The Home Sale Contract is a fundamental legal document used in Indian real estate transactions for transferring residential property ownership. It is essential for any sale of house, apartment, or residential plot in India, requiring compliance with multiple regulations including the Transfer of Property Act, Registration Act, and state-specific stamp duty laws. This contract type is mandatory for all residential property sales exceeding 鈧100 and must be registered with the Sub-Registrar's office. The document captures crucial details including property description, sale price, payment terms, warranties about title, and possession details. It serves as evidence of the transaction and protects both parties' interests by clearly defining their rights and obligations. The contract must account for local laws, which can vary by state, and may need additional provisions based on property type (apartment vs. independent house) and financing arrangements.
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1. Parties: Identification and details of the seller and purchaser, including their complete addresses and legal capacity to contract
2. Background: Brief context of the transaction, including property ownership history and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including exact measurements, boundaries, and registration details
5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed breakdown of payment structure, including earnest money, bank financing if any, and final payment
7. Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal status
8. Seller's Obligations: Commitments and responsibilities of the seller until completion
9. Purchaser's Obligations: Commitments and responsibilities of the purchaser until completion
10. Completion: Process and requirements for completing the sale, including documentation and registration
11. Possession: Terms and conditions for transferring possession of the property
12. Taxes and Expenses: Allocation of various taxes, stamp duty, registration charges, and other expenses
13. Default and Remedies: Consequences of default by either party and available remedies
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
15. Notices: Method and addresses for serving notices between parties
16. Entire Agreement: Clause confirming the agreement contains all terms agreed between parties
1. Mortgage or Encumbrance Details: Required when property has existing mortgages or encumbrances that need to be cleared before sale
2. Society Approval: Needed for apartments/flats requiring housing society approval for transfer
3. Power of Attorney: Required when either party is acting through an authorized representative
4. Joint Ownership Provisions: Needed when property is jointly owned or being sold to multiple purchasers
5. Condition Precedents: Special conditions that must be fulfilled before completion
6. Rental Status: Required when property is currently tenanted
7. Development Rights: Needed when property has unused development potential or TDR rights
8. Force Majeure: Optional clause for unforeseen circumstances preventing completion
1. Schedule 1 - Property Description: Detailed technical description of property including boundaries, measurements, and construction details
2. Schedule 2 - Title Documents: List of all title documents and chain of ownership
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and timelines
4. Schedule 4 - Encumbrance Certificate: Recent encumbrance certificate details
5. Schedule 5 - Inventory: List of fixtures and fittings included in the sale
6. Appendix A - Property Documents: Copies of key property documents including tax receipts and utility bills
7. Appendix B - Approved Plans: Copies of approved building plans and sanctions
8. Appendix C - NOCs: Copies of necessary No Objection Certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Financial Services
Property Development
Construction
Banking
Insurance
Property Management
Urban Development
Housing
Relevant Teams
Legal
Real Estate
Property Management
Documentation
Compliance
Sales
Mortgage
Title Insurance
Registration
Property Valuation
Relevant Roles
Real Estate Lawyer
Property Lawyer
Legal Counsel
Real Estate Agent
Property Manager
Conveyancing Manager
Legal Document Specialist
Property Registration Officer
Mortgage Officer
Real Estate Transaction Manager
Legal Documentation Executive
Property Sales Manager
Title Insurance Officer
Real Estate Compliance Officer
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