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Real Estate Sellers Contract

Real Estate Sellers Contract Template for India

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Key Requirements PROMPT example:

Real Estate Sellers Contract

"I need a Real Estate Sellers Contract for selling my commercial property in Mumbai, with provision for staggered payments across three installments concluding by March 2025, and including specific clauses for existing tenant rights."

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Document background
A Real Estate Sellers Contract is a fundamental legal document used in Indian property transactions to formalize the sale of real estate between parties. This document is essential when any immovable property is being sold in India, whether residential, commercial, or industrial. It must comply with multiple Indian legislations, including the Transfer of Property Act 1882, Registration Act 1908, and RERA 2016. The contract typically includes comprehensive details about the property, parties involved, sale consideration, payment terms, and various warranties and representations. It serves as the primary agreement governing the rights and obligations of both seller and buyer, ensuring legal protection for all parties and establishing a clear framework for the property transfer process. The document is particularly important as it forms the basis for the subsequent sale deed registration.
Suggested Sections

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

2. Background: Context of the sale, 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 being sold, including location, boundaries, and built-up area

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

6. Payment Terms: Detailed payment structure, installment schedule if applicable, and default consequences

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

8. Seller's Obligations: Responsibilities of the seller including document provision and property maintenance until handover

9. Buyer's Obligations: Responsibilities of the buyer including timely payments and due diligence

10. Completion: Process of final property transfer, registration, and possession handover

11. Costs and Expenses: Distribution of transaction costs including registration, stamp duty, and legal fees

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

13. Notices: Communication protocol between parties

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

Optional Sections

1. Mortgage Details: Required if property has existing mortgage or financing arrangements

2. Development Rights: Included when property has unutilized development potential or TDR

3. Tenant Details: Required if property is currently tenanted

4. Power of Attorney: Included when either party is acting through an authorized representative

5. GST Provisions: Required for under-construction properties or commercial properties

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

7. Foreign Exchange Compliance: Required when either party is an NRI/PIO

8. Society Transfer Provisions: Required for apartments/flats in housing societies

Suggested Schedules

1. Schedule A - Property Description: Detailed property specifications, boundaries, and measurements

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

3. Schedule C - Title Documents: List of property ownership and title chain documents

4. Schedule D - Encumbrance Details: List of existing charges, liens, or encumbrances if any

5. Schedule E - Amenities and Fixtures: List of included fixtures, fittings, and amenities

6. Appendix 1 - Property Documents: Copies of key property documents including title deeds and tax receipts

7. Appendix 2 - Due Diligence Report: Summary of legal and technical property verification

8. Appendix 3 - Property Plans: Architectural plans, layout drawings, and approved plans

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

Property Development

Construction

Banking and Finance

Housing

Commercial Property

Residential Property

Urban Development

Infrastructure

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Business Development

Operations

Risk Management

Sales

Corporate Affairs

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Compliance Officer

Real Estate Broker

Title Officer

Contract Manager

Property Consultant

Real Estate Investment Manager

Legal Director

Property Transaction Specialist

Business Development 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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