The For Sale By Owner Purchase Contract is essential for property transactions in India where sellers choose to sell their property directly to buyers without engaging a real estate agent. This document is designed to protect both parties' interests while ensuring compliance with Indian legal requirements, including the Transfer of Property Act 1882, Registration Act 1908, and relevant state-specific property laws. It includes comprehensive details about the property, transaction terms, warranties, and obligations of both parties. The contract is particularly relevant in situations where parties wish to save on agent commissions while maintaining legal compliance and transaction security. It must be properly stamped and registered at the Sub-Registrar's office to be legally enforceable in India.
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1. Parties: Identification and details of the seller(s) and buyer(s), including full legal names, addresses, and PAN numbers
2. Background: Brief context of the property sale and the parties' intention to enter into this transaction
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Property Description: Detailed description of the property including address, dimensions, boundaries, and registration details
5. Purchase Price: Total consideration, payment structure, and payment methods
6. Payment Terms: Detailed breakdown of payment schedule, earnest money deposit, and balance payment arrangements
7. Title and Ownership: Seller's declarations regarding clear title and authority to sell
8. Closing Date: Specified date for completion of the transaction and transfer of possession
9. Seller's Representations: Warranties regarding property title, encumbrances, and legal compliance
10. Buyer's Representations: Confirmations regarding financial capacity and understanding of property condition
11. Registration and Transfer: Process and responsibilities for property registration and transfer
12. Costs and Expenses: Allocation of transaction costs including stamp duty, registration fees, and taxes
13. Default and Remedies: Consequences and remedies in case of breach by either party
14. Governing Law: Specification of Indian law as governing law and jurisdiction details
15. Notices: Method and addresses for serving notices between parties
16. Execution: Signature blocks and witness requirements
1. Property Inspection: Details of property inspection rights and findings, used when buyer requires specific inspection conditions
2. Financing Contingency: Conditions related to buyer's ability to secure financing, included when purchase depends on mortgage approval
3. Existing Tenancy: Details about current tenants and lease arrangements, included if property is tenant-occupied
4. Property Maintenance: Responsibilities for property maintenance between agreement and closing, used for longer closing periods
5. Home Warranty: Terms of any home warranty being provided, included if seller offers warranty coverage
6. Property Tax Prorations: Detailed calculation of tax prorations, used when specific tax sharing arrangements are needed
7. Furniture and Fixtures: List of items included/excluded in sale, used when sale includes movable property
8. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in uncertain times
1. Schedule A - Property Details: Detailed property specifications, including floor plan, boundaries, and built-up area
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 ownership papers
4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate details
5. Schedule E - Property Tax Records: History of property tax payments and current status
6. Appendix 1 - Property Photos: Current photographs of the property and its major features
7. Appendix 2 - Inspection Report: Findings from property inspection if conducted
8. Appendix 3 - Included Fixtures: Detailed list of fixtures and fittings included in the sale
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Urban Development
Residential Housing
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Finance
Risk Management
Operations
Relevant Roles
Property Owner
Home Buyer
Legal Counsel
Property Lawyer
Real Estate Manager
Property Valuation Expert
Compliance Officer
Documentation Specialist
Title Officer
Property Inspector
Financial Advisor
Mortgage Specialist
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