The Property Sale Agreement is a fundamental legal instrument in Indian real estate transactions, essential for documenting the terms and conditions of property transfers between parties. This document is required whenever immovable property is being sold in India, whether between individuals, corporate entities, or a combination thereof. It serves as a comprehensive record of the transaction, incorporating details mandated by the Transfer of Property Act, 1882, Registration Act, 1908, and various state-specific laws. The agreement typically precedes the final sale deed and includes crucial information such as property details, payment terms, warranties, and obligations of both parties. It must be properly stamped and registered with appropriate authorities to be legally enforceable. The document is particularly important as it protects both parties' interests and ensures compliance with Indian property law requirements.
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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 sale, brief property history, and intention of the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including boundaries and measurements
5. Sale Consideration: Purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specific details about how payments will be made and accepted
7. Possession: Terms and conditions regarding the transfer of possession
8. Title and Ownership: Seller's declarations regarding clear title and right to sell
9. Representations and Warranties: Statements and guarantees made by both parties, especially regarding the property's legal status
10. Seller's Obligations: Specific duties and responsibilities of the seller
11. Purchaser's Obligations: Specific duties and responsibilities of the purchaser
12. Completion of Sale: Process and requirements for concluding the transaction
13. Registration: Terms regarding the registration of the sale deed
14. Expenses: Allocation of costs related to the sale and registration
15. Governing Law: Specification of applicable laws and jurisdiction
16. Dispute Resolution: Process for resolving any disputes between parties
1. Encumbrances: Details of any existing mortgages, liens, or other encumbrances (include if property has any encumbrances)
2. Third Party Rights: Information about any existing tenancies or other third-party rights (include if applicable)
3. Development Rights: Details about transferable development rights or pending approvals (relevant for undeveloped properties)
4. Society Membership: Terms regarding transfer of society membership (for apartments in housing societies)
5. Utilities and Services: Details about transfer of utility connections and pending bills (relevant for developed properties)
6. Tax Clearance: Specific provisions regarding property tax clearance and pending dues (if any tax issues exist)
7. Force Majeure: Provisions for unforeseen circumstances affecting completion (optional but recommended)
8. Power of Attorney: Details if any party is acting through a power of attorney (include if applicable)
1. Schedule A - Property Description: Detailed technical description of the property including exact measurements, boundaries, and location
2. Schedule B - Title Documents: List of all title documents and their chain of custody
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
4. Schedule D - Encumbrance Details: List of existing encumbrances and plan for their clearance (if applicable)
5. Schedule E - Inventory: List of fixtures and fittings included in the sale (for developed properties)
6. Appendix 1 - Property Photos: Recent photographs of the property and its boundaries
7. Appendix 2 - Property Plans: Architectural plans, layouts, and approved drawings
8. Appendix 3 - Permits and Approvals: Copies of relevant permits, approvals, and certificates
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