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The Flat Purchase Agreement is a crucial legal instrument in Indian real estate transactions, designed to protect the interests of both buyers and sellers in residential property dealings. This document is mandatory under the Real Estate (Regulation and Development) Act 2016 (RERA) and must comply with various state-specific real estate regulations. It is used when purchasing new or resale flats/apartments, containing detailed specifications of the property, payment schedules, completion timelines, and possession terms. The agreement includes essential elements required by Indian contract law, property law, and consumer protection regulations, making it a fundamental document for property transactions in India's residential real estate sector. Typically used in both primary sales (directly from developers) and secondary market transactions, the Flat Purchase Agreement serves as evidence of the sale and basis for property registration.

1. Parties: Identifies and provides full details of the seller/builder and purchaser(s), including names, addresses, and legal status

2. Background: Recitals explaining the context of the agreement, including property ownership history and development approvals

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent ambiguity

4. Property Description: Detailed description of the flat, including carpet area, super built-up area, floor, building details, and exact location

5. Price and Payment Terms: Total consideration, payment schedule, mode of payment, and consequences of delayed payment

6. Possession and Timeline: Agreed date of possession, consequences of delay, and conditions for taking possession

7. Seller's Representations and Warranties: Declarations regarding title, approvals, encumbrances, and compliance with laws

8. Purchaser's Representations and Warranties: Declarations regarding financial capacity and compliance with payment terms

9. Rights and Obligations: Detailed responsibilities of both parties, including maintenance, utilities, and common area usage

10. Default and Remedies: Consequences of breach by either party and available remedies

11. Registration and Transfer: Process and responsibilities for property registration and title transfer

12. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes

13. Notices: Method and addresses for serving notices between parties

14. Force Majeure: Circumstances beyond parties' control affecting contract performance

15. Entire Agreement: Clause confirming the agreement supersedes all prior negotiations