The Real Estate Purchase and Sale Agreement Form is a crucial legal document used in Indian property transactions to formalize the transfer of real estate between parties. This document is essential when any real estate property is being bought or sold in India, whether for residential, commercial, or industrial purposes. It must comply with various Indian legislations, including the Transfer of Property Act 1882, Registration Act 1908, and RERA 2016. The agreement contains detailed information about the property, parties involved, purchase price, payment terms, warranties, and obligations. It serves as the foundation for property registration and helps prevent future disputes by clearly documenting all aspects of the transaction. The document is particularly important given India's complex property laws and the requirement for proper documentation in real estate transactions.
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1. Parties: Identification and details of the seller and purchaser, including names, addresses, and legal capacity
2. Background: Context of the transaction, brief property history, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including boundaries and measurements
5. Purchase Price: Total consideration, payment structure, and payment methods
6. Payment Terms: Detailed breakdown of payment schedule, earnest money, and balance payment arrangements
7. Completion: Timeline and process for completing the transaction, including registration requirements
8. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal status
9. Purchaser's Representations and Warranties: Purchaser's declarations regarding capacity to purchase and funding sources
10. Title Documents: Requirements for title verification and transfer of title documents
11. Possession: Terms and conditions for handling over property possession
12. Expenses: Allocation of transaction costs, stamp duty, and registration fees
13. Default and Remedies: Consequences of default by either party and available remedies
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
15. Notices: Process for sending and receiving formal communications between parties
16. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
17. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Mortgage/Encumbrance Clearance: Used when property has existing mortgages or encumbrances that need to be cleared before sale
2. Power of Attorney: Required when either party is acting through an authorized representative
3. Foreign Exchange Compliance: Needed for transactions involving non-resident Indians or foreign nationals
4. Society/Association Approval: Required for properties in housing societies or apartments requiring society NOC
5. Agricultural Land Conversion: Needed when dealing with agricultural land being converted for non-agricultural use
6. Development Rights: Required when transferring or reserving development rights
7. Tenant Rights: Needed when property is currently tenanted
8. Environmental Clearances: Required for properties needing environmental compliance
9. Third Party Rights: Used when there are existing third-party rights that need to be addressed
1. Schedule A - Property Details: Comprehensive property description, measurements, boundaries, and location details
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
3. Schedule C - Title Documents: List of all title documents to be transferred
4. Schedule D - Encumbrances: Details of existing encumbrances, if any, and plan for their clearance
5. Schedule E - Inventory: List of fixtures, fittings, and other items included in the sale
6. Appendix 1 - Property Plans: Architectural plans, site maps, and approved drawings
7. Appendix 2 - Permissions: Copies of relevant permissions, approvals, and certificates
8. Appendix 3 - Previous Titles: Chain of title documents showing previous ownership history
9. Appendix 4 - Tax Records: Property tax receipts and other tax-related documents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Real Estate Investment
Housing & Urban Development
Agricultural Land Development
Commercial Property
Industrial Property
Relevant Teams
Legal
Real Estate
Compliance
Finance
Risk Management
Business Development
Property Management
Operations
Corporate Affairs
Facilities Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Property Developer
Real Estate Investor
Title Officer
Contract Manager
Real Estate Analyst
Property Valuer
Business Development Manager
Finance Manager
Company Secretary
Risk Manager
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