The Sale Agreement For Bank Loan is a crucial document used in Indian property transactions where the purchase is partially or fully financed through a bank loan. This document serves as both a sale deed and a security arrangement, protecting the interests of all three parties involved - the seller, purchaser, and the lending bank. It is particularly important in the Indian context where property transactions must comply with strict regulatory requirements under various laws including the Transfer of Property Act, Registration Act, and Banking Regulation Act. The agreement typically includes detailed provisions about the property, purchase price, loan terms, security creation, and completion mechanics, while ensuring all statutory requirements for property transfer and loan security are met. This type of agreement is commonly used in both residential and commercial property transactions where bank financing is involved.
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1. Parties: Identifies and defines all parties: Seller, Purchaser, and the Bank providing the loan
2. Background: Explains the context of the sale, the property details, and the involvement of bank financing
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold including boundaries, measurements, and title details
5. Purchase Price: Specifies the total consideration, payment structure, and loan component
6. Bank Loan Terms: Details of the bank loan, interest rate, repayment schedule, and security creation
7. Completion Mechanics: Process and timeline for completing the sale and loan disbursement
8. Seller's Representations and Warranties: Warranties regarding property title, encumbrances, and authority to sell
9. Purchaser's Representations and Warranties: Warranties regarding loan eligibility, financial capacity, and compliance
10. Covenants: Ongoing obligations of all parties until completion
11. Default and Remedies: Consequences and remedies for default by any party
12. Notices: Process for serving notices between parties
13. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction
14. Execution: Signature blocks for all parties
1. Power of Attorney: Required when any party is acting through an authorized representative
2. Insurance: Include when specific insurance requirements are imposed by the bank
3. Property Possession: Required when immediate possession is being given or there are specific possession-related terms
4. Third Party Rights: Include when there are existing tenants or other third-party interests in the property
5. Construction Status: Required for under-construction properties
6. Force Majeure: Include when specifically requested or for long-term completion arrangements
7. Assignment: Include when assignment rights need to be specifically addressed
8. Stamp Duty Allocation: Required when there's a specific agreement on sharing of stamp duty and registration costs
1. Schedule 1 - Property Description: Detailed technical description of the property including measurements and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment instalments and timelines
3. Schedule 3 - Title Documents: List of title documents and their copies
4. Schedule 4 - Loan Sanction Terms: Complete terms and conditions from the bank's loan sanction letter
5. Schedule 5 - Encumbrance Certificate: Details of the latest encumbrance certificate
6. Appendix A - Property Plans: Approved architectural plans and drawings of the property
7. Appendix B - Required Approvals: List of necessary governmental and regulatory approvals
8. Appendix C - Outstanding Utilities: Statement of outstanding utility bills and property taxes
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Legal Services
Insurance
Property Development
Mortgage Services
Financial Advisory
Corporate Services
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Loan Processing
Documentation
Corporate Affairs
Operations
Relevant Roles
Legal Counsel
Property Lawyer
Bank Manager
Loan Officer
Real Estate Manager
Compliance Officer
Property Valuation Expert
Title Officer
Documentation Specialist
Real Estate Agent
Mortgage Advisor
Risk Manager
Company Secretary
Property Registration Officer
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