The Assignment Of Real Estate Purchase And Sale Agreement is a crucial document used in Indian real estate transactions when the original purchaser wishes to transfer their rights and obligations under an existing purchase agreement to a new buyer. This document is particularly relevant in pre-completion property transactions, investment restructuring, or when the original purchaser cannot proceed with the purchase. It must comply with Indian legislation including the Transfer of Property Act, 1882, RERA 2016, and state-specific property laws. The agreement includes essential details such as property specifications, consideration amount, original agreement terms, and necessary consents. It requires proper registration and stamp duty payment at the relevant Sub-Registrar's office, making it a formally recognized legal instrument in India.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
Alternatively...
1. Parties: Identification of all parties: Assignor (original purchaser), Assignee (new purchaser), and acknowledgment of Original Seller
2. Background: Recitals explaining the original purchase agreement, reason for assignment, and current status of the transaction
3. Definitions: Key terms used throughout the agreement including Original Agreement, Property, Purchase Price, Closing Date, etc.
4. Assignment and Assumption: Core provision transferring all rights, title, and interest in the purchase agreement from Assignor to Assignee
5. Consideration: Details of the assignment price and payment terms between Assignor and Assignee
6. Representations and Warranties: Assignor's declarations regarding their right to assign, status of original agreement, and absence of defaults
7. Consent and Acknowledgment: Original Seller's consent to the assignment and acknowledgment of new purchaser
8. Obligations and Liabilities: Clear statement of transferred obligations and any retained liabilities
9. Closing and Completion: Procedures and requirements for completing the assignment transaction
10. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
1. Original Seller's Continuing Obligations: Used when need to specify Original Seller's ongoing obligations to the Assignee
2. Partial Assignment Provisions: Include when only certain rights or portions of the property are being assigned
3. Commission and Brokerage: Include when there are real estate agents or brokers involved in the assignment transaction
4. Tax Indemnification: Used when specific tax responsibilities need to be allocated between parties
5. Modification of Original Terms: Include when any original purchase agreement terms are being modified as part of the assignment
6. Security Deposits: Used when there are existing security deposits that need to be transferred or adjusted
7. Mortgage or Financing Provisions: Include when the assignment involves existing or new financing arrangements
1. Schedule A - Original Purchase Agreement: Copy of the original purchase and sale agreement being assigned
2. Schedule B - Property Description: Detailed legal description of the property including boundaries and specifications
3. Schedule C - Payment Details: Breakdown of payments, including original purchase price and assignment consideration
4. Schedule D - Outstanding Obligations: List of any pending obligations under the original agreement
5. Schedule E - Consent Documents: Copies of all required consent letters from Original Seller or other parties
6. Appendix 1 - Due Diligence Documents: List of property documents, titles, and certificates verified by Assignee
7. Appendix 2 - Completion Checklist: List of actions and documents required to complete the assignment
Authors
Find the document you need
No items found.
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your data is private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
