The House For Sale On Contract is a crucial legal document used in Indian real estate transactions for the transfer of residential property ownership. It serves as a binding agreement between the seller and buyer, incorporating all essential elements required under Indian property law, including the Transfer of Property Act, 1882, and state-specific regulations. This document is particularly important as it outlines the complete terms of sale, from property description and sale consideration to payment schedules and possession details. It includes necessary warranties about title clearance, encumbrance status, and property condition, while ensuring compliance with local registration requirements and stamp duty regulations. The agreement is designed to protect both parties' interests and provide a clear framework for the property transfer process, making it essential for both private sales and broker-mediated transactions.
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1. Parties: Identification of the seller and purchaser with complete details including names, addresses, and PAN numbers
2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including exact measurements, boundaries, and registration details
5. Sale Consideration: Purchase price, payment schedule, and mode of payment
6. Payment Terms: Detailed payment structure, installment schedule if applicable, and payment methods
7. Title and Ownership: Seller's declarations regarding clear title and right to sell the property
8. Representations and Warranties: Warranties by seller regarding property title, encumbrances, taxes, and legal compliance
9. Possession: Terms and timing of property possession transfer
10. Registration and Transfer: Process and obligations regarding property registration and transfer of title
11. Expenses: Allocation of costs including stamp duty, registration fees, and other transaction expenses
12. Indemnification: Mutual indemnification clauses for breach of warranties or representations
13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
14. Dispute Resolution: Process for resolving disputes including mediation or arbitration procedures
15. Notices: Method and addresses for serving notices between parties
16. Force Majeure: Provisions for unforeseen circumstances preventing contract performance
1. Mortgage or Encumbrance Details: Required if property has existing mortgage or other encumbrances that need to be cleared before sale
2. Power of Attorney: Include when any party is represented through Power of Attorney
3. Society Approval: Required for apartments or properties within housing societies
4. Third Party Rights: Include if there are any existing tenants or third-party rights affecting the property
5. Condition Precedents: Include specific conditions that must be met before sale completion
6. Maintenance Charges: Required for apartments or properties with ongoing maintenance obligations
7. Tax Clearance: Include specific provisions about pending tax liabilities and clearances
8. Development Rights: Include if property has unutilized development potential or TDR rights
1. Schedule A - Property Description: Detailed property description including exact measurements, boundaries, and floor plans
2. Schedule B - Title Documents: List of all title documents and chain of title for the property
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and installments
4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate and details of any existing charges
5. Schedule E - Property Tax Receipts: Copies of recent property tax payments and other utility bill payments
6. Schedule F - Approvals and Permissions: Copies of relevant municipal approvals, building permits, and completion certificates
7. Schedule G - Inventory: List of fixtures and fittings included in the sale
8. Appendix 1 - Due Diligence Report: Legal and technical due diligence report of the property
9. Appendix 2 - Property Photos: Recent photographs of the property and its surroundings
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Management
Insurance
Urban Development
Housing Finance
Property Investment
Facilities Management
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Risk Assessment
Sales
Customer Relations
Finance
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Developer
Bank Manager
Mortgage Officer
Property Valuator
Compliance Officer
Real Estate Consultant
Title Insurance Officer
Property Documentation Specialist
Real Estate Investment Manager
Housing Finance Manager
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