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Real Estate Sellers Agreement

Real Estate Sellers Agreement Template for India

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Key Requirements PROMPT example:

Real Estate Sellers Agreement

"I need a Real Estate Sellers Agreement for selling my commercial property in Mumbai to a corporate buyer, with completion scheduled for March 2025, including specific clauses for existing tenant arrangements and property maintenance obligations."

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Document background
The Real Estate Sellers Agreement is a crucial document used in Indian property transactions to formalize the sale of real estate between parties. It serves as the primary contract documenting the terms, conditions, and obligations related to the property transfer. This agreement is essential for compliance with Indian legal requirements, including the Transfer of Property Act, Registration Act, and RERA regulations. It typically includes detailed property descriptions, payment terms, warranties, and completion procedures. The document is particularly important in India's complex property market, where clear documentation and legal compliance are crucial for protecting both buyers' and sellers' interests. The agreement must often be registered with local authorities and requires proper stamp duty payment as per state-specific regulations.
Suggested Sections

1. Parties: Identification and details of the Seller and Buyer, including names, addresses, and legal status

2. Background: Context of the transaction and brief history of the property ownership

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property being sold, including location, boundaries, and measurements

5. Sale Consideration: Purchase price, payment schedule, and mode of payment

6. Payment Terms: Detailed terms of payment including installments, deposit amounts, and payment methods

7. Seller's Representations and Warranties: Declarations by the seller regarding property title, encumbrances, and legal status

8. Buyer's Representations and Warranties: Declarations by the buyer regarding financial capacity and compliance with laws

9. Conditions Precedent: Conditions that must be fulfilled before the sale can be completed

10. Completion: Process and requirements for completing the sale transaction

11. Title Documents: Details of property ownership documents and their transfer

12. Handover: Terms and process for physical possession handover

13. Costs and Expenses: Allocation of transaction costs, stamp duty, and registration fees

14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction

15. Notices: Process and addresses for sending legal notices

16. Dispute Resolution: Mechanism for resolving disputes between parties

Optional Sections

1. Power of Attorney: Required when either party is acting through an authorized representative

2. Mortgage or Encumbrance Details: Included when the property has existing loans or encumbrances that need to be cleared

3. Third Party Rights: Required when there are existing tenants or other third-party interests in the property

4. Development Rights: Included for properties with unused development potential or TDR

5. Society NOC: Required for apartments or properties in housing societies

6. Force Majeure: Included when parties want to address unforeseen circumstances affecting the transaction

7. RERA Compliance: Required for newly constructed properties or ongoing projects

8. Tax Indemnity: Included when specific tax-related obligations need to be addressed

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including exact measurements and boundaries

2. Schedule 2 - Title Documents: List of all title documents and their current status

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and timelines

4. Schedule 4 - Encumbrance Details: List of existing encumbrances, loans, or charges on the property

5. Schedule 5 - Outstanding Dues: Details of pending utility bills, property tax, or maintenance charges

6. Appendix A - Property Documents: Copies of key property documents including previous sale deeds

7. Appendix B - Approved Plans: Copies of approved building plans and permits

8. Appendix C - Chain of Title: Historical ownership details and documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses






























Relevant Industries

Real Estate

Construction

Property Development

Banking and Finance

Legal Services

Housing

Commercial Property

Residential Property

Urban Development

Property Management

Relevant Teams

Legal

Real Estate Operations

Compliance

Property Management

Documentation

Business Development

Asset Management

Risk Management

Transaction Processing

Contract Administration

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Real Estate Transaction Manager

Title Officer

Real Estate Portfolio Manager

Property Documentation Specialist

Real Estate Business Development Manager

Legal Documentation Manager

Real Estate Operations Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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