The Apartment Purchase Agreement is a crucial legal document used in Indian real estate transactions for the purchase of residential apartments. It serves as the primary contract between the developer/seller and the buyer, establishing their rights and obligations under the Real Estate (Regulation and Development) Act 2016 (RERA). This document is essential when purchasing any apartment in India, whether under construction or completed, and must comply with state-specific real estate regulations. The agreement typically includes comprehensive details about the property, payment terms, possession timeline, specifications, and amenities. It provides legal protection to both parties and serves as evidence of the transaction for registration purposes. The document must be stamped and registered according to applicable state laws to be legally enforceable.
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1. Parties: Identification and details of the Seller/Developer and the Buyer/Purchaser including complete addresses and registration details
2. Background: Context of the transaction, brief description of the property and development project, and RERA registration details
3. Definitions: Definitions of key terms used throughout the agreement including Property, Common Areas, Super Built-up Area, Carpet Area, etc.
4. Property Description: Detailed description of the apartment including floor, unit number, tower/block, carpet area, super built-up area, and boundaries
5. Purchase Price: Total consideration, price breakdown, payment schedule, and mode of payment
6. Payment Terms: Detailed payment schedule, installment amounts, due dates, and payment methods
7. Possession: Timeline for completion and possession, conditions for handover, and consequences of delay
8. Representations and Warranties: Declarations and assurances by both parties regarding their capacity, authority, and property details
9. Rights and Obligations: Detailed responsibilities and rights of both parties including maintenance, usage restrictions, and common area rights
10. Default and Remedies: Consequences of default by either party and available remedies
11. Registration and Transfer: Process and obligations regarding property registration and transfer of title
12. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
13. Notices: Method and addresses for serving notices between parties
14. Force Majeure: Circumstances beyond control that may affect contract performance
15. Execution: Signature clauses and witness details
1. Loan and Mortgage: Details of housing loan arrangements and mortgage terms, included when buyer is obtaining bank financing
2. Car Parking: Specific details about car parking allocation and rights, included when parking is separately allocated
3. Club Membership: Terms of club membership if the development includes club facilities
4. Power of Attorney: Authorization clauses when any party is acting through a power of attorney
5. Joint Ownership: Special terms for joint ownership, included when there are multiple buyers
6. Rental Restrictions: Specific clauses regarding rental of the property, if there are any restrictions
7. Modification Rights: Terms regarding permitted modifications to the apartment, if any special conditions apply
1. Schedule A - Property Details: Detailed technical description of the property including exact measurements and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with specific amounts and due dates
3. Schedule C - Specifications: Detailed specifications of materials, fittings, and finishes to be provided in the apartment
4. Schedule D - Floor Plan: Architectural drawings showing the layout of the apartment
5. Schedule E - Common Areas: List and description of common areas and facilities
6. Schedule F - Title Documents: List of title documents and property ownership chain
7. Appendix 1 - RERA Compliance: Copies of RERA registration and compliance documents
8. Appendix 2 - Amenities List: Detailed list of amenities and facilities provided in the project
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