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Home Sales Contract

Home Sales Contract Template for India

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Key Requirements PROMPT example:

Home Sales Contract

"I need a Home Sales Contract for a 3-bedroom apartment in Mumbai, with a structured payment plan involving 30% initial payment and remaining amount to be paid in quarterly installments until March 2025, including provisions for parking space and society maintenance charges."

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Document background
The Home Sales Contract serves as a legally binding agreement between parties involved in the transfer of residential property ownership in India. This document is essential for any residential property transaction, whether involving individual sellers and buyers or property developers. It incorporates mandatory provisions required under Indian property laws, including the Transfer of Property Act 1882, Registration Act 1908, and Real Estate (Regulation and Development) Act 2016. The contract covers crucial elements such as property details, sale consideration, payment terms, possession details, and statutory compliances, while ensuring all necessary representations and warranties are properly documented. It's designed to protect both parties' interests while facilitating a smooth property transfer process in compliance with local regulations and market practices.
Suggested Sections

1. Parties: Details of the seller and purchaser, including full legal names, addresses, and PAN numbers

2. Background: Context of the sale, brief description of the property, and intention of the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property being sold, including exact measurements, boundaries, and registration details

5. Sale Consideration: Purchase price, payment schedule, and mode of payment

6. Payment Terms: Detailed breakdown of payment structure, installments, and payment methods

7. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal status

8. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and compliance

9. Possession and Transfer: Terms and conditions for property handover and transfer of ownership

10. Registration and Expenses: Details about registration process, stamp duty, and allocation of expenses

11. Compliance Requirements: Statutory compliances, approvals, and permits required

12. Default and Remedies: Consequences of default by either party and available remedies

13. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

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

15. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction

16. Execution: Signature blocks and execution formalities

Optional Sections

1. Mortgage/Finance: Include when purchase involves mortgage financing, detailing lender requirements and conditions

2. Construction Status: Required for under-construction properties, specifying completion timelines and specifications

3. Maintenance Charges: Include for properties in housing societies or apartments with maintenance requirements

4. Parking Space: Required when dedicated parking spaces are part of the sale

5. Property Management: Include for properties in managed communities or with specific management requirements

6. Existing Tenancy: Required if property is currently tenanted, specifying handover conditions

7. Development Rights: Include when additional development potential or TDR rights are involved

8. Third-Party Rights: Required when there are existing rights or claims that need to be addressed

Suggested Schedules

1. Schedule A - Property Description: Detailed technical description of property including measurements, boundaries, and fixtures

2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with dates and amounts

3. Schedule C - Title Documents: List of all title documents and chain of ownership

4. Schedule D - Encumbrances: Details of any existing mortgages, liens, or encumbrances

5. Schedule E - Amenities and Fixtures: List of included fixtures, fittings, and amenities

6. Schedule F - Approvals and Permits: Copies or details of relevant governmental approvals and permits

7. Appendix 1 - Property Plans: Architectural plans, layout drawings, and site maps

8. Appendix 2 - Property Photos: Current photographs of the property and its major features

9. Appendix 3 - Completion Certificates: Relevant completion and occupancy certificates

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

Banking & Finance

Legal Services

Construction

Property Development

Insurance

Urban Planning

Property Management

Facilities Management

Relevant Teams

Legal

Real Estate Operations

Compliance

Property Management

Documentation

Finance

Risk Management

Commercial Operations

Business Development

Administrative Support

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Bank Manager

Mortgage Officer

Title Officer

Property Valuation Expert

Real Estate Transaction Manager

Documentation Specialist

Legal Administrator

Real Estate Operations Manager

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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