The Owner Contract (Real Estate) is a fundamental legal document used in Indian property transactions to formalize and document the transfer of real estate ownership. This contract type is essential when selling or purchasing any real estate property in India, whether it's residential, commercial, or industrial. It must comply with various Indian legislations, including the Transfer of Property Act 1882, Registration Act 1908, and state-specific property laws. The document typically includes comprehensive details about the property, parties involved, consideration amount, payment terms, warranties, and obligations. It serves as a legally binding agreement that protects both parties' interests and ensures a clear transfer of property ownership while maintaining compliance with all relevant legal requirements.
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1. Parties: Details of the seller/owner and buyer/purchaser including names, addresses, and legal capacity
2. Background: Context of the transaction, brief property history, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including location, boundaries, and measurements
5. Consideration: Purchase price, payment terms, and mode of payment
6. Title and Ownership: Declarations regarding clear title, ownership rights, and encumbrances
7. Representations and Warranties: Statements and guarantees made by both parties regarding the property and transaction
8. Rights and Obligations: Specific rights and duties of both parties during and after the transaction
9. Possession: Terms and conditions for handling over property possession
10. Registration and Stamp Duty: Provisions regarding document registration and payment of applicable stamp duty
11. Indemnification: Protection against future claims or losses
12. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
13. Notices: Method and addresses for sending legal notices
14. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
15. Dispute Resolution: Process for resolving disputes between parties
1. Construction Terms: Required when property is under construction, detailing completion timelines and specifications
2. Multiple Ownership: Required when property has multiple owners, detailing share distribution and rights
3. Mortgage Details: Required when property has existing mortgage or new mortgage is being created
4. Rental Terms: Required when property is currently tenanted or has existing lease agreements
5. Development Rights: Required when transfer includes development rights or TDR
6. Society Membership: Required for apartments/flats including society membership transfer
7. Pending Litigation: Required when there are ongoing legal proceedings related to the property
8. Environmental Clearances: Required for properties requiring specific environmental permissions
1. Schedule A - Property Description: Detailed property description including boundaries, measurements, and floor plans
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
3. Schedule C - Title Documents: List of all title and ownership documents
4. Schedule D - Encumbrances: Details of existing charges, liens, or encumbrances on the property
5. Schedule E - Amenities and Fixtures: List of included fixtures, fittings, and amenities
6. Appendix 1 - Property Documents: Copies of key property documents including previous deeds and tax receipts
7. Appendix 2 - Permissions and Approvals: Copies of relevant governmental and regulatory approvals
8. Appendix 3 - Property Photos: Recent photographs of the property and its key features
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Finance
Construction
Property Development
Property Management
Urban Planning
Housing
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Contract Administration
Business Development
Risk Management
Documentation
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Property Developer
Real Estate Broker
Title Officer
Property Registration Officer
Real Estate Consultant
Contract Manager
Legal Administrator
Property Valuation Expert
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