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Simple Commercial Real Estate Purchase Agreement for India

Simple Commercial Real Estate Purchase Agreement Template for India

A standardized legal agreement governed by Indian law for the purchase and sale of commercial real estate property. This document outlines the terms and conditions of the property transfer, including purchase price, payment terms, property details, warranties, and completion requirements. It complies with the Transfer of Property Act, 1882, Registration Act, 1908, and other relevant Indian legislation, while incorporating state-specific requirements for property transfer and registration. The agreement ensures proper documentation of the transaction while protecting both parties' interests through clear terms and conditions.

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What is a Simple Commercial Real Estate Purchase Agreement?

The Simple Commercial Real Estate Purchase Agreement is a fundamental legal document used in India for facilitating the purchase and sale of commercial properties. This agreement is essential when businesses or individuals are acquiring commercial real estate assets and need a standardized, legally compliant framework for the transaction. It incorporates requirements from key Indian legislation including the Transfer of Property Act, Registration Act, and state-specific property laws. The document covers crucial elements such as property description, purchase price, payment terms, warranties, and completion requirements, while ensuring compliance with local registration and stamp duty requirements. It's particularly suitable for straightforward commercial property transactions where standard terms and conditions can be applied without complex special conditions or unusual circumstances.

What sections should be included in a Simple Commercial Real Estate Purchase Agreement?

1. Parties: Identification and details of the seller and purchaser, including registration/incorporation details for companies

2. Background: Context of the transaction and brief description of the property being sold

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

4. Property Details: Comprehensive description of the property including location, boundaries, and built-up area

5. Purchase Price: Amount, payment structure, and payment terms

6. Payment Schedule: Detailed breakdown of payment installments and timelines

7. Completion: Process and requirements for completing the transaction

8. Seller's Representations and Warranties: Statements and guarantees made by the seller regarding the property

9. Purchaser's Representations and Warranties: Statements and guarantees made by the purchaser regarding their capacity to purchase

10. Title and Ownership: Confirmation of clear title and process of transfer

11. Registration and Stamp Duty: Obligations regarding registration and payment of stamp duty

12. Possession: Terms and process for transferring possession

13. Default and Remedies: Consequences and remedies in case of breach by either party

14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction

15. Notices: Process and addresses for serving notices

16. Execution: Signature blocks and execution formalities

What sections are optional to include in a Simple Commercial Real Estate Purchase Agreement?

1. Conditions Precedent: Specific conditions that must be met before completion, used when there are pending approvals or requirements

2. Due Diligence: Process and timeline for conducting property investigation, used when buyer requires a due diligence period

3. Existing Tenancies: Details of current tenants and lease arrangements, used when property is tenant-occupied

4. Environmental Matters: Environmental compliance and obligations, used for industrial or potentially contaminated properties

5. Property Management: Interim management arrangements, used when there's a gap between agreement and completion

6. Tax Matters: Specific tax implications and obligations, used when complex tax considerations exist

7. Force Majeure: Provisions for unforeseen circumstances, used when extended completion timeline is anticipated

8. Broker/Agent Commissions: Details of any broker involvement and commission arrangements, used when brokers are involved

What schedules should be included in a Simple Commercial Real Estate Purchase Agreement?

1. Schedule 1 - Property Description: Detailed property description including floor plans, boundaries, and measurements

2. Schedule 2 - Title Documents: List of title documents and their copies

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms and installments

4. Schedule 4 - Encumbrances: List of existing encumbrances, liens, or mortgages

5. Schedule 5 - Completion Requirements: Checklist of documents and actions required for completion

6. Appendix A - Property Documents: Copies of key property documents including tax receipts, utility bills

7. Appendix B - Due Diligence Reports: Technical, legal, and environmental due diligence reports

8. Appendix C - Permits and Licenses: Copies of relevant permits, licenses, and approvals

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

Cost

Free to use
Relevant legal definitions









































Clauses



































Relevant Industries

Real Estate

Commercial Property Development

Retail

Manufacturing

Information Technology

Banking and Financial Services

Healthcare

Hospitality

Logistics and Warehousing

Professional Services

Education

Relevant Teams

Legal

Finance

Real Estate

Operations

Facilities Management

Risk and Compliance

Corporate Development

Investment

Asset Management

Business Development

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Business Development Manager

Investment Manager

Asset Manager

Operations Director

Finance Manager

Compliance Officer

Risk Manager

Property Acquisition Specialist

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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