The One To Four Family Residential Contract is a standardized legal instrument used in India for the purchase and sale of residential properties accommodating between one and four family units. This document is essential for ensuring compliance with Indian property laws while protecting the interests of both buyers and sellers. It incorporates requirements from key legislation including the Transfer of Property Act, the Registration Act, and RERA, making it suitable for use in all Indian states while allowing for state-specific modifications. The contract covers crucial aspects such as property description, payment terms, title transfer, warranties, and closing requirements, serving as a comprehensive framework for residential property transactions. It is particularly valuable in urban and suburban settings where multi-family residential properties are common, and can be adapted for both newly constructed properties and resale transactions.
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1. Parties: Identification and details of the seller(s) and buyer(s), including full legal names, addresses, and PAN numbers
2. Background: Context of the transaction, including brief property history and intention of the parties
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including exact measurements, boundaries, and registration details
5. Purchase Price: Total consideration amount and payment terms including earnest money deposit
6. Payment Schedule: Detailed breakdown of payment installments and timelines
7. Title and Ownership: Warranties regarding clear title and ownership rights
8. Possession: Terms and conditions for transfer of possession
9. Representations and Warranties: Declarations by both parties regarding property condition, legal status, and authority to sell/buy
10. Covenants: Ongoing obligations of both parties until closing
11. Closing Requirements: Documents and actions required for completion of the transaction
12. Expenses and Taxes: Allocation of transaction costs, stamp duty, and registration fees
13. Default and Remedies: Consequences of breach and available remedies
14. Governing Law: Specification of Indian law as governing law and jurisdiction
15. Notices: Process for serving formal notices between parties
16. Execution: Signature blocks and witness requirements
1. Mortgage Contingency: To be included when purchase is contingent on buyer obtaining mortgage financing
2. Property Inspection: When buyer requires specific inspection conditions or timelines
3. Existing Tenancies: Required when property has current tenants and their rights need to be addressed
4. Fixtures and Fittings: Detailed list of items included/excluded in the sale when needed
5. RERA Compliance: For properties under RERA jurisdiction, specific compliance declarations
6. Power of Attorney: When any party is acting through an authorized representative
7. Society Approval: For apartments/condos requiring housing society approval
8. Agricultural Land Conversion: When property requires conversion from agricultural to residential use
1. Schedule A - Property Details: Comprehensive property description including floor plans and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and installments
3. Schedule C - Title Documents: List of title documents and chain of ownership
4. Schedule D - Encumbrances: List of existing charges, liens, or encumbrances
5. Schedule E - Fixtures and Fittings: Itemized list of included/excluded items
6. Schedule F - Outstanding Dues: List of pending utility bills, property taxes, or maintenance charges
7. Appendix 1 - Property Photos: Current photographs of the property
8. Appendix 2 - Permits and Certificates: Copies of relevant permits, certificates, and approvals
Relevant legal definitions
Agreement
Property
Seller
Buyer
Purchase Price
Earnest Money
Completion Date
Closing
Deed of Sale
Encumbrances
Force Majeure
Material Defect
Possession Date
Property Documents
Registration
Stamp Duty
Title Documents
Transfer of Property
Common Areas
Fixtures and Fittings
Municipal Authority
Occupancy Certificate
RERA
Built-up Area
Carpet Area
Super Built-up Area
Due Diligence
Permitted Use
Property Tax
Society Charges
Utility Services
Working Day
Notice
Defaulting Party
Non-Defaulting Party
Completion Documents
Outstanding Dues
Existing Tenancies
Applicable Laws
Competent Authority
Property
Seller
Buyer
Purchase Price
Earnest Money
Completion Date
Closing
Deed of Sale
Encumbrances
Force Majeure
Material Defect
Possession Date
Property Documents
Registration
Stamp Duty
Title Documents
Transfer of Property
Common Areas
Fixtures and Fittings
Municipal Authority
Occupancy Certificate
RERA
Built-up Area
Carpet Area
Super Built-up Area
Due Diligence
Permitted Use
Property Tax
Society Charges
Utility Services
Working Day
Notice
Defaulting Party
Non-Defaulting Party
Completion Documents
Outstanding Dues
Existing Tenancies
Applicable Laws
Competent Authority
Clauses
Property Description
Sale Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Property Inspection
Due Diligence
Possession
Registration and Transfer
Stamp Duty
Expenses
Default and Remedies
Force Majeure
Indemnification
Property Insurance
Utilities and Maintenance
Compliance with Laws
Society Rules
Municipal Approvals
Tax Obligations
Notice Requirements
Dispute Resolution
Governing Law
Assignment
Severability
Entire Agreement
Amendment
Property Handover
Encumbrances
Title Insurance
Closing Conditions
Risk of Loss
Environmental Compliance
Termination Rights
Survival
Sale Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Property Inspection
Due Diligence
Possession
Registration and Transfer
Stamp Duty
Expenses
Default and Remedies
Force Majeure
Indemnification
Property Insurance
Utilities and Maintenance
Compliance with Laws
Society Rules
Municipal Approvals
Tax Obligations
Notice Requirements
Dispute Resolution
Governing Law
Assignment
Severability
Entire Agreement
Amendment
Property Handover
Encumbrances
Title Insurance
Closing Conditions
Risk of Loss
Environmental Compliance
Termination Rights
Survival
Relevant Industries
Real Estate
Residential Property
Construction
Property Development
Banking and Finance
Legal Services
Insurance
Property Management
Urban Development
Housing
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Sales
Risk Management
Operations
Customer Relations
Finance
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Attorney
Property Manager
Real Estate Developer
Mortgage Officer
Property Valuer
Legal Counsel
Real Estate Broker
Title Insurance Officer
Property Documentation Specialist
Compliance Officer
Real Estate Transaction Coordinator
Housing Society Manager
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