The For Sale By Owner Contract is essential for property transactions in India where owners choose to sell their property directly without real estate agent intermediaries. This document becomes necessary when both parties have agreed on basic terms and need to formalize their agreement in compliance with Indian law. It includes crucial details about the property, parties involved, financial terms, and legal obligations, while ensuring adherence to the Transfer of Property Act, Registration Act, and state-specific property laws. The contract serves as both a preliminary agreement and, when properly executed and registered, the final sale deed. It's particularly relevant in today's real estate market where many property owners prefer direct sales to save on agent commissions while maintaining legal compliance.
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1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and contact information
2. Background: Brief context about the property sale and the intention of the parties to enter into this agreement
3. Definitions: Key terms used throughout the agreement and their specific meanings
4. Property Description: Detailed description of the property including address, dimensions, boundaries, and registration details
5. Purchase Price: Agreed sale price, payment terms, and schedule of payments
6. Mode of Payment: Specified method of payment including earnest money, down payment, and final payment details
7. Title and Ownership: Seller's declarations regarding clear title, encumbrances, and right to sell
8. Possession: Terms and conditions for transferring possession of the property
9. Representations and Warranties: Declarations by both parties regarding the property and their capacity to enter into the agreement
10. Costs and Expenses: Allocation of various transaction costs including registration, stamp duty, and legal fees
11. Completion of Sale: Process and timeline for completing the sale transaction
12. Default and Remedies: Consequences and remedies in case of default by either party
13. Governing Law: Specification of Indian law as governing law and jurisdiction details
1. Property Inspection: Details of property inspection conducted by the buyer, to be included if inspection has been completed
2. Mortgage Details: Required if the property has existing mortgage or if buyer is obtaining mortgage financing
3. Tenant Rights: Include if the property is currently tenanted or has existing lease agreements
4. Maintenance Charges: For properties in housing societies or apartments with maintenance obligations
5. Utilities Transfer: Process for transferring utility connections, if agreed between parties
6. Broker Involvement: Include if any real estate agent or broker is involved in the transaction
7. Force Majeure: Include for protection against unforeseen circumstances preventing completion
8. Property Tax Status: Include detailed section on property tax payments and pending dues if any
1. Schedule A - Property Details: Comprehensive property details including exact measurements, boundaries, and floor plans
2. Schedule B - Title Documents: List of all title documents and their verification status
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
4. Schedule D - Inventory: List of fixtures and fittings included in the sale
5. Schedule E - Encumbrances: Details of any existing encumbrances, loans, or liens on the property
6. Appendix 1 - Property Photos: Recent photographs of the property documenting its current condition
7. Appendix 2 - Compliance Certificates: Copies of necessary compliance certificates and permits
8. Appendix 3 - Previous Title Deeds: Copies of previous ownership documents and chain of titles
Relevant legal definitions
Agreement
Property
Seller
Purchaser
Purchase Price
Completion Date
Earnest Money
Possession Date
Title Deeds
Encumbrances
Schedule of Property
Completion
Business Day
Bank
Consideration
Stamp Duty
Registration Fees
Transfer Deed
Property Documents
Permitted Encumbrances
Material Adverse Change
Force Majeure Event
Effective Date
Closing
Due Diligence
Chain of Title
Municipal Authority
Land Records
Property Tax
Applicable Law
Completion Payment
Default
Fixtures and Fittings
Legal Representatives
Outgoings
Sub-Registrar
Title Certificate
Utilities
Property
Seller
Purchaser
Purchase Price
Completion Date
Earnest Money
Possession Date
Title Deeds
Encumbrances
Schedule of Property
Completion
Business Day
Bank
Consideration
Stamp Duty
Registration Fees
Transfer Deed
Property Documents
Permitted Encumbrances
Material Adverse Change
Force Majeure Event
Effective Date
Closing
Due Diligence
Chain of Title
Municipal Authority
Land Records
Property Tax
Applicable Law
Completion Payment
Default
Fixtures and Fittings
Legal Representatives
Outgoings
Sub-Registrar
Title Certificate
Utilities
Clauses
Property Description
Sale Consideration
Payment Terms
Title Warranty
Property Transfer
Possession
Representations and Warranties
Covenants
Registration and Stamp Duty
Default and Remedies
Force Majeure
Indemnification
Due Diligence
Property Inspection
Tax Compliance
Notices
Dispute Resolution
Governing Law
Assignment
Severability
Entire Agreement
Costs and Expenses
Further Assurance
Amendment
Survival
Title Investigation
Encumbrance Clearance
Municipal Compliance
Utilities Transfer
Sale Consideration
Payment Terms
Title Warranty
Property Transfer
Possession
Representations and Warranties
Covenants
Registration and Stamp Duty
Default and Remedies
Force Majeure
Indemnification
Due Diligence
Property Inspection
Tax Compliance
Notices
Dispute Resolution
Governing Law
Assignment
Severability
Entire Agreement
Costs and Expenses
Further Assurance
Amendment
Survival
Title Investigation
Encumbrance Clearance
Municipal Compliance
Utilities Transfer
Relevant Industries
Real Estate
Banking & Financial Services
Legal Services
Property Development
Construction
Housing Finance
Property Management
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Contract Administration
Title Verification
Property Registration
Risk Management
Transaction Processing
Relevant Roles
Property Owner
Real Estate Manager
Legal Counsel
Property Lawyer
Compliance Officer
Real Estate Administrator
Property Documentation Specialist
Title Verification Officer
Real Estate Transaction Manager
Property Registration Officer
Legal Documentation Manager
Contract Administrator
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