The Contract To Sell Condominium is a crucial legal document used in Indian real estate transactions for the sale of apartment units in multi-dwelling buildings. It becomes necessary when a developer or owner wishes to sell a condominium unit, whether completed or under construction. The document must comply with the Real Estate (Regulation and Development) Act 2016 (RERA), state-specific apartment ownership laws, and local municipal regulations. It covers essential aspects including property details, payment terms, possession timeline, maintenance obligations, and common area rights. This agreement type is particularly important in urban areas where condominium developments are common and requires careful attention to both central and state-specific legal requirements. It serves as the primary document establishing the rights and obligations of both parties in the condominium sale transaction.
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1. Parties: Details of the seller/developer and buyer including names, addresses, and legal status
2. Background: Context of the transaction, property project details, and RERA registration information
3. Definitions: Definitions of key terms used in the agreement including Property, Common Areas, Transfer Date, etc.
4. Property Details: Specific description of the condominium unit, including floor area, floor plan, and unit number
5. Sale Consideration: Purchase price, payment schedule, and mode of payment
6. Payment Terms: Detailed payment milestones, default consequences, and interest provisions
7. Possession and Transfer: Timeline for possession, conditions for handover, and transfer process
8. Seller's Representations and Warranties: Warranties about title, encumbrances, and compliance with laws
9. Common Areas and Facilities: Rights and obligations regarding common areas, facilities, and their usage
10. Maintenance and Utilities: Responsibilities for maintenance, repairs, and utility connections
11. Buyer's Covenants: Buyer's obligations including timely payments and compliance with society rules
12. Default and Remedies: Consequences of default by either party and available remedies
13. Registration and Transfer Costs: Allocation of stamp duty, registration charges, and other transfer costs
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
15. Notices: Process and addresses for serving notices under the agreement
1. Loan and Financial Terms: Include when buyer is obtaining financing - covers mortgage terms and bank obligations
2. Construction Status and Specifications: Include for under-construction properties - details construction timeline and specifications
3. Car Parking Assignment: Include when dedicated parking spaces are being allocated with the unit
4. Interior Works: Include when seller is providing customized interiors or allowing modifications
5. Force Majeure: Include for under-construction properties to address construction delays due to unforeseen circumstances
6. Assignment Rights: Include when transfer rights need to be restricted before full payment
7. Club Membership: Include when club/recreational facilities are part of the complex
1. Schedule A - Property Description: Detailed technical description of the unit including measurements and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Floor Plan: Architectural plan of the specific unit being sold
4. Schedule D - Specifications: Details of materials, fittings, and finishes to be provided
5. Schedule E - Common Areas List: List and description of all common areas and facilities
6. Schedule F - Title Documents: Copies of key title and permission documents
7. Schedule G - Maintenance Charges: Details of maintenance charges and calculations
8. Appendix 1 - Society Rules: Copy of society/association rules and regulations
9. Appendix 2 - RERA Declarations: Mandatory disclosures and declarations under RERA
Relevant legal definitions
Agreement
Apartment
Approved Bank
Association
Building
Built-up Area
Buyer
Carpet Area
Common Areas
Completion Certificate
Consideration
Developer
Due Date
Earnest Money
Encumbrance
Force Majeure
Limited Common Areas
Maintenance Charges
Municipal Authority
Occupancy Certificate
Payment Schedule
Possession Date
Project
Property
RERA
RERA Registration Number
Sale Deed
Seller
Society
Specifications
Super Built-up Area
Transfer Date
Unit
Utility Services
Working Day
Apartment
Approved Bank
Association
Building
Built-up Area
Buyer
Carpet Area
Common Areas
Completion Certificate
Consideration
Developer
Due Date
Earnest Money
Encumbrance
Force Majeure
Limited Common Areas
Maintenance Charges
Municipal Authority
Occupancy Certificate
Payment Schedule
Possession Date
Project
Property
RERA
RERA Registration Number
Sale Deed
Seller
Society
Specifications
Super Built-up Area
Transfer Date
Unit
Utility Services
Working Day
Clauses
Interpretation
Sale and Purchase
Property Description
Consideration
Payment Terms
Construction Status
Title and Ownership
Representations and Warranties
Common Areas
Transfer of Possession
Registration and Stamp Duty
Maintenance
Rights and Obligations
Default and Termination
Force Majeure
Indemnification
Assignment
Notices
Dispute Resolution
Governing Law
Regulatory Compliance
Insurance
Utilities and Services
Inspection Rights
Society Rules
Severability
Amendment
Entire Agreement
Sale and Purchase
Property Description
Consideration
Payment Terms
Construction Status
Title and Ownership
Representations and Warranties
Common Areas
Transfer of Possession
Registration and Stamp Duty
Maintenance
Rights and Obligations
Default and Termination
Force Majeure
Indemnification
Assignment
Notices
Dispute Resolution
Governing Law
Regulatory Compliance
Insurance
Utilities and Services
Inspection Rights
Society Rules
Severability
Amendment
Entire Agreement
Relevant Industries
Real Estate Development
Construction
Property Management
Banking and Finance
Legal Services
Insurance
Facility Management
Urban Planning
Architecture and Design
Relevant Teams
Legal
Real Estate
Sales
Compliance
Finance
Operations
Project Management
Customer Relations
Property Management
Business Development
Relevant Roles
Real Estate Developer
Property Manager
Legal Counsel
Compliance Officer
Sales Manager
Project Manager
Finance Manager
Property Broker
Construction Manager
Contract Administrator
Real Estate Agent
Business Development Manager
Operations Director
Site Engineer
Customer Relations Manager
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