Basic Real Estate Purchase Agreement

Basic Real Estate Purchase Agreement Template for India

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Key Requirements PROMPT example:

"I need a Basic Real Estate Purchase Agreement for buying a residential property in Mumbai, India, with a completion date of March 15, 2025, including standard payment terms with 20% initial deposit."

Document background

The Basic Real Estate Purchase Agreement is a fundamental legal document used in Indian property transactions to formalize the sale and purchase of real estate between parties. This document is essential for any property transaction in India, whether residential, commercial, or industrial. It must comply with various Indian laws, including the Transfer of Property Act 1882, Registration Act 1908, and state-specific stamp duty laws. The agreement typically includes detailed property descriptions, purchase price, payment terms, warranties about title, and completion requirements. It serves as the primary contract governing the rights and obligations of both parties throughout the transaction process and is required for property registration. The document's format and content are influenced by local state laws and regulations, making it crucial to adapt the agreement to specific jurisdictional requirements while maintaining its basic structure and essential elements.

Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including their complete addresses and legal capacity to enter into the agreement

2. Background: Brief context of the transaction and the parties' intention to enter into the agreement

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

4. Property Description: Detailed description of the property being sold, including its location, boundaries, and registration details

5. Purchase Price: The agreed purchase price and payment structure, including earnest money deposit details

6. Payment Terms: Detailed breakdown of how and when payments will be made, including any installment arrangements

7. Title and Ownership: Seller's warranties regarding clear title and ownership rights

8. Due Diligence: Buyer's right to investigate title, encumbrances, and property condition

9. Closing Conditions: Conditions that must be met before the sale can be completed

10. Completion: Process and requirements for completing the sale, including registration and possession

11. Representations and Warranties: Standard warranties by both parties regarding their capacity and property condition

12. Default and Remedies: Consequences of default by either party and available remedies

13. Notices: How formal communications between parties should be made

14. Governing Law: Specification of Indian law as governing law and jurisdiction details

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Mortgage Details: Required if the property has an existing mortgage or if the purchase is being financed through a new mortgage

2. Power of Attorney: Needed if either party is acting through an authorized representative

3. Foreign Exchange Compliance: Required if either party is an NRI or foreign national, ensuring FEMA compliance

4. Tenant Rights: Necessary if the property is currently tenanted or has existing lease agreements

5. Society Approval: Required for apartments or properties within housing societies

6. Development Rights: Important if the property includes unused development potential or TDR rights

7. Force Majeure: Optional clause for unforeseen circumstances affecting completion

8. Arbitration: Optional dispute resolution mechanism through arbitration instead of courts

Suggested Schedules

1. Schedule A - Property Details: Comprehensive property description including exact measurements, boundaries, and land records

2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with dates and amounts

3. Schedule C - Title Documents: List of all title and ownership documents

4. Schedule D - Encumbrances: List of existing encumbrances, if any, on the property

5. Schedule E - Amenities and Fixtures: List of fixtures, fittings, and amenities included in the sale

6. Appendix 1 - Property Pictures: Recent photographs of the property and its boundaries

7. Appendix 2 - Property Plans: Architectural plans, layout maps, and approved building plans

8. Appendix 3 - Permits and Approvals: Copies of relevant permits, approvals, and certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Clauses

Relevant Industries

Real Estate

Construction

Banking and Finance

Property Development

Housing

Commercial Property

Industrial Property

Hospitality

Retail

Healthcare

Education

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Facilities Management

Corporate Affairs

Contract Administration

Risk Management

Operations

Asset Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Asset Manager

Facilities Manager

Real Estate Broker

Title Officer

Corporate Lawyer

Real Estate Investment Manager

Property Acquisition Manager

Legal Administrator

Contract Manager

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Let's create your Basic Real Estate Purchase Agreement

Authors

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