Agreement For Flat Sale Template for India

The Agreement for Flat Sale is a fundamental document in Indian real estate transactions, essential for both newly constructed and resale residential properties. This agreement becomes necessary when a buyer commits to purchasing a flat from a developer or existing owner, serving as a precursor to the final sale deed. It must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), various state-specific real estate regulations, and the Transfer of Property Act, 1882. The document typically includes detailed property specifications, payment terms, construction timelines, and possession conditions. It protects both parties' interests by clearly defining their rights and obligations, while ensuring regulatory compliance. The Agreement for Flat Sale is particularly crucial in pre-construction sales, where it serves as the primary document governing the relationship between the developer and buyer until property possession.

1. Parties: Details of the seller/builder and purchaser including names, addresses, and legal status

2. Background: Brief history of the property ownership, development approvals, and context of the sale

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the flat including carpet area, super built-up area, floor, tower/wing details

5. Price and Payment Terms: Total consideration, payment schedule, mode of payment, and default consequences

6. Construction Timeline: Expected completion date, construction milestones, and possession timeline

7. Specifications and Amenities: Details of flat specifications, fittings, fixtures, and common amenities

8. Seller's Representations and Warranties: Declarations regarding title, approvals, encumbrances, and authority to sell

9. Purchaser's Covenants: Obligations of the purchaser including payment commitments and compliance requirements

10. Registration and Transfer: Process and obligations for executing sale deed and registration

11. Maintenance and Society Formation: Terms regarding maintenance, formation of society/association, and sinking fund

12. Default and Remedies: Consequences of default by either party and available remedies

13. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

14. Governing Law and Dispute Resolution: Applicable laws and mechanism for resolving disputes

15. Notices: Method and addresses for serving notices between parties