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.
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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
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
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
Relevant legal definitions
Clauses
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
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