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The Partial Payment Agreement For House And Lot is a crucial document in Indian real estate transactions where buyers opt for structured payment plans instead of full upfront payment. This agreement becomes necessary when parties wish to formalize an arrangement for the gradual purchase of residential property, providing security for both buyer and seller throughout the payment period. It is particularly relevant in the Indian context where property transactions must comply with specific legal requirements under the Transfer of Property Act, RERA, and other relevant legislation. The document typically includes detailed property descriptions, payment schedules, default provisions, and conditions for title transfer, while ensuring compliance with local registration and stamp duty requirements. It serves as a legally binding contract that protects the interests of all parties involved while facilitating property acquisition through manageable payment installments.

1. Parties: Identification of the seller and buyer with complete details including names, addresses, and contact information

2. Background: Context of the agreement, including brief property description and intention to enter into a partial payment arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the house and lot, including exact measurements, boundaries, and registration details

5. Purchase Price: Total purchase price and breakdown of payment components

6. Payment Terms: Detailed structure of partial payments, including down payment, installment amounts, due dates, and payment methods

7. Default and Remedies: Consequences of payment default and available remedies for both parties

8. Transfer of Title: Conditions and process for the transfer of property title upon completion of payments

9. Representations and Warranties: Declarations by both parties regarding property ownership, authority to sell, and absence of encumbrances

10. Possession: Terms regarding property possession and maintenance during the payment period

11. Taxes and Expenses: Allocation of responsibility for property taxes, registration fees, and other expenses

12. Governing Law: Specification of Indian law as governing law and jurisdiction

13. Dispute Resolution: Process for resolving disputes between parties

14. Notices: Method and addresses for formal communications between parties

15. Execution: Signature blocks and execution formalities