The For Sale By Owner House Contract is a crucial legal instrument used in India when property owners choose to sell their residential property directly to buyers without engaging real estate agents or brokers. This approach, while potentially cost-saving, requires a comprehensive contract that ensures full legal compliance and protection for both parties. The document is designed to meet all requirements under Indian property law, including the Transfer of Property Act, Registration Act, and state-specific regulations. It typically comes into play when sellers want to maintain direct control over the sale process while ensuring all legal safeguards are in place. The contract needs to be detailed enough to cover all aspects of the property transfer, from initial agreement to final registration, while being clear enough for non-legal professionals to understand. It's particularly relevant in situations where the property has a clear title and both parties prefer a direct transaction approach.
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1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and contact information
2. Background: Brief context of the sale, including property ownership history and intention to sell
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Property Details: Complete description of the property including address, dimensions, survey numbers, and boundaries
5. Purchase Price: Total consideration, payment schedule, and mode of payment
6. Payment Terms: Detailed breakdown of payment structure, earnest money deposit, and balance payment schedule
7. Title and Ownership: Seller's warranties regarding clear title and right to sell the property
8. Closing Date and Possession: Timeline for completion of sale and transfer of possession
9. Representations and Warranties: Declarations by seller regarding property condition, encumbrances, and legal status
10. Seller's Obligations: Commitments regarding document provision, maintenance until possession, and statutory compliance
11. Buyer's Obligations: Responsibilities regarding payment, registration, and compliance with terms
12. Costs and Expenses: Distribution of transaction costs including stamp duty, registration fees, and taxes
13. Default and Remedies: Consequences and remedies for breach of contract by either party
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
15. Notice and Communication: Method and addresses for official communications between parties
16. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
1. Mortgage or Encumbrance Details: Required if property has existing loans or charges that need to be cleared before sale
2. Tenant Rights: Needed if property is currently tenanted, describing handling of existing tenancy
3. Property Management: Required for properties in housing societies or with maintenance agreements
4. Construction Permissions: Necessary for properties with pending construction or modification approvals
5. Power of Attorney: Required if either party is acting through an authorized representative
6. NRI Clause: Needed if either party is a Non-Resident Indian, addressing FEMA compliance
7. Agricultural Land Conversion: Required if property was previously agricultural land converted for residential use
1. Schedule A - Property Description: Detailed technical description of property including measurements, boundaries, and construction details
2. Schedule B - Title Documents: List of all title and ownership documents being transferred
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
4. Schedule D - Property Inventory: List of fixtures, fittings, and items included in the sale
5. Schedule E - Outstanding Dues: Details of pending utility bills, property tax, or other charges
6. Appendix 1 - Property Documents: Copies of key property documents including title deed, tax receipts, and approvals
7. Appendix 2 - Property Plans: Approved building plans, layout maps, and location plans
8. Appendix 3 - Photographs: Current photographs of the property documenting its condition at time of sale
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Legal Services
Financial Services
Construction
Property Development
Banking
Insurance
Property Management
Relevant Teams
Legal
Real Estate Operations
Property Management
Compliance
Risk Assessment
Document Processing
Title Research
Property Valuation
Financial Advisory
Registration
Relevant Roles
Property Owner
Home Buyer
Legal Counsel
Property Lawyer
Real Estate Manager
Mortgage Officer
Property Assessor
Title Examiner
Compliance Officer
Legal Document Specialist
Property Registration Officer
Real Estate Consultant
Financial Advisor
Bank Manager
Property Inspector
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