The Mortgage Sales Contract is a specialized legal instrument used in Indian real estate transactions where property purchase is financed through a mortgage loan. This document is particularly relevant when buyers require institutional financing to complete their property purchase, combining both the sale deed and mortgage deed elements into a single comprehensive agreement. It ensures compliance with Indian property laws, banking regulations, and registration requirements while protecting the interests of all parties involved - the seller, buyer/mortgagor, and the lending institution. The document includes essential details about the property, sale consideration, mortgage terms, repayment schedules, and security creation, making it a crucial instrument in financed property transactions. Its use is widespread in both residential and commercial property purchases across India, subject to state-specific stamp duty and registration requirements.
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1. Parties: Identification of the Seller, Buyer/Mortgagor, and Mortgagee (lending institution)
2. Background: Context of the transaction, including property ownership history and purpose of the mortgage
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property being sold and mortgaged
5. Sale Consideration: Purchase price, payment terms, and source of funds
6. Mortgage Terms: Loan amount, interest rate, repayment schedule, and mortgage conditions
7. Representations and Warranties: Declarations by all parties regarding their capacity, property title, and other material facts
8. Seller's Obligations: Responsibilities of the seller including title transfer and property handover
9. Buyer's/Mortgagor's Covenants: Commitments regarding property maintenance, insurance, and mortgage payments
10. Mortgagee's Rights: Rights of the lending institution including foreclosure rights
11. Default and Remedies: Consequences of default and available legal remedies
12. Registration and Stamp Duty: Provisions regarding document registration and payment of stamp duty
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
14. Notices: Method and addresses for formal communications between parties
1. Third Party Rights: Include when there are existing tenants or other third-party interests in the property
2. Insurance: Detailed insurance requirements when specific coverage types are mandatory
3. Property Use Restrictions: Include when there are specific restrictions on property usage or development
4. Guarantor Provisions: Include when there is a guarantor for the mortgage
5. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
6. Assignment Rights: Include when transfer of rights needs to be specifically addressed
7. Environmental Compliance: Include for properties with potential environmental concerns
1. Schedule A - Property Description: Detailed legal description of the property including boundaries and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including mortgage amortization schedule
3. Schedule C - Title Documents: List of title documents and their copies
4. Schedule D - Encumbrances: Details of existing charges, liens, or encumbrances on the property
5. Schedule E - Property Inventory: List of fixtures and fittings included in the sale
6. Appendix 1 - Property Plans: Architectural plans, site maps, and related drawings
7. Appendix 2 - Regulatory Approvals: Copies of relevant permits and approvals
8. Appendix 3 - Previous Title Deeds: Copies of previous ownership documents and transfer deeds
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