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The Owner Finance Real Estate Contract is utilized in situations where traditional bank financing is either not preferred or not available to the buyer. This document is particularly relevant in the Indian real estate market where seller financing can provide an alternative path to property ownership. The agreement must comply with Indian federal and state-specific property laws, including the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state regulations. It includes comprehensive terms covering property description, purchase price, financing terms, security arrangements, payment schedules, default provisions, and eventual title transfer conditions. The document serves both as a property sale agreement and a financing instrument, protecting the interests of both the seller-financier and the buyer while ensuring legal enforceability within the Indian jurisdiction.

1. Parties: Identification and details of the seller-financier and buyer, including their legal capacity to enter into the agreement

2. Background: Context of the transaction, including property ownership status and intention to enter into an owner-financed arrangement

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

4. Property Description: Detailed legal description of the property, including boundaries, measurements, and registration details

5. Purchase Price and Financing Terms: Total purchase price, down payment, loan amount, interest rate, and payment schedule

6. Payment Terms: Detailed payment obligations, including monthly installments, due dates, and payment methods

7. Security and Mortgage: Creation of security interest in the property until full payment, including mortgage terms

8. Transfer of Title: Conditions and process for eventual transfer of property title upon completion of payments

9. Representations and Warranties: Statements and guarantees by both parties regarding property title, condition, and capacity to contract

10. Rights and Obligations: Detailed responsibilities of both parties during the finance period

11. Default and Remedies: Consequences of payment default and other breaches, including foreclosure rights

12. Insurance and Maintenance: Requirements for property insurance and maintenance responsibilities

13. Property Taxes and Charges: Allocation of responsibility for property taxes and other charges

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

15. Notice Provisions: Method and addresses for serving notices between parties