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The Private Sale Of Property Agreement serves as a crucial legal instrument in Indian real estate transactions, essential for documenting the transfer of immovable property between private parties. This document is specifically designed to comply with Indian property laws, including the Transfer of Property Act 1882, Registration Act 1908, and various state-specific regulations. It is typically used when transferring residential, commercial, or industrial properties through private sale, rather than through public auction or government allocation. The agreement comprehensively covers all aspects of the property transaction, from property description and ownership verification to payment terms and completion procedures, while incorporating necessary legal safeguards and compliance requirements. It's particularly important in India's legal framework where property transactions must be meticulously documented and registered to ensure legal validity and protect parties' interests.

1. Parties: Identifies and provides full details of the seller and purchaser including names, addresses, and legal capacity

2. Background: Outlines the context of the sale, including brief property description and seller's ownership rights

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Details: Comprehensive description of the property including location, boundaries, and registration details

5. Sale Consideration: Specifies the agreed purchase price and payment terms including installment schedule if applicable

6. Payment Terms: Details the mode of payment, timelines, and conditions for payment

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

8. Covenants: Obligations of both parties before and after the sale completion

9. Completion: Details of the completion process, including document handover and registration requirements

10. Possession: Terms and conditions for transferring physical possession of the property

11. Expenses: Allocation of transaction costs including stamp duty, registration fees, and other expenses

12. Indemnification: Mutual indemnification clauses protecting parties against breaches or misrepresentations

13. Governing Law and Jurisdiction: Specifies applicable laws and courts having jurisdiction over disputes

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

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

16. Dispute Resolution: Mechanism for resolving disputes including mediation or arbitration procedures