The Unit Transfer Agreement is a crucial legal instrument in Indian real estate transactions, used when transferring ownership rights of a specific unit in a property development. This document is essential for both residential and commercial property transfers, ensuring compliance with the Transfer of Property Act, 1882, and other relevant Indian legislation. The agreement becomes necessary when a unit owner wishes to transfer their property rights to another party, whether in the context of a sale, gift, or other form of transfer. It includes detailed specifications of the property, parties involved, consideration amount, payment terms, and various representations and warranties. The document must be properly stamped and registered according to state-specific requirements to be legally enforceable.
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1. Parties: Identification of transferor and transferee with complete details
2. Background: Context of the transfer, including details of the property development and original allocation
3. Definitions: Definitions of key terms used throughout the agreement
4. Details of Unit: Specific description of the unit being transferred, including location, measurements, and boundaries
5. Consideration: Transfer price and payment terms
6. Transfer Terms: Core terms of the transfer including timing and conditions
7. Representations and Warranties: Statements of fact and assurances from both parties
8. Covenants: Ongoing obligations of the parties
9. Completion: Process and requirements for completing the transfer
10. Statutory Compliance: Compliance with relevant laws and regulations
11. Notices: Process for sending and receiving formal communications
12. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
13. Dispute Resolution: Process for resolving disputes between parties
1. Transfer to Nominees: Used when transfer includes nomination rights
2. Mortgage Details: Required when the unit is under mortgage or new mortgage is being created
3. Society Membership: Relevant for transfers in cooperative housing societies
4. Power of Attorney: When transfer is being executed through authorized representatives
5. Foreign Exchange Compliance: Required for transfers involving non-resident Indians or foreign nationals
6. GST Provisions: Needed for transfers where GST is applicable
7. Indemnification: Additional protection clauses for specific risks identified
1. Property Description: Detailed technical description of the unit including floor plan
2. Payment Schedule: Detailed breakdown of payment terms and installments
3. Title Documents: List of documents establishing chain of title
4. Encumbrance Certificate: Details of any existing encumbrances on the property
5. Transfer Approvals: Copies of necessary approvals from authorities
6. Outstanding Dues: Statement of pending payments or dues
7. Handover Checklist: List of items to be completed/checked during physical possession
8. Maintenance Agreement: Terms of maintenance services and charges
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking
Housing Finance
Property Management
Legal Services
Real Estate Investment
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Documentation
Sales
Operations
Risk Management
Asset Management
Relevant Roles
Real Estate Lawyer
Property Manager
Legal Counsel
Real Estate Agent
Property Developer
Compliance Officer
Title Officer
Real Estate Transaction Manager
Housing Society Secretary
Property Documentation Specialist
Real Estate Portfolio Manager
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