The Property Purchase Contract is a fundamental legal document used in Indian real estate transactions to formalize the transfer of property ownership. It is essential when any party (individual or corporate) wishes to purchase immovable property in India, whether for residential, commercial, or industrial purposes. The document must comply with various Indian laws including the Transfer of Property Act, Registration Act, and state-specific regulations. It contains crucial elements such as property details, purchase price, payment terms, warranties, and completion requirements. This contract serves as the basis for property registration and must be properly stamped and registered with the appropriate authorities to be legally enforceable. It's particularly important as Indian property law requires written documentation for all immovable property transactions exceeding certain values.
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1. Parties: Details of the seller and purchaser, including full legal names, addresses, and registration details if companies
2. Background: Context of the transaction, including brief property history and current ownership status
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including address, boundaries, and registration details
5. Purchase Price: Agreed purchase price and payment structure including deposit terms
6. Payment Terms: Detailed payment schedule, method of payment, and banking details
7. Conditions Precedent: Conditions that must be satisfied before completion
8. Seller's Representations and Warranties: Warranties regarding property title, encumbrances, and legal compliance
9. Purchaser's Representations and Warranties: Warranties regarding financial capacity and compliance with laws
10. Completion Requirements: Details of documentation and actions required for completion
11. Registration and Stamp Duty: Obligations regarding property registration and payment of stamp duty
12. Possession: Terms and timing of property possession transfer
13. Default and Remedies: Consequences of default and available remedies
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Property Management Until Completion: Terms for managing the property between agreement signing and completion, used when there's a significant gap between signing and completion
2. Tenant Rights: Details of existing tenancy agreements and obligations, included when property is currently tenanted
3. Development Rights: Terms regarding any development potential or restrictions, included for undeveloped or partially developed properties
4. Environmental Matters: Environmental compliance and obligations, included for industrial properties or properties with environmental concerns
5. Third Party Rights: Details of any third-party rights affecting the property, included when applicable
6. Tax Matters: Specific tax arrangements or obligations, included when there are complex tax implications
7. Force Majeure: Provisions for unforeseen circumstances, included when requested by parties
8. Broker/Agent Provisions: Terms regarding real estate agent involvement and commissions, included when brokers are involved
1. Property Description Schedule: Detailed property description including floor plans, boundaries, and included fixtures and fittings
2. Title Documents: List and copies of all relevant title documents
3. Payment Schedule: Detailed breakdown of payment installments and timelines
4. Encumbrance Certificate: Recent encumbrance certificate showing any registered encumbrances
5. Property Tax Records: History of property tax payments and current status
6. Permits and Approvals: Copies of relevant permits, approvals, and certificates
7. Previous Title Deeds: Copies of previous property ownership documents
8. Property Inspection Report: Technical inspection report of the property condition
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Financial Services
Legal Services
Property Development
Housing
Commercial Property
Industrial Property
Agricultural Property
Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Facilities Management
Corporate Services
Risk Management
Finance
Operations
Acquisitions
Relevant Roles
Real Estate Manager
Property Lawyer
Legal Counsel
Property Developer
Real Estate Agent
Compliance Officer
Property Manager
Real Estate Investment Manager
Contract Manager
Title Officer
Real Estate Acquisition Manager
Property Registration Officer
Corporate Real Estate Manager
Facilities Manager
Real Estate Portfolio Manager
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