The House Purchase Contract is a fundamental legal document used in Indian real estate transactions to formalize the transfer of residential property ownership. It is essential for any property purchase in India and must comply with the Transfer of Property Act 1882, Registration Act 1908, and state-specific property laws. This document is used when a definitive agreement is needed to purchase residential property, whether it's an apartment, individual house, or residential plot. It contains crucial details about the property, parties involved, purchase price, payment schedule, warranties, and conditions for transfer. The agreement must be registered with the Sub-Registrar's office and requires payment of appropriate stamp duty as per state regulations. It serves as the primary evidence of the transaction and protects both buyer's and seller's interests by clearly defining their rights and obligations under Indian law.
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1. Parties: Details of the seller and purchaser, including full names, addresses, and legal capacity to contract
2. Background: Brief context about the property, ownership history, and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of the property being sold, including exact measurements and boundaries
5. Purchase Price: Agreed purchase price and payment structure, including earnest money deposit details
6. Payment Terms: Schedule of payments, mode of payment, and conditions attached to each payment
7. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, taxes, litigation, etc.
8. Purchaser's Representations and Warranties: Declarations regarding financial capacity and compliance with applicable laws
9. Title Investigation: Process and timeline for title verification and handling of title defects
10. Conditions Precedent: Conditions that must be satisfied before completion of the sale
11. Completion/Closing: Process and requirements for completing the transaction
12. Possession: Terms and conditions for handling over possession of the property
13. Taxes and Expenses: Allocation of various taxes, registration charges, and other expenses
14. Indemnification: Mutual indemnification clauses for breach of representations or warranties
15. Notices: Process for sending and receiving official communications
16. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
17. Force Majeure: Provisions for handling unforeseen circumstances
18. Dispute Resolution: Process for resolving disputes between parties
1. Mortgage Details: Include when the purchase is being financed through a mortgage, detailing the lender's requirements and conditions
2. Power of Attorney: Include when either party is acting through a representative
3. Third Party Rights: Include when there are existing tenants or other third-party interests in the property
4. Pending Litigation: Include when there are ongoing legal proceedings affecting the property
5. Development Rights: Include when the property has unused development potential or TDR
6. Society Membership: Include for apartments/flats requiring society membership transfer
7. NRI Clause: Include when either party is a Non-Resident Indian, addressing FEMA compliance
8. Escrow Arrangements: Include when parties agree to use an escrow mechanism for the transaction
1. Schedule A - Property Description: Detailed description of the property including exact measurements, boundaries, and construction details
2. Schedule B - Title Documents: List of all title documents and their chronological chain
3. Schedule C - Payment Schedule: Detailed breakdown of payment installments and timing
4. Schedule D - Encumbrances: List of existing encumbrances, if any, and plan for their removal
5. Schedule E - Amenities and Fixtures: List of fixtures, fittings, and amenities included in the sale
6. Schedule F - Outstanding Dues: Details of any pending utility bills, property tax, or other dues
7. Appendix 1 - Property Documents: Copies of key property documents including title deeds, tax receipts, and approved plans
8. Appendix 2 - NOCs and Permissions: Copies of necessary No Objection Certificates and regulatory permissions
9. Appendix 3 - Property Pictures: Recent photographs of the property and its key features
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