The Real Estate Buyers Agreement Form is a crucial legal document used in Indian property transactions to establish the contractual relationship between property buyers and sellers/developers. This agreement gained additional significance after the implementation of RERA in 2016, which mandated specific disclosures and standardized practices in real estate transactions. The document serves as a comprehensive record of the property purchase terms, protecting both parties' interests while ensuring compliance with Indian property laws. It includes essential details such as property specifications, payment schedules, possession terms, and default remedies. The agreement is particularly important as it forms the basis for property registration and transfer of ownership, while also serving as evidence in case of future disputes. Given India's state-specific property laws, the agreement incorporates relevant local regulations while maintaining compliance with central legislation.
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1. Parties: Identification and details of the seller/developer and buyer, including complete addresses and registration details if applicable
2. Background: Context of the transaction, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including exact measurements, boundaries, and RERA registration details
5. Purchase Price: Total consideration, payment schedule, and mode of payment
6. Payment Terms: Detailed breakdown of payment structure, installment dates, and payment methods
7. Possession: Timeline and conditions for handover of property possession
8. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, and compliance with laws
9. Buyer's Representations and Warranties: Declarations regarding financial capacity and compliance obligations
10. Rights and Obligations: Detailed responsibilities of both parties during the transaction process
11. Default and Remedies: Consequences of default by either party and available remedies
12. Registration and Transfer: Process and requirements for property registration and transfer
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
14. Notices: Mode and addresses for all official communications
15. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
16. Execution: Signature clauses and witness requirements
1. Mortgage Details: Include when buyer is obtaining financing - details of mortgage arrangement and lender's requirements
2. Construction Specifications: Include for under-construction properties - detailed construction specifications and timelines
3. Amenities and Facilities: Include for apartments/townships - details of common amenities and maintenance terms
4. Development Authority Approvals: Include for newly developed properties - list of pending or obtained regulatory approvals
5. Rental Terms: Include if property is currently tenanted - details of existing tenancy and handover terms
6. Power of Attorney: Include when transaction is being conducted through authorized representative
7. Joint Ownership Terms: Include when property is being purchased by multiple buyers
8. Environmental Clearances: Include for industrial or large commercial properties requiring environmental compliance
1. Schedule A - Property Description: Detailed technical description of property including measurements, boundaries, and floor plans
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with due dates
3. Schedule C - Specifications: Construction specifications, materials to be used, and quality standards
4. Schedule D - List of Approvals: List of obtained and pending regulatory approvals
5. Schedule E - Title Documents: List of property ownership and chain of title documents
6. Schedule F - Amenities List: Detailed list of included amenities and facilities
7. Appendix 1 - Property Documents: Copies of key property documents including title deed, tax receipts
8. Appendix 2 - Floor Plans: Architectural drawings and floor plans
9. Appendix 3 - Location Maps: Property location maps and surrounding area details
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Financial Services
Legal Services
Property Management
Commercial Real Estate
Residential Real Estate
Industrial Real Estate
Retail
Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Finance
Operations
Risk Management
Documentation
Business Development
Facilities Management
Property Management
Relevant Roles
Real Estate Manager
Property Lawyer
Legal Counsel
Property Developer
Real Estate Agent
Compliance Officer
Financial Controller
Property Valuer
Business Development Manager
Facilities Manager
Corporate Real Estate Manager
Property Portfolio Manager
Real Estate Investment Manager
Documentation Specialist
Risk Manager
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