The Property Purchase Agreement is a crucial legal document used in Indian real estate transactions to formalize the transfer of property ownership. It is essential for both residential and commercial property transactions and must comply with Indian property laws, including the Transfer of Property Act 1882, Registration Act 1908, and state-specific regulations. This agreement is required whenever there is a sale of immovable property, whether it's land, buildings, or apartments. It contains detailed information about the property, parties involved, purchase price, payment terms, warranties, and various conditions that must be met for the successful completion of the transaction. The document serves as the foundation for property registration and is critical for protecting the interests of both buyers and sellers in the Indian legal context.
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1. Parties: Details of the seller(s) and purchaser(s), including full names, addresses, and legal capacity
2. Background: Context of the transaction, including brief property history and current ownership status
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. Purchase Price: Agreed purchase price and payment terms including deposit and installment schedule
6. Payment Terms: Detailed breakdown of payment structure, methods, and timelines
7. Conditions Precedent: Conditions that must be satisfied before completion of the sale
8. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal status
9. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and compliance
10. Completion: Process and requirements for completing the transaction
11. Registration and Transfer: Obligations regarding property registration and transfer of title
12. Costs and Taxes: Allocation of transaction costs, stamp duty, and tax obligations
13. Default and Remedies: Consequences of default and available remedies
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
16. Execution: Signature blocks and witness details
1. Agricultural Land Provisions: Special provisions required when the property is agricultural land, including necessary permissions
2. RERA Compliance: Required for new construction properties falling under RERA regulations
3. Foreign Investment Provisions: Required when purchaser is an NRI or foreign national, including FEMA compliance
4. Mortgage/Charge Details: Required when property has existing mortgages or charges to be cleared
5. Society Membership Transfer: Required for apartments in cooperative housing societies
6. Power of Attorney: Required when any party is acting through an attorney
7. Joint Ownership Terms: Required when multiple purchasers are involved
8. Lease/Tenancy Details: Required when property is subject to existing tenancy
9. Development Rights: Required when transfer includes development rights or TDR
10. Environmental Compliance: Required for properties in environmentally sensitive zones
1. Property Description Schedule: Detailed property description including exact measurements, boundaries, and floor plans
2. Title Documents Schedule: List of all title documents and their details
3. Payment Schedule: Detailed breakdown of payment installments and timelines
4. Encumbrance Schedule: Details of existing encumbrances, if any
5. Inventory Schedule: List of fixtures and fittings included in the sale
6. Outstanding Dues Schedule: Details of pending utility bills, property tax, or other dues
7. Approvals and Permissions: List of required governmental and regulatory approvals
8. Property Documents: Copies of key property documents including previous sale deeds
9. Due Diligence Report: Summary of legal and technical due diligence findings
10. Chain of Title: Historical ownership trace of the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Construction
Property Development
Urban Planning
Agriculture (for agricultural land)
Industrial
Commercial Property
Residential Property
Infrastructure
Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Finance
Risk Management
Corporate Affairs
Property Management
Facilities Management
Investment
Operations
Documentation
Due Diligence
Relevant Roles
Real Estate Lawyer
Property Manager
Legal Counsel
Compliance Officer
Real Estate Agent
Property Developer
Chief Legal Officer
Company Secretary
Financial Controller
Risk Manager
Land Acquisition Manager
Real Estate Investment Manager
Property Valuation Expert
Title Research Specialist
Real Estate Transaction Manager
Corporate Real Estate Manager
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