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Contract For Purchase And Sale Of (Real Estate)

Contract For Purchase And Sale Of (Real Estate) Template for India

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Key Requirements PROMPT example:

Contract For Purchase And Sale Of (Real Estate)

"I need a Contract For Purchase And Sale Of (Real Estate) for a commercial property transaction in Mumbai, where my company is purchasing a 10,000 sq ft office space in a Grade A building for INR 25 crores, with completion scheduled for March 2025."

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Document background
The Contract For Purchase And Sale Of (Real Estate) is a fundamental legal instrument used in Indian property transactions to formalize the transfer of real estate between parties. This document is essential when any real estate property is being bought or sold in India, whether for residential, commercial, or industrial purposes. It must comply with various Indian legislations including the Transfer of Property Act 1882, Registration Act 1908, and state-specific property laws. The contract includes crucial details such as property description, purchase price, payment terms, warranties about title, and completion procedures. It also addresses specific Indian requirements like stamp duty payment, property registration, and RERA compliance where applicable. This type of agreement is particularly important given India's complex property laws and the need for clear documentation to ensure legally valid property transfers.
Suggested Sections

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

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Description: Detailed description of the property including address, boundaries, and registration details

5. Purchase Price: Agreed purchase price, payment schedule, and mode of payment

6. Payment Terms: Detailed breakdown of payment structure, installments, and conditions for each payment

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

8. Representations and Warranties: Statements and guarantees by both parties regarding their capacity and the property's condition

9. Conditions Precedent: Conditions that must be satisfied before completion of the sale

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

11. Possession: Terms and conditions for transferring possession of the property

12. Costs and Expenses: Allocation of transaction costs including stamp duty, registration fees, and taxes

13. Default and Remedies: Consequences of breach and available remedies to either party

14. Notices: Process for sending and receiving formal communications between parties

15. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes

Optional Sections

1. Mortgage/Encumbrance Details: Required if the property has existing loans or encumbrances that need to be cleared before sale

2. Third Party Rights: Needed if there are existing tenants or other third-party interests in the property

3. Development Rights: Relevant for properties with unused development potential or pending approvals

4. Society/Association Membership: Required for apartments or properties within housing societies

5. Foreign Exchange Compliance: Necessary if either party is an NRI or foreign national

6. Power of Attorney: Required if any party is acting through an authorized representative

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

8. RERA Compliance: Required for new constructions or ongoing projects under RERA

Suggested Schedules

1. Schedule A - Property Details: Comprehensive description of the property including measurements, boundaries, and fixtures

2. Schedule B - Title Documents: List of all title documents and chain of ownership

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and milestone-linked payments

4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate and details of any existing charges

5. Schedule E - Property Tax Records: Details of property tax payments and any pending dues

6. Schedule F - Approvals and Permissions: List of relevant governmental and regulatory approvals

7. Appendix 1 - Property Plans: Approved architectural plans and layout drawings

8. Appendix 2 - Due Diligence Report: Legal and technical due diligence findings if applicable

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

Construction

Banking and Finance

Legal Services

Property Development

Commercial Property

Residential Property

Industrial Property

Agriculture (for agricultural land)

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Finance

Risk Management

Facilities Management

Corporate Affairs

Operations

Administration

Relevant Roles

Legal Counsel

Property Lawyer

Real Estate Manager

Property Development Manager

Compliance Officer

Real Estate Agent

Property Acquisition Manager

Legal Director

Company Secretary

Chief Legal Officer

Real Estate Portfolio Manager

Facilities Manager

Contract Manager

Risk Manager

Chief Financial Officer

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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