The Real Estate Contract For Sale By Owner is a crucial legal document used in India when property owners wish to sell their property directly to buyers without involving real estate agents or brokers. This type of agreement is particularly relevant in the Indian real estate market where direct sales are becoming increasingly common, especially in residential property transactions. The document must comply with multiple Indian legislations, including the Transfer of Property Act, Registration Act, and state-specific property laws. It contains comprehensive details about the property, parties involved, sale consideration, payment terms, and transfer procedures. This agreement is designed to protect both parties' interests while ensuring all legal requirements for property transfer in India are met, including proper registration and stamp duty payments. It's particularly useful for property owners who want to maintain direct control over the sale process while ensuring legal compliance.
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1. Parties: Details of the seller(s) and buyer(s) including full legal names, addresses, and PAN numbers
2. Background: Brief context about the property ownership and intention to sell/purchase
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Property Details: Complete description of the property including address, boundaries, measurements, and registration details
5. Sale Consideration: Purchase price, payment structure, and payment methods
6. Payment Terms: Detailed breakdown of payment schedule, installments, and conditions for payment
7. Seller's Representations and Warranties: Declarations regarding property ownership, encumbrances, and legal status
8. Title and Documents: Confirmation of clear title and list of property documents to be handed over
9. Possession: Terms and conditions for transferring property possession
10. Registration and Transfer: Process and responsibilities for deed registration and property transfer
11. Expenses: Distribution of costs related to the transaction including stamp duty and registration fees
12. Default and Remedies: Consequences and remedies in case of breach by either party
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
14. Notices: Method and addresses for serving notices between parties
1. Mortgage Details: Include when property has existing mortgage or buyer is obtaining mortgage financing
2. Property Inspection: When specific inspection conditions or findings need to be documented
3. Pending Litigation: When there are ongoing legal proceedings affecting the property
4. Tenant Rights: When property is currently tenanted or has existing lease agreements
5. Development Rights: When transferring or reserving development rights is part of the transaction
6. Power of Attorney: When any party is represented through Power of Attorney
7. GST Provisions: When the transaction is subject to GST
8. Force Majeure: When parties want specific provisions for unforeseen circumstances
1. Schedule A - Property Description: Detailed technical description of property including measurements and boundaries
2. Schedule B - Property Documents: Complete list of title and property-related documents
3. Schedule C - Payment Schedule: Detailed breakdown of payment installments with dates
4. Schedule D - Encumbrances: List of existing encumbrances, if any
5. Schedule E - Amenities and Fixtures: List of included and excluded fixtures and fittings
6. Appendix 1 - Property Photos: Recent photographs of the property
7. Appendix 2 - Property Plans: Approved building plans and layout drawings
8. Appendix 3 - Title Chain: Chronological list of previous ownership transfers
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Housing
Commercial Property
Residential Property
Urban Development
Property Investment
Relevant Teams
Legal
Real Estate
Compliance
Finance
Risk Management
Documentation
Property Management
Corporate Affairs
Administration
Tax
Relevant Roles
Property Owner
Real Estate Lawyer
Legal Counsel
Property Manager
Compliance Officer
Real Estate Developer
Financial Controller
Tax Consultant
Company Secretary
Chief Financial Officer
General Counsel
Property Valuation Expert
Documentation Specialist
Risk Manager
Legal Administrator
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