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Advance Agreement For Land Purchase

Advance Agreement For Land Purchase Template for India

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Key Requirements PROMPT example:

Advance Agreement For Land Purchase

"I need an Advance Agreement for Land Purchase for my company's acquisition of a 5-acre commercial plot in Bangalore, with a 25% advance payment and completion scheduled for March 2025; the agreement should include specific provisions for future development rights and phased payments."

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Document background
The Advance Agreement For Land Purchase is a crucial preliminary document used in Indian real estate transactions where parties wish to formalize their commitment to a property sale before executing the final sale deed. This agreement becomes necessary when a buyer needs to secure their interest in a property while arranging finance, completing due diligence, or waiting for regulatory approvals. It typically includes details of the advance payment (usually 10-25% of the total consideration), property specifications, timelines for completion, and conditions precedent to the final sale. The document must comply with Indian contract law, property law, and state-specific regulations, providing legal recourse to both parties in case of default. It serves as a vital risk-mitigation tool, particularly in high-value land transactions or where there is a significant time gap between initial commitment and final sale.
Suggested Sections

1. Parties: Details of the seller(s) and purchaser(s), including names, addresses, and legal capacity

2. Background: Context of the transaction, brief description of the property, and parties' intention to enter into this agreement

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

4. Property Details: Comprehensive description of the property including boundaries, measurements, and registration details

5. Advance Payment Terms: Amount of advance payment, payment schedule, mode of payment, and receipt acknowledgment

6. Purchase Price and Payment Structure: Total purchase price, balance payment terms, and payment milestones

7. Due Diligence: Seller's obligation to provide documents, buyer's right to verify title and encumbrances

8. Seller's Representations and Warranties: Declarations regarding title, encumbrances, litigation, and authority to sell

9. Conditions Precedent: Conditions that must be satisfied before final sale deed execution

10. Completion Timeline: Schedule for completing the transaction and executing the sale deed

11. Default and Consequences: Events of default and remedies including refund of advance payment or specific performance

12. Notices: Method and addresses for serving notices between parties

13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes

14. Execution: Signature blocks and witness details

Optional Sections

1. Force Majeure: Provisions for unforeseen circumstances preventing performance, used when transaction timeline is extended

2. Assignment: Rights to assign the agreement to third parties, included when either party might need to transfer rights

3. Broker/Agent Details: Information about intermediaries and their commission, included when property agents are involved

4. Development Rights: Special provisions regarding development potential, included for undeveloped or partially developed properties

5. Agricultural Land Conversion: Specific conditions for agricultural land conversion, required when property is agricultural

6. NRI/Foreign National Provisions: Special provisions when buyer is NRI/foreign national, including FEMA compliance

7. Power of Attorney: Authorization details when any party is acting through representatives

8. Joint Development Rights: Provisions for joint development arrangements, included for development properties

Suggested Schedules

1. Schedule I - Property Description: Detailed property description including boundaries, measurements, and survey numbers

2. Schedule II - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates

3. Schedule III - Title Documents: List of title documents and chain of title documents

4. Schedule IV - Encumbrance Certificate: Details of recent encumbrance certificate and status of encumbrances

5. Schedule V - Outstanding Liabilities: List of pending dues, taxes, or charges on the property

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

7. Appendix B - Due Diligence Checklist: List of documents required for due diligence

8. Appendix C - Compliance Certificates: Copies of necessary regulatory approvals and compliance certificates

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions








































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Relevant Industries

Real Estate

Construction

Property Development

Agriculture

Education

Healthcare

Hospitality

Industrial

Retail

Infrastructure

Manufacturing

Logistics

Commercial Office Space

Relevant Teams

Legal

Real Estate

Finance

Compliance

Risk Management

Business Development

Project Management

Operations

Investment

Corporate Affairs

Facilities Management

Asset Management

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Company Secretary

Chief Financial Officer

Managing Director

Land Acquisition Manager

Business Development Manager

Project Manager

Investment Manager

Compliance Officer

Risk Manager

Property Consultant

Real Estate Broker

Facilities Manager

Asset Manager

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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