A Corporate Resolution To Sell (Real Estate) is a crucial document required under Indian corporate and property law when a company intends to sell its real estate assets. This resolution is mandated by the Companies Act 2013 and must be passed by the board of directors to authorize the sale of company property. It is typically used when a company decides to divest real estate assets, restructure its property portfolio, or raise capital through property sale. The resolution must include specific details about the property, authorized sale price, payment terms, and designated officials who can execute the sale deed and related documents. It serves as evidence of proper corporate authorization and is often required by buyers, registrars, and financial institutions as proof of the company's authority to undertake the transaction.
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1. Header and Title: Corporate name, registered address, and clear identification as a Board Resolution
2. Meeting Details: Date, time, venue of the board meeting, and list of directors present
3. Chairperson: Appointment/confirmation of the chairperson for the meeting
4. Quorum Confirmation: Statement confirming that required quorum was present as per Articles of Association
5. Property Details: Complete description of the real estate property being authorized for sale
6. Sale Consideration: Approved sale price and payment terms
7. Authorization: Specific authorization to designated officials to execute sale deed and related documents
8. Execution Authority: Names and designations of authorized signatories for executing documents
9. Certification: Company Secretary or Director's certification of the resolution
1. Recitals: Background information about why the sale is being undertaken - used when context is important
2. Special Conditions: Any specific conditions attached to the sale authorization - included when there are particular requirements
3. Multiple Property Details: When the resolution covers more than one property
4. Regulatory Compliance: Specific mentions of compliance with FEMA, Income Tax Act, etc. - needed for special regulatory situations
5. Valuation Reference: Reference to property valuation report - included when formal valuation was part of decision-making
6. Related Party Disclosure: Required when the sale involves related parties as defined under Companies Act
1. Property Description Schedule: Detailed description of the property including boundaries, measurements, and registration details
2. Title Documents List: List of all title documents relating to the property
3. Valuation Report Summary: Summary of independent valuation report if obtained
4. Power of Attorney: Format of Power of Attorney to be executed in favor of authorized officials
5. Board Attendance Register: Copy of attendance register of the board meeting
6. Notice and Agenda: Copy of meeting notice and agenda relating to the resolution
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Manufacturing
Retail
Hospitality
Banking and Financial Services
Information Technology
Healthcare
Education
Industrial
Logistics and Warehousing
Relevant Teams
Legal
Finance
Real Estate
Corporate Secretarial
Compliance
Board of Directors
Property Management
Corporate Affairs
Risk Management
Relevant Roles
Board Director
Company Secretary
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Real Estate Manager
Property Manager
Corporate Compliance Officer
Managing Director
Finance Director
General Counsel
Company Director
Authorized Signatory
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