The Mortgage Sales Contract is a specialized legal instrument used in Indian real estate transactions where property purchase is financed through a mortgage loan. This document is particularly relevant when buyers require institutional financing to complete their property purchase, combining both the sale deed and mortgage deed elements into a single comprehensive agreement. It ensures compliance with Indian property laws, banking regulations, and registration requirements while protecting the interests of all parties involved - the seller, buyer/mortgagor, and the lending institution. The document includes essential details about the property, sale consideration, mortgage terms, repayment schedules, and security creation, making it a crucial instrument in financed property transactions. Its use is widespread in both residential and commercial property purchases across India, subject to state-specific stamp duty and registration requirements.
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1. Parties: Identification of the Seller, Buyer/Mortgagor, and Mortgagee (lending institution)
2. Background: Context of the transaction, including property ownership history and purpose of the mortgage
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property being sold and mortgaged
5. Sale Consideration: Purchase price, payment terms, and source of funds
6. Mortgage Terms: Loan amount, interest rate, repayment schedule, and mortgage conditions
7. Representations and Warranties: Declarations by all parties regarding their capacity, property title, and other material facts
8. Seller's Obligations: Responsibilities of the seller including title transfer and property handover
9. Buyer's/Mortgagor's Covenants: Commitments regarding property maintenance, insurance, and mortgage payments
10. Mortgagee's Rights: Rights of the lending institution including foreclosure rights
11. Default and Remedies: Consequences of default and available legal remedies
12. Registration and Stamp Duty: Provisions regarding document registration and payment of stamp duty
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
14. Notices: Method and addresses for formal communications between parties
1. Third Party Rights: Include when there are existing tenants or other third-party interests in the property
2. Insurance: Detailed insurance requirements when specific coverage types are mandatory
3. Property Use Restrictions: Include when there are specific restrictions on property usage or development
4. Guarantor Provisions: Include when there is a guarantor for the mortgage
5. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
6. Assignment Rights: Include when transfer of rights needs to be specifically addressed
7. Environmental Compliance: Include for properties with potential environmental concerns
1. Schedule A - Property Description: Detailed legal description of the property including boundaries and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including mortgage amortization schedule
3. Schedule C - Title Documents: List of title documents and their copies
4. Schedule D - Encumbrances: Details of existing charges, liens, or encumbrances on the property
5. Schedule E - Property Inventory: List of fixtures and fittings included in the sale
6. Appendix 1 - Property Plans: Architectural plans, site maps, and related drawings
7. Appendix 2 - Regulatory Approvals: Copies of relevant permits and approvals
8. Appendix 3 - Previous Title Deeds: Copies of previous ownership documents and transfer deeds
Relevant legal definitions
Agreement
Property
Completion Date
Consideration
Deed of Sale
Encumbrance
Event of Default
Interest Rate
Loan Amount
Mortgage
Mortgagee
Mortgagor
Outstanding Amount
Parties
Payment Date
Principal Amount
Property Documents
Repayment Schedule
Sale Deed
Security Interest
Seller
Stamp Duty
Term of Loan
Title Deeds
Transfer
Valuation Report
Working Day
Applicable Law
Completion
Default Interest
Due Diligence
Effective Date
Force Majeure
Insurance
Legal Charges
Material Adverse Effect
Possession
Registration
Representations and Warranties
Schedule
Tax
Title
Utilities
Vacant Possession
Property
Completion Date
Consideration
Deed of Sale
Encumbrance
Event of Default
Interest Rate
Loan Amount
Mortgage
Mortgagee
Mortgagor
Outstanding Amount
Parties
Payment Date
Principal Amount
Property Documents
Repayment Schedule
Sale Deed
Security Interest
Seller
Stamp Duty
Term of Loan
Title Deeds
Transfer
Valuation Report
Working Day
Applicable Law
Completion
Default Interest
Due Diligence
Effective Date
Force Majeure
Insurance
Legal Charges
Material Adverse Effect
Possession
Registration
Representations and Warranties
Schedule
Tax
Title
Utilities
Vacant Possession
Clauses
Property Description
Sale Consideration
Payment Terms
Mortgage Creation
Interest and Charges
Property Transfer
Title and Ownership
Representations and Warranties
Covenants
Security
Default
Remedies
Registration
Insurance
Possession
Property Maintenance
Encumbrances
Force Majeure
Notices
Assignment
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Indemnification
Compliance
Third Party Rights
Stamp Duty
Environmental Compliance
Property Inspection
Regulatory Approvals
Title Search
Property Valuation
Mortgage Enforcement
Sale Consideration
Payment Terms
Mortgage Creation
Interest and Charges
Property Transfer
Title and Ownership
Representations and Warranties
Covenants
Security
Default
Remedies
Registration
Insurance
Possession
Property Maintenance
Encumbrances
Force Majeure
Notices
Assignment
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Indemnification
Compliance
Third Party Rights
Stamp Duty
Environmental Compliance
Property Inspection
Regulatory Approvals
Title Search
Property Valuation
Mortgage Enforcement
Relevant Industries
Real Estate
Banking & Financial Services
Legal Services
Property Development
Housing Finance
Construction
Property Investment
Relevant Teams
Legal
Real Estate
Mortgage Services
Property Management
Compliance
Risk Management
Documentation
Title Services
Loan Processing
Property Valuation
Relevant Roles
Real Estate Lawyer
Property Lawyer
Mortgage Officer
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Banking Manager
Property Valuer
Title Officer
Real Estate Developer
Loan Officer
Risk Manager
Property Documentation Specialist
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