The Apartment Sale and Purchase Agreement is a crucial legal document used in Indian real estate transactions for the transfer of apartment ownership. This agreement is essential when any individual or entity wishes to purchase or sell an apartment property in India, ensuring compliance with the Real Estate (Regulation and Development) Act 2016 (RERA), Transfer of Property Act, and other relevant state-specific regulations. The document comprehensively covers all aspects of the property transaction, including property details, payment terms, warranties, and completion requirements. It serves as a legally binding contract that protects both parties' interests and provides a clear framework for the transaction's execution, including necessary steps for property registration and transfer of ownership.
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1. Parties: Identification and details of the Seller and Purchaser, including their complete addresses and legal status
2. Background: Brief context about the property, development project, and how the seller came to own the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the apartment including exact location, measurements, and boundaries
5. Consideration: Purchase price, payment schedule, and mode of payment
6. Seller's Representations and Warranties: Declarations regarding title, encumbrances, legal compliance, and property condition
7. Purchaser's Representations and Warranties: Declarations regarding financial capacity and compliance with applicable laws
8. Conditions Precedent: Conditions that must be satisfied before completion of the sale
9. Completion Obligations: Steps to be taken by each party to complete the transaction
10. Possession: Terms and conditions for handling over possession of the property
11. Registration and Transfer: Process and obligations for property registration and transfer of title
12. Taxes and Expenses: Allocation of various taxes, stamp duty, and other transaction costs
13. Indemnification: Mutual indemnification clauses for breaches and misrepresentations
14. Default and Remedies: Consequences of default and available remedies to parties
15. Notices: Method and addresses for serving notices between parties
16. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
17. Force Majeure: Provisions for unforeseen circumstances preventing performance
18. General Provisions: Standard boilerplate clauses including amendments, waiver, and severability
1. Mortgage Details: Include when the property is being purchased through bank financing
2. Society Membership: Include when the property is part of a housing society requiring membership transfer
3. Power of Attorney: Include when either party is acting through an authorized representative
4. Defect Liability: Include for new constructions to specify warranty period for construction defects
5. Parking Space: Include when dedicated parking space is part of the sale
6. Joint Ownership Terms: Include when property is being purchased by multiple buyers
7. Rental Status: Include if property is currently tenanted
8. Third Party Rights: Include if there are existing rights that need to be addressed
1. Schedule 1 - Property Description: Detailed technical description of the property including floor plan and measurements
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule 3 - Title Documents: List of all title and ownership documents
4. Schedule 4 - Amenities and Specifications: Details of included amenities and property specifications
5. Schedule 5 - Encumbrances: List of existing encumbrances, if any
6. Schedule 6 - Completion Documents: List of documents required for completion
7. Appendix A - Property Photos: Current photographs of the property
8. Appendix B - Building Approvals: Copies of relevant building permits and approvals
9. Appendix C - Society Documents: Relevant housing society documents and rules
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Legal Services
Banking & Financial Services
Property Management
Urban Development
Housing & Infrastructure
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Documentation
Business Development
Facilities Management
Investment
Risk Management
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Developer
Compliance Officer
Real Estate Transaction Manager
Property Valuation Expert
Real Estate Investment Manager
Property Documentation Officer
Housing Society Manager
Real Estate Business Development Manager
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