The Condominium Purchase Agreement is a crucial legal instrument used in Indian real estate transactions for the purchase and sale of apartment units in multi-dwelling buildings. This document is essential when transferring ownership of residential units in apartment complexes, ensuring compliance with the Real Estate (Regulation and Development) Act, 2016 (RERA), Transfer of Property Act, and various state-specific regulations. It becomes necessary when a buyer intends to purchase a condominium unit from either a developer (in case of new construction) or an existing owner. The agreement comprehensively covers all aspects of the transaction, including property specifications, payment terms, possession details, maintenance responsibilities, and rights over common areas, while ensuring adequate protection for both parties under Indian law.
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1. Parties: Identification and details of the seller and purchaser, including their legal capacity to enter into the agreement
2. Background: Context of the transaction, including brief description of the property and development project
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the condominium unit, including carpet area, built-up area, and share in common areas
5. Purchase Price: Total consideration, payment schedule, and mode of payment
6. Payment Terms: Detailed breakdown of payment instalments, timelines, and consequences of default
7. Possession: Timeline for possession, conditions for handover, and delay compensation terms
8. Representations and Warranties: Declarations by both parties regarding their capacity, property title, and other material facts
9. Rights and Obligations: Detailed responsibilities of both parties before and after possession
10. Common Areas and Facilities: Rights and obligations regarding common areas, facilities, and maintenance
11. Transfer of Title: Process and conditions for transferring clear title to the purchaser
12. Default and Remedies: Consequences of breach and available remedies to either party
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
14. Notices: Method and addresses for serving notices between parties
15. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
16. Execution: Signature clauses and witness details
1. Mortgage Clause: Include when purchaser is obtaining bank financing, detailing the tripartite arrangement
2. NRI Clause: Include when purchaser is an NRI, addressing FEMA compliance and specific requirements
3. Power of Attorney: Include when either party is acting through an authorized representative
4. Rental Income: Include when there are existing tenants or rental arrangements
5. Modification Rights: Include when purchaser requests right to modify unit structure
6. Car Parking Assignment: Include when specific parking spaces are being allocated
7. Club Membership: Include when club facilities are part of the development
8. GST Provisions: Include for under-construction properties where GST is applicable
1. Schedule A - Property Description: Detailed technical description of the unit, including boundaries and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with due dates
3. Schedule C - Specifications: Details of materials, fittings, and finishes to be provided
4. Schedule D - Common Areas: List and description of all common areas and facilities
5. Schedule E - Title Documents: List of title documents and encumbrances
6. Schedule F - Amenities and Features: Details of promised amenities and features in the development
7. Appendix 1 - Floor Plan: Approved floor plan of the unit
8. Appendix 2 - Site Plan: Master plan of the entire development
9. Appendix 3 - RERA Documents: Copies of RERA registration and compliance documents
10. Appendix 4 - Maintenance Agreement: Terms of maintenance services and charges
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