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Private Sale Agreement for India

Private Sale Agreement Template for India

A Private Sale Agreement under Indian law is a legally binding document that formalizes the transfer of ownership of property or assets between private parties. The agreement is governed by various Indian statutes, primarily the Indian Contract Act, 1872, and depending on the subject matter, the Transfer of Property Act, 1882, or the Sale of Goods Act, 1930. It details the terms and conditions of the sale, including the description of the property/asset, purchase price, payment terms, representations and warranties, and completion mechanics, while ensuring compliance with Indian registration and stamp duty requirements where applicable.

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What is a Private Sale Agreement?

The Private Sale Agreement is a fundamental commercial document used in India for transferring ownership of property or assets between private parties without public auction or tender process. This agreement type is commonly used for both movable and immovable property transactions, ranging from real estate to equipment sales. It must comply with Indian contract law principles and may require registration under the Registration Act, 1908, depending on the nature and value of the property being transferred. The agreement typically includes comprehensive details about the asset being sold, payment terms, warranties, and completion requirements, while also addressing tax implications and regulatory compliance. The Private Sale Agreement serves as crucial evidence of the transaction and helps prevent future disputes by clearly documenting the parties' rights and obligations.

What sections should be included in a Private Sale Agreement?

1. Parties: Identifies and provides full details of the seller and purchaser, including names, addresses, and any relevant registration numbers

2. Background: Explains the context of the sale and brief description of the property/asset being sold

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent ambiguity

4. Subject Matter of Sale: Detailed description of the property/asset being sold, including all relevant specifications and characteristics

5. Purchase Price: States the agreed purchase price and payment terms, including payment schedule if applicable

6. Payment Terms: Details the method of payment, installment structure if any, and consequences of default

7. Conditions Precedent: Lists any conditions that must be satisfied before the sale can be completed

8. Seller's Representations and Warranties: Statements of fact and promises made by the seller regarding the asset/property

9. Buyer's Representations and Warranties: Statements of fact and promises made by the buyer regarding their capacity to purchase

10. Completion: Details of when and how the transfer of ownership will take place

11. Default and Remedies: Specifies what constitutes default and the remedies available to either party

12. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and determines jurisdiction for dispute resolution

13. Notices: Specifies how and where official communications between parties should be sent

14. Execution: Signature blocks and execution formalities

What sections are optional to include in a Private Sale Agreement?

1. Due Diligence: Details the buyer's right to investigate the asset/property - relevant for complex or high-value transactions

2. Encumbrances: Details any existing liens, mortgages, or other encumbrances - needed if the property isn't free from all encumbrances

3. Tax Implications: Addresses responsibility for various taxes - needed when tax liability is significant or complex

4. Insurance: Insurance requirements and responsibilities - relevant for transactions with a gap between agreement and completion

5. Force Majeure: Provisions for unforeseen circumstances - relevant for transactions with delayed completion

6. Confidentiality: Confidentiality obligations - needed for sensitive or high-value transactions

7. Assignment: Rights to assign the agreement - relevant when either party might need to transfer their rights

8. Broker/Agent: Details of any intermediaries involved - needed if brokers or agents are part of the transaction

What schedules should be included in a Private Sale Agreement?

1. Property Description Schedule: Detailed technical description of the property/asset including specifications, conditions, and any unique identifiers

2. Payment Schedule: Detailed breakdown of payment installments and dates if payment is not made in a single transaction

3. Title Documents: List of all title documents and their copies proving ownership and chain of title

4. Encumbrance Certificate: Recent encumbrance certificate showing any registered transactions or liens

5. Inventory List: For sales including multiple items or fixtures - detailed list of all items included in the sale

6. Due Diligence Reports: Reports from any technical, legal, or financial due diligence conducted

7. Existing Contracts: Copies of relevant existing contracts affecting the property/asset

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Genie AI

Document Type

Sales Contract

Sector

Sales

Cost

Free to use
Relevant legal definitions






























Clauses

































Relevant Industries

Real Estate

Manufacturing

Retail

Automotive

Technology

Agriculture

Industrial Equipment

Construction

Hospitality

Healthcare

Education

Mining

Logistics

Consumer Goods

Relevant Teams

Legal

Finance

Operations

Procurement

Sales

Compliance

Real Estate

Asset Management

Business Development

Risk Management

Relevant Roles

Legal Counsel

Corporate Lawyer

Property Manager

Real Estate Manager

Business Development Manager

Chief Financial Officer

Finance Manager

Operations Manager

Procurement Manager

Asset Manager

Company Secretary

Compliance Officer

Contract Manager

Sales Manager

Director of Operations

Managing Director

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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