The As Is Residential Contract For Sale And Purchase is specifically designed for property transactions in India where the buyer agrees to purchase the property in its existing condition without requiring the seller to make repairs or improvements. This document is particularly useful in situations involving inherited properties, quick sales, or where the seller wishes to limit post-sale liability for property condition. The agreement complies with Indian property laws, including the Transfer of Property Act, Registration Act, and RERA requirements, while incorporating necessary provisions for clear title transfer, payment terms, and explicit acknowledgments of the property's condition. It includes mandatory disclosures required under Indian law while protecting the seller's interests through comprehensive "as is" disclaimers and buyer acknowledgments.
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1. Parties: Identification and details of the Seller and Buyer, including their complete addresses and legal capacity to contract
2. Background: Brief context of the transaction and property overview
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, boundaries, and registration details
5. Purchase Price: Statement of the agreed purchase price and payment terms
6. As Is Condition: Clear statement that property is being sold in its current condition with buyer accepting all existing defects
7. Buyer's Acknowledgment: Buyer's explicit acknowledgment of property condition and waiver of claims related to property condition
8. Seller's Disclosures: Mandatory disclosures about known material defects and property history
9. Title and Registration: Provisions regarding clear title transfer and registration requirements
10. Closing Process: Details of the closing process, including documentation and timeline
11. Costs and Taxes: Allocation of transaction costs, stamp duty, and registration fees
12. Possession: Terms for transfer of possession and associated conditions
13. Default and Remedies: Consequences of default by either party and available remedies
14. Governing Law: Specification of Indian law as governing law and jurisdiction
15. Execution: Signature blocks and execution formalities
1. Property Inspection Period: Optional clause allowing buyer additional time to inspect property, used when buyer requests inspection period despite as-is nature
2. Financing Contingency: Used when purchase is contingent on buyer obtaining financing
3. Society/Association Approval: Required when property is in a housing society requiring membership transfer approval
4. Tenant Rights: Included when property is currently tenanted and includes provisions about existing tenancy
5. Power of Attorney: Added when either party is acting through an authorized representative
6. Foreign Exchange Compliance: Required when buyer is NRI/PIO or transaction involves foreign currency
7. Escrow Arrangements: Used when parties agree to escrow arrangement for fund transfer
8. Broker Representation: Included when real estate brokers are involved in the transaction
1. Schedule A - Property Details: Detailed property specifications, including floor plan, boundaries, and built-up area
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and installments
3. Schedule C - Title Documents: List of title documents and chain of title
4. Schedule D - Property Photographs: Current photographs documenting property condition
5. Schedule E - Known Defects: List of known defects or issues with the property
6. Appendix 1 - Property Tax Records: Recent property tax receipts and assessment details
7. Appendix 2 - Utility Bills: Recent utility bills and connection details
8. Appendix 3 - Society Documents: Relevant housing society documents and approvals
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