The Pre Possession Agreement has become increasingly important in Indian real estate transactions where buyers need to take possession of properties before completing the final purchase or full payment. This document is particularly relevant in cases of under-construction properties, staged payment arrangements, or when administrative processes for final sale are pending. The agreement must comply with the Real Estate (Regulation and Development) Act (RERA) and other applicable Indian property laws. It typically includes detailed terms about maintenance, utilities, usage restrictions, and the conditions for converting temporary possession into final ownership. The document serves as a crucial interim arrangement that protects both parties' interests while maintaining legal compliance with state-specific real estate regulations.
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1. Parties: Details of the Developer/Owner and the Intending Purchaser/Occupant
2. Background: Context of the property transaction, status of construction/development, and reasons for pre-possession arrangement
3. Definitions: Definitions of key terms used throughout the agreement including 'Property', 'Possession', 'Maintenance Charges', etc.
4. Grant of Possession: Terms and conditions under which temporary possession is being granted
5. Duration: Period for which pre-possession is granted and conditions for extension
6. Payment Terms: Details of payment made/pending, maintenance charges, utilities, and other financial obligations
7. Rights and Obligations: Specific rights and responsibilities of both parties during the pre-possession period
8. Restrictions on Use: Limitations on property use, modifications, and subletting during pre-possession period
9. Maintenance and Repairs: Responsibilities for maintenance, repairs, and upkeep during the pre-possession period
10. Utilities and Services: Arrangements for electricity, water, gas connections and payment responsibilities
11. Termination: Circumstances and process for termination of the pre-possession arrangement
12. Final Possession: Conditions and process for conversion to final possession
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
14. Notices: Process and addresses for serving notices between parties
1. Force Majeure: Provisions for unforeseen circumstances preventing either party from fulfilling obligations
2. Insurance: Requirements for property insurance during pre-possession period, if applicable
3. Assignment: Rights and restrictions regarding transfer of pre-possession rights to third parties
4. Indemnification: Additional protection clauses for specific risks or liabilities
5. Dispute Resolution: Specific mechanisms for resolving disputes, such as arbitration or mediation
6. Renovation and Alterations: Specific terms regarding permitted modifications to the property during pre-possession
7. Common Areas: Rights and restrictions regarding use of common areas, if property is part of larger development
1. Schedule 1 - Property Description: Detailed description of the property including exact measurements, boundaries, and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments made and pending, including maintenance charges
3. Schedule 3 - Inventory List: List of fixtures, fittings, and amenities included in the pre-possession
4. Schedule 4 - Handover Checklist: Inspection checklist and condition report of the property at the time of pre-possession
5. Schedule 5 - House Rules: If applicable, society/building rules and regulations to be followed during pre-possession
6. Appendix A - Required Documents: List of documents submitted/pending from both parties
7. Appendix B - Maintenance Scope: Detailed scope of maintenance responsibilities for both parties
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