¶¶Òõ¶ÌÊÓƵ

The Purchase Agreement For Commercial Property is a crucial legal instrument used in Indian real estate transactions to document and formalize the transfer of commercial property ownership. This document is essential when businesses or individuals are acquiring commercial real estate in India, whether for office space, retail establishments, industrial use, or other commercial purposes. It must comply with multiple Indian legislations including the Transfer of Property Act 1882, Registration Act 1908, and relevant state laws. The agreement captures all vital aspects of the transaction including property details, consideration, payment terms, representations and warranties, covenants, and completion requirements. It serves as the primary document for property registration and forms the basis for various statutory compliances and tax obligations under Indian law.

1. Parties: Identifies and provides full details of the seller and purchaser, including registration/incorporation details for companies

2. Background: Contextual information about the property and the parties' intention to enter into the transaction

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

4. Property Details: Comprehensive description of the commercial property including location, boundaries, and built-up area

5. Purchase Price: States the agreed purchase price and payment terms including deposit, installments, and completion payment

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Title and Ownership: Seller's warranties regarding clear title and authority to sell the property

8. Due Diligence: Buyer's right to investigate title, encumbrances, and property condition

9. Conditions Precedent: Conditions that must be satisfied before completion of the sale

10. Completion: Requirements and process for completing the transaction, including documentation and registration

11. Representations and Warranties: Statements and guarantees made by both parties regarding the property and their capacity

12. Seller's Covenants: Obligations of the seller until completion and post-completion

13. Buyer's Covenants: Obligations of the buyer until completion and post-completion

14. Default and Remedies: Consequences of breach and available remedies to parties

15. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction for disputes

16. Notices: Process and requirements for serving notices under the agreement

17. Execution: Formal signing requirements and execution blocks