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Assignment Of Purchase Agreement Template for India

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Key Requirements PROMPT example:

Assignment Of Purchase Agreement

"I need an Assignment of Purchase Agreement to transfer my rights as purchaser of a residential property in Mumbai to my company, with completion scheduled for March 15, 2025; the original purchase agreement was signed in 2024 and the original seller's consent has already been obtained."

Document background
The Assignment Of Purchase Agreement is a crucial legal instrument in Indian business and property transactions, used when an original purchaser needs to transfer their rights and obligations under a purchase agreement to a new party. This situation commonly arises in real estate developments, corporate restructuring, or when a buyer wishes to exit a purchase arrangement before completion. The document must comply with Indian contract law, including the Indian Contract Act, 1872, and when applicable, the Transfer of Property Act, 1882. It typically includes detailed provisions about the original purchase agreement, the rights being transferred, consideration for the assignment, and necessary consents from the original seller. The assignment must be properly stamped and may require registration under Indian law depending on the nature and value of the underlying transaction.
Suggested Sections

1. Parties: Identifies the Assignor (original purchaser), Assignee (new purchaser), and Original Seller

2. Background: Recitals explaining the original purchase agreement, reason for assignment, and basic transaction structure

3. Definitions: Defines key terms including Original Agreement, Property, Assignment Date, and Consideration

4. Assignment: Core clause transferring rights and obligations under the purchase agreement from Assignor to Assignee

5. Consideration: Details of payment or consideration for the assignment

6. Representations and Warranties: Assignor's warranties about the purchase agreement, property, and authority to assign

7. Assignor's Covenants: Ongoing obligations of the Assignor, including cooperation and documentation

8. Assignee's Covenants: Undertakings by the Assignee to perform original agreement obligations

9. Original Seller's Consent: Acknowledgment and consent to the assignment by the original seller

10. Completion: Process and requirements for completing the assignment

11. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction for disputes

12. Notices: Communication procedures between parties

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Conditions Precedent: Used when assignment is subject to specific conditions being met first

2. Partial Assignment: Include when only certain rights/obligations are being assigned rather than the entire agreement

3. Security Provisions: Required when assignment involves security arrangements or deposits

4. Third Party Rights: Include when assignment affects rights of parties beyond the main three

5. Tax Provisions: Detailed tax implications and responsibilities when significant tax considerations exist

6. Further Assurance: Additional commitments for future actions, used in complex assignments

7. Confidentiality: Include when sensitive information is involved in the assignment

Suggested Schedules

1. Schedule 1 - Original Purchase Agreement: Copy or details of the original purchase agreement being assigned

2. Schedule 2 - Property Details: Detailed description of the property or assets involved

3. Schedule 3 - Outstanding Obligations: List of remaining obligations under the original agreement

4. Schedule 4 - Assignment Consideration: Detailed breakdown of assignment price and payment terms

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

6. Appendix A - Consent Documents: Required consents from original seller or other parties

7. Appendix B - Property Documents: Relevant property certificates, permits, or title documents

Authors

Alex Denne

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

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Relevant Industries

Real Estate

Manufacturing

Construction

Commercial Property

Industrial

Retail

Infrastructure

Technology

Energy

Agriculture

Relevant Teams

Legal

Real Estate

Compliance

Corporate Affairs

Business Development

Property Management

Procurement

Commercial Operations

Project Management

Risk Management

Relevant Roles

Legal Counsel

Corporate Lawyer

Property Manager

Real Estate Manager

Contract Administrator

Business Development Manager

Chief Legal Officer

Property Developer

Compliance Officer

Transaction Manager

Commercial Director

Project Manager

Procurement Manager

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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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