A Realty Purchase Agreement is a fundamental legal instrument in Indian real estate transactions, used whenever there is a transfer of immovable property ownership. This document is essential for both residential and commercial property transactions, incorporating requirements from multiple Indian legislations including the Transfer of Property Act 1882, Registration Act 1908, and the Real Estate (Regulation and Development) Act 2016. The agreement serves as a comprehensive record of the transaction terms, including property details, price, payment schedule, warranties, and completion requirements. It must comply with state-specific stamp duty regulations and registration requirements, making it a legally binding document that protects both parties' interests. The agreement is particularly important in India's complex property law framework, where clear documentation and compliance with various statutory requirements are crucial for ensuring a valid property transfer.
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1. Parties: Identification and details of the seller and purchaser, including names, addresses, and legal capacity to contract
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 address, boundaries, and registration details
5. Purchase Price: Agreed purchase price, payment structure, and payment methods
6. Payment Terms: Detailed payment schedule, installment details, and consequences of default
7. Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal status
8. Title and Documentation: Requirements for clear title transfer and necessary documentation
9. Conditions Precedent: Conditions that must be satisfied before completion
10. Completion: Process and requirements for completing the transaction
11. Possession: Terms and timing of property possession transfer
12. Default and Remedies: Consequences of breach and available remedies
13. Notices: Communication procedures between parties
14. Governing Law: Applicable laws and jurisdiction
15. Dispute Resolution: Process for resolving disputes including arbitration provisions
1. Mortgage Details: Include when property purchase involves mortgage financing
2. Property Management: Include when dealing with apartment complexes or properties with ongoing management requirements
3. Third Party Rights: Include when there are existing tenants or other third-party interests
4. Foreign Exchange Compliance: Include when any party is an NRI or foreign national
5. GST Provisions: Include for under-construction properties or when GST is applicable
6. Environmental Compliance: Include when property requires environmental clearances
7. Development Rights: Include when property has unutilized development potential
8. Society Membership: Include for apartments/condominiums requiring society membership transfer
1. Property Description Schedule: Detailed property description including exact measurements, boundaries, and fixtures
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Title Documents: List of all title and ownership documents
4. Encumbrance Certificate: Recent encumbrance certificate and details of any existing charges
5. Property Tax Records: History of property tax payments and current status
6. Approved Plans: Architectural plans and municipal approvals
7. Inventory List: List of fixtures and fittings included in the sale
8. Due Diligence Report: Summary of legal and technical due diligence findings
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Financial Services
Construction
Property Development
Legal Services
Insurance
Urban Development
Housing
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Documentation
Due Diligence
Contracts
Risk Management
Operations
Business Development
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Property Developer
Real Estate Broker
Title Officer
Contract Manager
Real Estate Analyst
Property Valuation Expert
Real Estate Investment Manager
Due Diligence Officer
Documentation Specialist
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