The Contract of Sale of Immovable Property is a fundamental legal instrument in Indian property law, essential for documenting and executing the transfer of real estate between parties. This document is mandated by the Transfer of Property Act 1882 and must be registered under the Registration Act 1908. It is used whenever there is a transfer of immovable property, whether residential, commercial, or agricultural, and regardless of whether the parties are individuals or corporate entities. The contract includes crucial details such as property description, ownership history, sale consideration, payment terms, and warranties about the property's title. Its proper execution is vital for establishing legal ownership and protecting both parties' interests in property transactions within India's legal framework.
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1. Parties: Identification of seller and purchaser with complete details including names, addresses, and legal capacity
2. Background: Context of the transaction, including seller's ownership rights and intention to sell
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property being sold, including its location and boundaries
5. Sale Consideration: Purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specifics of how payments will be made and acknowledged
7. Possession: Terms and conditions for handing over possession of the property
8. Title and Warranties: Seller's warranties regarding clear title and property condition
9. Representations: Representations made by both parties regarding their capacity and authority
10. Seller's Obligations: Responsibilities of the seller including documentation and clearances
11. Purchaser's Obligations: Responsibilities of the purchaser including timely payments
12. Completion: Process and requirements for completing the sale
13. Default and Remedies: Consequences of default by either party and available remedies
14. Notices: Method and addresses for serving notices between parties
15. Governing Law: Applicable law and jurisdiction
16. Execution: Signature clauses and witness requirements
1. Mortgage Status: Details of any existing mortgage or encumbrance, used when property is under mortgage
2. Existing Tenancy: Details of current tenants and lease arrangements, included when property is tenant-occupied
3. Property Tax Status: Details of pending property taxes and responsibility for payment, included when there are outstanding taxes
4. Development Rights: Status of development rights and TDR, relevant for properties with development potential
5. Power of Attorney: Details of power of attorney if any party is acting through an agent
6. Joint Ownership: Special provisions for multiple owners or purchasers, used in case of joint ownership
7. Indemnification: Specific indemnity provisions, included when additional protection is needed
8. Force Majeure: Provisions for unforeseen circumstances affecting completion, included in complex transactions
1. Schedule A - Property Description: Detailed technical description of the property including measurements and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Title Documents: List of title documents and chain of title
4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate details
5. Schedule E - Property Tax Receipts: Copies of recent property tax payment receipts
6. Schedule F - Approved Plans: Copies of approved building plans and permits
7. Appendix 1 - Property Photos: Recent photographs of the property
8. Appendix 2 - Location Map: Map showing the location and approach to the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Financial Services
Legal Services
Banking
Housing
Commercial Property
Agricultural Land
Urban Development
Relevant Teams
Legal
Real Estate
Compliance
Finance
Property Management
Risk Management
Documentation
Corporate Affairs
Asset Management
Business Development
Relevant Roles
Legal Counsel
Property Manager
Real Estate Manager
Compliance Officer
Company Secretary
Chief Financial Officer
Real Estate Developer
Property Lawyer
Title Officer
Land Acquisition Manager
Real Estate Agent
Property Valuer
Documentation Officer
Risk Manager
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