The Home Selling Contract is a crucial legal instrument used in Indian real estate transactions for documenting the sale and transfer of residential property. This document becomes necessary when a property owner intends to sell their residential property to a buyer, ensuring all aspects of the transaction are legally documented and enforceable. The contract must comply with various Indian legislations including the Transfer of Property Act, Registration Act, and state-specific property laws. It typically includes detailed property descriptions, sale consideration, payment terms, possession details, title warranties, and obligations of both parties. The document also addresses statutory requirements, tax implications, and registration procedures specific to Indian property transactions. This standardized format helps prevent future disputes and ensures transparency in property dealings while protecting the interests of all parties involved.
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1. Parties: Details of the seller(s) and buyer(s) including full legal names, addresses, and contact information
2. Background: Brief context about the property sale and the parties' intention to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including address, dimensions, and registration details
5. Sale Consideration: Purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specified methods of payment and banking details
7. Possession: Terms and timeline for handover of property possession
8. Title and Ownership: Seller's declarations regarding clear title and ownership rights
9. Representations and Warranties: Statements and guarantees made by both parties
10. Seller's Obligations: Responsibilities of the seller including documentation and maintenance until possession
11. Buyer's Obligations: Responsibilities of the buyer including timely payments and documentation
12. Costs and Expenses: Distribution of transaction costs including stamp duty, registration fees, and taxes
13. Default and Remedies: Consequences of breach and available remedies
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
15. Notices: Method and addresses for serving legal notices
16. Force Majeure: Provisions for unforeseen circumstances preventing contract performance
17. Execution: Signing and witness requirements
1. Mortgage or Encumbrance Details: Required if the property has any existing loans or encumbrances that need to be cleared
2. Power of Attorney: Needed if either party is acting through an authorized representative
3. Society Transfer Formalities: Required for apartments or properties in housing societies
4. Rental Status: Required if the property is currently tenanted
5. Parking Space: Required for properties with designated parking areas
6. Fixtures and Fittings: Detailed list of items included/excluded in the sale if necessary
7. Development Rights: Required if the property has unused development potential or TDR
8. Agricultural Land Conversion: Required if the property is agricultural land being sold for non-agricultural purposes
1. Schedule A - Property Description: Detailed description of the property including boundaries, measurements, and construction details
2. Schedule B - Title Documents: List of all title and ownership documents
3. Schedule C - Payment Schedule: Detailed breakdown of payment installments and timelines
4. Schedule D - Inventory List: List of fixtures, fittings, and other items included in the sale
5. Schedule E - Encumbrance Certificate: Recent encumbrance certificate and details of any existing charges
6. Schedule F - Property Tax Records: Details of property tax payments and any pending dues
7. Schedule G - Approved Plans: Copies of approved building plans and permits
8. Appendix 1 - Property Photos: Recent photographs of the property and its major features
9. Appendix 2 - Compliance Certificates: Copies of various compliance certificates and NOCs
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Legal Services
Banking and Finance
Construction
Property Management
Insurance
Urban Development
Housing
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Sales
Risk Management
Finance
Customer Relations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Conveyancing Officer
Property Valuer
Mortgage Officer
Real Estate Development Manager
Compliance Officer
Title Insurance Specialist
Property Documentation Specialist
Real Estate Transaction Coordinator
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