The Agreement For Sale of Shop is a crucial legal instrument used in Indian commercial real estate transactions to formalize the transfer of shop ownership between parties. This document is essential when selling or purchasing any commercial shop space in India, whether it's a standalone shop or part of a larger commercial complex. The agreement must comply with various Indian legislations including the Transfer of Property Act, Registration Act, and state-specific stamp duty laws. It typically includes comprehensive details about the property, parties involved, consideration amount, payment terms, warranties, and completion requirements. The document serves multiple purposes: it protects both parties' interests, ensures legal compliance, facilitates smooth property transfer, and provides a clear framework for resolving potential disputes. It's particularly important in the Indian context where commercial property transactions require specific regulatory compliance and documentation.
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1. Parties: Details of the seller and purchaser including names, addresses, and legal status
2. Background: Context of the sale, brief history of the property ownership, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the shop including exact location, measurements, and boundaries
5. Sale Consideration: Purchase price, payment terms, and payment schedule
6. Mode of Payment: Specified methods of payment and banking details
7. Seller's Warranties: Warranties regarding title, encumbrances, legal compliance, and property condition
8. Buyer's Warranties: Warranties regarding financial capacity and compliance with relevant laws
9. Conditions Precedent: Conditions that must be satisfied before completion
10. Completion: Process and requirements for completing the sale
11. Possession: Terms and timing of property possession transfer
12. Registration and Expenses: Requirements for registration and allocation of associated costs
13. Representations: General representations by both parties
14. Indemnification: Mutual indemnification clauses
15. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
16. Notices: Process for serving notices between parties
17. Force Majeure: Provisions for unforeseen circumstances
18. Dispute Resolution: Process for resolving disputes between parties
1. Broker/Agent Details: Include when a broker or agent is involved in the transaction
2. Existing Tenancy: Required when the shop has existing tenants and their rights need to be addressed
3. Business License Transfer: Include when existing business licenses need to be transferred
4. Inventory Transfer: Necessary when sale includes shop fixtures, fittings, or inventory
5. Municipal Dues: Include specific provisions for pending municipal dues or taxes
6. Renovation Permission: Include when buyer requires specific permissions for renovation
7. Employee Transfer: Required when existing employees are part of the sale agreement
8. Environmental Compliance: Include for properties requiring specific environmental clearances
1. Schedule 1 - Property Description: Detailed technical description of the property including measurements and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3 - Title Documents: List of all title and ownership documents
4. Schedule 4 - Encumbrances: Details of any existing encumbrances, mortgages, or liens
5. Schedule 5 - Inventory List: Detailed list of fixtures, fittings, and inventory included in sale
6. Schedule 6 - Outstanding Dues: List of pending dues, taxes, or utilities to be cleared
7. Schedule 7 - Completion Checklist: List of documents and actions required for completion
8. Appendix A - Property Photos: Recent photographs of the property
9. Appendix B - Floor Plan: Detailed floor plan and measurements
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