The MOU Between Builder And Purchaser serves as a crucial preliminary document in Indian real estate transactions, establishing the initial framework for property purchase before the execution of the final sale deed. This document is particularly relevant in new construction or off-plan property purchases, where the final property transfer may occur months or years after the initial agreement. It needs to comply with the Real Estate (Regulation and Development) Act 2016 (RERA) and other applicable Indian property laws. The MOU typically includes detailed specifications of the property, payment schedules, construction timelines, and various obligations of both parties. While not as legally binding as the final sale deed, this document forms the basis for the eventual property transfer and helps protect both parties' interests during the construction and transfer process.
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1. Parties: Detailed identification of the Builder/Developer and the Purchaser with complete contact information and registration details
2. Background: Context of the agreement, including brief description of the project and the parties' intention to enter into a purchase arrangement
3. Definitions: Key terms used throughout the MOU defined for clarity and precise interpretation
4. Project Details: Specific details of the property development including location, RERA registration number, and approved plans
5. Property Description: Detailed description of the specific unit/property being purchased including area, floor, specifications
6. Consideration and Payment Terms: Purchase price, payment schedule, and mode of payment
7. Timeline and Possession: Construction timeline, completion date, and possession terms
8. Builder's Obligations: Responsibilities and commitments of the builder including construction quality, amenities, and compliance
9. Purchaser's Obligations: Responsibilities of the purchaser including timely payments and cooperation
10. Representations and Warranties: Statements and assurances by both parties regarding their capacity and authority
11. Default and Consequences: Events of default and remedies available to either party
12. Term and Termination: Duration of the MOU and conditions for termination
13. Governing Law and Dispute Resolution: Applicable laws and mechanism for resolving disputes
14. Notices: Process and addresses for formal communications between parties
15. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Force Majeure: Include when specific provisions for unforeseen circumstances affecting construction are needed
2. Assignment: Include when transfer rights need to be specifically addressed
3. Confidentiality: Include when sensitive commercial information is involved
4. Third Party Rights: Include when other parties' rights might be affected
5. Insurance: Include when specific insurance requirements need to be detailed
6. Environmental Compliance: Include for projects requiring specific environmental clearances
7. Mortgage Rights: Include when the property will be mortgaged to financial institutions
8. Maintenance Agreement: Include when specific maintenance terms need to be agreed upon
1. Schedule A - Property Details: Detailed technical specifications of the property including floor plans and area statement
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with triggers and due dates
3. Schedule C - Specifications and Amenities: Detailed list of specifications, fittings, and amenities to be provided
4. Schedule D - Common Areas and Facilities: Details of common areas, facilities, and their usage rights
5. Schedule E - Construction Timeline: Detailed construction milestones and completion schedule
6. Schedule F - Approved Plans: Copies of approved building plans and sanctions
7. Appendix 1 - Required Documents: List of documents to be executed and registered
8. Appendix 2 - Maintenance Charges: Details of maintenance charges and other recurring costs
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Construction
Property Development
Residential Real Estate
Commercial Real Estate
Urban Development
Infrastructure
Housing
Relevant Teams
Legal
Real Estate Development
Sales
Property Management
Construction Management
Compliance
Business Development
Contract Administration
Project Management
Finance
Relevant Roles
Real Estate Developer
Property Manager
Construction Manager
Legal Counsel
Property Consultant
Sales Director
Project Manager
Compliance Officer
Real Estate Agent
Business Development Manager
Contract Manager
Property Lawyer
Development Director
Site Engineer
Financial Controller
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