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Car Parking Sale Agreement

Car Parking Sale Agreement Template for India

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Key Requirements PROMPT example:

Car Parking Sale Agreement

"I need a Car Parking Sale Agreement for transferring ownership of two basement parking spaces in a luxury residential complex in Mumbai, with payment in three installments and specific provisions for electronic access cards and CCTV monitoring."

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Document background
The Car Parking Sale Agreement is essential in urban Indian settings where parking spaces are increasingly valuable and often sold separately from residential or commercial properties. This document is typically used when transferring ownership of a designated parking space in residential complexes, commercial buildings, or standalone parking structures. It ensures compliance with Indian property laws, including the Transfer of Property Act, 1882, Registration Act, 1908, and relevant municipal regulations. The agreement covers crucial aspects such as property description, ownership rights, access arrangements, maintenance responsibilities, and payment terms. It's particularly important in major cities where parking space scarcity has made them significant assets requiring proper legal documentation for transfer and ownership establishment.
Suggested Sections

1. Parties: Details of the seller and purchaser of the parking space

2. Background: Context of the transaction, including description and location of the parking space

3. Definitions: Key terms used throughout the agreement

4. Sale and Purchase: Core terms of the transfer including the price and payment terms

5. Description of Property: Detailed description of the parking space including dimensions and exact location

6. Title and Ownership: Seller's confirmation of clear title and right to sell

7. Representations and Warranties: Statements and guarantees made by both parties

8. Completion: Process and requirements for completing the transfer

9. Access Rights: Rights of access to the parking space and common areas

10. Maintenance and Charges: Ongoing maintenance obligations and associated costs

11. Registration and Stamp Duty: Requirements for registration and payment of stamp duty

12. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction

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

14. Entire Agreement: Confirmation that this document represents the complete agreement between parties

Optional Sections

1. Multiple Ownership: Required when the parking space is jointly owned or being sold to multiple purchasers

2. Society Rules Compliance: Needed when the parking is part of a housing society with specific rules

3. Mortgage Details: Required if the parking space is under any existing mortgage or if purchase is through mortgage financing

4. Right of First Refusal: Optional clause giving specific parties first right to purchase if the buyer decides to sell in future

5. Environmental Compliance: Required for underground parking spaces or those requiring specific environmental clearances

6. Power of Attorney: Needed when either party is acting through an authorized representative

Suggested Schedules

1. Property Details: Detailed technical specifications, measurements and layout of the parking space

2. Payment Schedule: Breakdown of payment terms and installments if applicable

3. Title Documents: List of all relevant title and ownership documents

4. Maintenance Charges: Detailed breakdown of maintenance charges and payment schedule

5. Existing Encumbrances: List of any existing charges, liens or encumbrances on the property

6. Property Photos: Photographs and visual documentation of the parking space

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


























Clauses

























Relevant Industries

Real Estate

Property Development

Property Management

Construction

Residential Services

Commercial Property

Automotive

Facilities Management

Urban Infrastructure

Relevant Teams

Legal

Real Estate

Property Management

Facilities

Operations

Compliance

Asset Management

Administrative Services

Relevant Roles

Property Manager

Real Estate Agent

Facility Manager

Legal Counsel

Property Developer

Building Manager

Real Estate Transaction Manager

Compliance Officer

Property Administrator

Asset Manager

Real Estate Operations Manager

Housing Society Secretary

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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