documentation
11. Closing Costs and Expenses: Allocation of various transaction costs between parties
12. Possession: Terms and timing of property possession transfer
13. Default and Remedies: Consequences and remedies in case of default by either party
14. Governing Law: Specification of Indian law as governing law and jurisdiction details
15. Notices: Method and addresses for official communications between parties
16. General Provisions: Standard contract clauses including severability, entire agreement, and amendments
1. Property Inspection: Details of property inspection rights and process, used when buyer requests inspection period
2. Financing Contingency: Conditions related to buyer's ability to secure financing, included when purchase depends on mortgage approval
3. Sale of Existing Home Contingency: Conditions linking this purchase to the sale of buyer's current property
4. Tenant Rights: Required when property is currently tenanted, addressing existing lease agreements
5. Repairs and Improvements: Used when specific repairs or improvements are agreed to be completed before closing
6. Foreign Investment Provisions: Required when buyer is an NRI or foreign national, addressing FEMA compliance
7. Property Management: Interim management provisions if there's a gap between agreement and possession
8. Environmental Matters: Required for properties with potential environmental concerns or compliance requirements
1. Schedule A - Property Details: Detailed property description including boundaries, area, and construction details
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
3. Schedule C - Title Documents: List of title documents and chain of ownership details
4. Schedule D - Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Schedule E - Outstanding Liabilities: Details of any pending dues, taxes, or charges on the property
6. Appendix 1 - Property Photos: Recent photographs of the property and its major features
7. Appendix 2 - Property Plans: Architectural plans, layout drawings, and property maps
8. Appendix 3 - Compliance Certificates: Copies of relevant permits, NOCs, and compliance certificates
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