The Sell By Owner Contract is utilized in the Indian real estate market when property owners choose to sell their property directly to buyers without engaging real estate agents. This approach, while requiring more direct involvement from the seller, often results in cost savings by eliminating agent commissions. The document must comply with various Indian legislations, including the Transfer of Property Act 1882, Registration Act 1908, and state-specific stamp duty laws. It's particularly relevant in situations where the seller has sufficient knowledge of property transactions or wishes to maintain direct control over the sale process. The contract includes essential elements such as property description, sale price, payment terms, possession details, and title warranties, ensuring legal protection for both parties while facilitating a direct transaction.
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1. Parties: Identification of seller and buyer with complete details including names, addresses, and ID proofs
2. Background: Brief context about the property being sold and the intention of the parties to enter into this agreement
3. Definitions: Key terms used throughout the agreement including 'Property', 'Purchase Price', 'Completion Date', etc.
4. Property Details: Complete description of the property including address, measurements, boundaries, and registration details
5. Purchase Price: Agreed sale price, payment terms, and schedule of payments
6. Mode of Payment: Specified methods of payment, including earnest money deposit and balance payment details
7. Possession: Terms and conditions regarding the transfer of possession
8. Title and Ownership: Seller's warranties regarding clear title and ownership rights
9. Representations and Warranties: Declarations by both parties regarding their capacity and authority to enter into the agreement
10. Covenants: Obligations of both parties until completion
11. Completion: Process and requirements for completing the sale
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
1. Existing Encumbrances: Details of any existing mortgages, liens, or encumbrances - include if property has any existing charges
2. Third Party Rights: Information about any existing tenants or other rights - include if property is tenant-occupied
3. Property Condition: Detailed description of property condition and any known defects - include for older properties
4. Utilities and Maintenance: Responsibilities for utilities and maintenance until completion - include for occupied properties
5. Tax Matters: Specific tax-related obligations - include if there are outstanding property taxes
6. Force Majeure: Provisions for unforeseen circumstances - include for longer completion timeframes
7. Assignment: Rights to assign the contract - include if either party might need to transfer rights
1. Schedule A - Property Description: Detailed technical description of the property including exact measurements and boundaries
2. Schedule B - Title Documents: List of all title documents and chain of title
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Schedule D - Fixtures and Fittings: List of items included and excluded in the sale
5. Appendix 1 - Property Documents: Copies of key property documents including tax receipts and utility bills
6. Appendix 2 - Property Plans: Architectural plans, site maps, and approved drawings
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Housing
Legal Services
Banking
Financial Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Documentation
Administration
Risk Management
Operations
Relevant Roles
Property Owner
Real Estate Lawyer
Legal Counsel
Property Manager
Compliance Officer
Real Estate Developer
Property Valuator
Title Officer
Documentation Specialist
Legal Administrator
Property Administrator
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