The Lot Payment Agreement is a crucial document in Indian real estate transactions, particularly when buyers opt for structured payment plans for lot purchases. This agreement type is commonly used in both developed and undeveloped property transactions, providing a legal framework for installment-based payments while ensuring compliance with Indian property laws and regulations. The document becomes necessary when parties wish to formalize payment terms for lot purchases, whether for residential, commercial, or industrial purposes. It typically includes comprehensive details about the property, payment schedule, obligations of both parties, and conditions for property transfer. The agreement must comply with various Indian legislations including the Transfer of Property Act, Registration Act, and state-specific real estate regulations, making it a vital tool for protecting both buyer and seller interests in property transactions.
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1. Parties: Identification and details of the seller/developer and buyer, including registration details and addresses
2. Background: Context of the agreement, including brief property history and purpose of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the lot including dimensions, location, and survey numbers
5. Purchase Price: Total consideration and breakdown of the lot cost
6. Payment Terms: Detailed payment schedule, installment amounts, and payment methods
7. Payment Conditions: Conditions precedent and subsequent for payments, including documentation requirements
8. Default and Remedies: Consequences of payment default and available remedies to both parties
9. Representations and Warranties: Statements of fact and promises by both parties regarding the property and payments
10. Seller's Obligations: Responsibilities of the seller including title clearance and documentation
11. Buyer's Obligations: Responsibilities of the buyer including timely payments and compliance
12. Term and Termination: Duration of the agreement and circumstances for termination
13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
14. Notices: Method and addresses for serving notices between parties
15. General Provisions: Standard contractual clauses including amendment, waiver, and severability
1. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include if requested by parties or in long-term payment plans
2. Assignment: Rights and restrictions regarding transfer of payment obligations - include if transfer rights are contemplated
3. Electronic Payments: Specific provisions for digital payment methods - include if electronic payments are permitted
4. Developer's Additional Obligations: Additional commitments regarding development of surrounding areas - include for undeveloped lots
5. Escrow Arrangements: Terms for escrow of payments or documents - include if escrow is part of the arrangement
6. Third Party Rights: Provisions regarding mortgagees or other interested parties - include if third party interests exist
7. Tax Provisions: Detailed tax implications and responsibilities - include if complex tax arrangements apply
8. Dispute Resolution: Alternative dispute resolution mechanisms - include if parties want arbitration or mediation
1. Schedule 1 - Property Description: Detailed property specifications, boundaries, and survey details
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments with dates and amounts
3. Schedule 3 - Title Documents: List of title documents and ownership proof
4. Schedule 4 - Development Plans: Layout plans and development specifications if applicable
5. Schedule 5 - Required Approvals: List of necessary governmental and regulatory approvals
6. Appendix A - Property Images: Site photographs and location maps
7. Appendix B - Payment Records: Format for maintaining payment records
8. Appendix C - Communication Protocol: Procedures for payment-related communications
Relevant legal definitions
Agreement
Applicable Laws
Approvals
Business Day
Completion Date
Default Interest
Default Notice
Development Plans
Due Date
Earnest Money
Effective Date
Encumbrance
Force Majeure Event
Government Authority
Installment
Land Records
Lot
Material Adverse Effect
Payment Schedule
Permission
Property
Purchase Price
RERA
Seller's Bank Account
Site
Stamp Duty
Survey Number
Title Documents
Transfer Deed
Zoning Laws
Payment Terms
Possession
Registration
Taxes
Title
Working Day
Applicable Laws
Approvals
Business Day
Completion Date
Default Interest
Default Notice
Development Plans
Due Date
Earnest Money
Effective Date
Encumbrance
Force Majeure Event
Government Authority
Installment
Land Records
Lot
Material Adverse Effect
Payment Schedule
Permission
Property
Purchase Price
RERA
Seller's Bank Account
Site
Stamp Duty
Survey Number
Title Documents
Transfer Deed
Zoning Laws
Payment Terms
Possession
Registration
Taxes
Title
Working Day
Clauses
Interpretation
Property Description
Purchase Price
Payment Terms
Title and Ownership
Representations and Warranties
Covenants
Conditions Precedent
Default
Remedies
Force Majeure
Assignment
Notices
Indemnification
Governing Law
Dispute Resolution
Termination
Severability
Entire Agreement
Amendment
Registration
Stamp Duty
Compliance
Property Handover
Due Diligence
Confidentiality
Further Assurance
Time of Essence
Waiver
Costs and Expenses
Property Description
Purchase Price
Payment Terms
Title and Ownership
Representations and Warranties
Covenants
Conditions Precedent
Default
Remedies
Force Majeure
Assignment
Notices
Indemnification
Governing Law
Dispute Resolution
Termination
Severability
Entire Agreement
Amendment
Registration
Stamp Duty
Compliance
Property Handover
Due Diligence
Confidentiality
Further Assurance
Time of Essence
Waiver
Costs and Expenses
Relevant Industries
Real Estate
Property Development
Construction
Urban Planning
Real Estate Investment
Banking and Finance
Property Management
Commercial Development
Residential Development
Relevant Teams
Legal
Real Estate
Finance
Compliance
Property Management
Sales
Business Development
Risk Management
Operations
Documentation
Relevant Roles
Real Estate Manager
Property Development Director
Legal Counsel
Finance Manager
Real Estate Agent
Property Acquisition Manager
Contract Administrator
Real Estate Investment Manager
Compliance Officer
Property Sales Director
Land Acquisition Specialist
Real Estate Transaction Coordinator
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