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The Purchase Agreement for Improved Property is a crucial legal instrument used in Indian real estate transactions where developed property (land with structures) is being transferred from seller to buyer. This document is essential when purchasing any property that has been improved with construction, whether for commercial, residential, or mixed-use purposes. It must comply with various Indian legal requirements including the Transfer of Property Act, RERA regulations, and state-specific property laws. The agreement typically includes comprehensive details about the property, price, payment terms, representations about property condition, title clearance, and completion procedures. It's particularly important in the Indian context due to specific statutory requirements for property registration, stamp duty payments, and title transfer procedures. The document serves as the primary evidence of the transaction terms and helps ensure legal compliance while protecting both parties' interests.

1. Parties: Identifies and provides full details of the seller and purchaser

2. Background: Contextual information about the property and the purpose of the transaction

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed description of the improved property including boundaries and improvements

5. Purchase Price: States the agreed purchase price and payment terms

6. Payment Structure: Details the payment schedule, deposit requirements, and payment methods

7. Conditions Precedent: Conditions that must be satisfied before completion

8. Seller's Representations and Warranties: Seller's declarations about the property's condition, title, and encumbrances

9. Purchaser's Representations and Warranties: Purchaser's declarations regarding capacity to purchase and financial ability

10. Title and Transfer: Provisions regarding clean title transfer and registration requirements

11. Completion: Details of the completion process, timing, and requirements

12. Possession: Terms regarding handover of property possession

13. Expenses and Taxes: Allocation of transaction costs, stamp duty, and tax obligations

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

15. Notices: Communication procedures between parties

16. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction

17. Execution: Signature blocks and execution formalities