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House Purchase Contract

House Purchase Contract Template for India

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Key Requirements PROMPT example:

House Purchase Contract

"I need a House Purchase Contract for buying a 3-bedroom apartment in Mumbai, India, with completion scheduled for March 2025; the agreement should include standard payment terms with a 20% deposit."

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Document background
The House Purchase Contract is a fundamental legal document used in Indian real estate transactions to formalize the transfer of residential property ownership. It is essential for any property purchase in India and must comply with the Transfer of Property Act 1882, Registration Act 1908, and state-specific property laws. This document is used when a definitive agreement is needed to purchase residential property, whether it's an apartment, individual house, or residential plot. It contains crucial details about the property, parties involved, purchase price, payment schedule, warranties, and conditions for transfer. The agreement must be registered with the Sub-Registrar's office and requires payment of appropriate stamp duty as per state regulations. It serves as the primary evidence of the transaction and protects both buyer's and seller's interests by clearly defining their rights and obligations under Indian law.
Suggested Sections

1. Parties: Details of the seller and purchaser, including full names, addresses, and legal capacity to contract

2. Background: Brief context about the property, ownership history, and intention to sell/purchase

3. Definitions: Definitions of key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the property being sold, including exact measurements and boundaries

5. Purchase Price: Agreed purchase price and payment structure, including earnest money deposit details

6. Payment Terms: Schedule of payments, mode of payment, and conditions attached to each payment

7. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, taxes, litigation, etc.

8. Purchaser's Representations and Warranties: Declarations regarding financial capacity and compliance with applicable laws

9. Title Investigation: Process and timeline for title verification and handling of title defects

10. Conditions Precedent: Conditions that must be satisfied before completion of the sale

11. Completion/Closing: Process and requirements for completing the transaction

12. Possession: Terms and conditions for handling over possession of the property

13. Taxes and Expenses: Allocation of various taxes, registration charges, and other expenses

14. Indemnification: Mutual indemnification clauses for breach of representations or warranties

15. Notices: Process for sending and receiving official communications

16. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes

17. Force Majeure: Provisions for handling unforeseen circumstances

18. Dispute Resolution: Process for resolving disputes between parties

Optional Sections

1. Mortgage Details: Include when the purchase is being financed through a mortgage, detailing the lender's requirements and conditions

2. Power of Attorney: Include when either party is acting through a representative

3. Third Party Rights: Include when there are existing tenants or other third-party interests in the property

4. Pending Litigation: Include when there are ongoing legal proceedings affecting the property

5. Development Rights: Include when the property has unused development potential or TDR

6. Society Membership: Include for apartments/flats requiring society membership transfer

7. NRI Clause: Include when either party is a Non-Resident Indian, addressing FEMA compliance

8. Escrow Arrangements: Include when parties agree to use an escrow mechanism for the transaction

Suggested Schedules

1. Schedule A - Property Description: Detailed description of the property including exact measurements, boundaries, and construction details

2. Schedule B - Title Documents: List of all title documents and their chronological chain

3. Schedule C - Payment Schedule: Detailed breakdown of payment installments and timing

4. Schedule D - Encumbrances: List of existing encumbrances, if any, and plan for their removal

5. Schedule E - Amenities and Fixtures: List of fixtures, fittings, and amenities included in the sale

6. Schedule F - Outstanding Dues: Details of any pending utility bills, property tax, or other dues

7. Appendix 1 - Property Documents: Copies of key property documents including title deeds, tax receipts, and approved plans

8. Appendix 2 - NOCs and Permissions: Copies of necessary No Objection Certificates and regulatory permissions

9. Appendix 3 - Property Pictures: Recent photographs of the property and its key features

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions














































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Relevant Industries

Real Estate

Banking & Financial Services

Legal Services

Construction

Property Development

Property Management

Insurance

Professional Services

Housing Finance

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Risk Management

Documentation

Operations

Customer Relations

Valuations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Mortgage Officer

Property Valuation Expert

Compliance Officer

Real Estate Transaction Manager

Housing Finance Manager

Title Research Specialist

Property Documentation Officer

Real Estate Investment Manager

Contract Administrator

Industries








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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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