A Release of Contract (Real Estate) is essential in Indian property transactions when parties mutually agree to terminate their existing contractual relationship. This document is commonly used when a property deal needs to be cancelled, when parties cannot proceed with the original transaction, or when all obligations have been fulfilled and parties need formal closure. It must comply with Indian contract law, property law, and registration requirements. The document typically includes details of the original contract, property description, terms of release, and any financial settlements. It serves as crucial evidence in preventing future disputes and provides legal certainty to all parties involved. The document's format and content are influenced by various Indian statutes, including the Transfer of Property Act, 1882, and the Registration Act, 1908.
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1. Parties: Identification of all parties involved in the release, including their full legal names, addresses, and status (e.g., Seller/Buyer, Lessor/Lessee)
2. Background: Details of the original contract being released, including date of execution, purpose, and brief description of the property transaction
3. Definitions: Definitions of key terms used in the release document
4. Details of Original Contract: Specific reference to the contract being released, including registration details if applicable
5. Property Description: Brief description of the property involved in the original contract
6. Release Statement: Clear and unambiguous statement of release from the contract and mutual discharge of obligations
7. Consideration: Details of any payment or consideration for the release
8. Return of Documents: Provisions regarding the return of original documents and property papers
9. No Claims: Mutual confirmation that neither party has any further claims against the other
10. Governing Law: Specification that the release is governed by Indian law
11. Execution: Signature blocks and execution formalities
1. Partial Release: Used when only certain aspects of the original contract are being released while others remain in force
2. Surviving Obligations: Specifies any obligations that survive the release
3. Confidentiality: Include when parties wish to maintain confidentiality about the terms of release
4. Tax Implications: Include when there are specific tax consequences that need to be addressed
5. Indemnification: Used when one party needs to indemnify the other against future claims
6. Dispute Resolution: Include when parties want to specify mechanism for resolving future disputes
1. Schedule A - Property Details: Detailed description of the property including boundaries, measurements, and registration details
2. Schedule B - Payment Details: Breakdown of any financial settlements, including refunds or compensations
3. Schedule C - Original Contract: Copy or extract of the original contract being released
4. Schedule D - Outstanding Obligations: List of any pending obligations and their resolution
5. Appendix 1 - Property Documents: List of property documents to be returned or transferred
6. Appendix 2 - Compliance Certificates: Copies of necessary compliance certificates or regulatory approvals
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