The Purchase Contract For Home is a crucial legal instrument used in Indian residential property transactions to formalize the transfer of ownership between parties. This document is essential when any residential property is being bought or sold in India, whether it's an apartment, house, villa, or other residential unit. The contract incorporates requirements from various Indian laws including the Transfer of Property Act, RERA, and state-specific regulations. It details the property specifications, financial terms, rights and obligations of parties, and conditions for completion. This document is particularly important in the Indian context where property transactions must comply with multiple regulatory requirements and where clear documentation is essential for registration and stamp duty purposes.
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1. Parties: Details of the seller and purchaser, including full legal names, addresses, and other identification details
2. Background: Context of the transaction, including brief property history and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including exact location, boundaries, and measurements
5. Purchase Price: Total consideration, payment structure, and payment methods
6. Payment Terms: Detailed breakdown of payment schedule, installments, and payment conditions
7. Completion: Timeline and conditions for completing the transaction
8. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal status
9. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and compliance
10. Title and Transfer: Provisions regarding transfer of title and registration process
11. Possession: Terms and conditions for delivering possession of the property
12. Expenses and Taxes: Allocation of transaction costs, stamp duty, registration fees, and other expenses
13. Default and Remedies: Consequences of default by either party and available remedies
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
15. Notices: Process for sending and receiving official communications
16. Execution: Signature blocks and execution formalities
1. Mortgage or Financing: Include when purchase involves bank financing or mortgage arrangements
2. Society Membership: Required for apartments/flats in housing societies, covering society membership transfer
3. Existing Tenancy: Include when property has existing tenants and their rights need to be addressed
4. Development Rights: Include when property has unused development potential or TDR rights
5. Parking Rights: Include for properties in urban areas with specific parking allocations
6. Handover Protocol: Include when specific conditions for property handover need to be detailed
7. Defect Liability: Include for new constructions or recently renovated properties
8. Force Majeure: Include when specific circumstances beyond parties' control need to be addressed
1. Schedule 1 - Property Description: Detailed property specifications, measurements, and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule 3 - Title Documents: List of all title documents and their details
4. Schedule 4 - Encumbrances: Details of any existing encumbrances, mortgages, or liens
5. Schedule 5 - Inventory: List of fixtures and fittings included in the sale
6. Appendix A - Property Plans: Architectural plans, layout drawings, and location maps
7. Appendix B - Permissions and Approvals: Copies of relevant governmental and regulatory approvals
8. Appendix C - Previous Title Deeds: Copies of historical ownership documents and chain of title
Relevant legal definitions
Agreement
Property
Seller
Purchaser
Completion Date
Completion
Purchase Price
Deposit
Balance Payment
Title Deeds
Encumbrances
Property Documents
Fixtures and Fittings
Bank Loan
Possession
Registration
Stamp Duty
Transfer Deed
Due Diligence
Force Majeure
Business Day
Governmental Authority
Applicable Laws
Municipal Corporation
Property Tax
Occupancy Certificate
Completion Certificate
Development Rights
Carpet Area
Built-up Area
Super Built-up Area
Common Areas
Society
Maintenance Charges
Title Insurance
Representations and Warranties
Permitted Use
Bank
Sanctioned Plan
Building Bye-laws
Default
Notice
Effective Date
Material Adverse Effect
Property
Seller
Purchaser
Completion Date
Completion
Purchase Price
Deposit
Balance Payment
Title Deeds
Encumbrances
Property Documents
Fixtures and Fittings
Bank Loan
Possession
Registration
Stamp Duty
Transfer Deed
Due Diligence
Force Majeure
Business Day
Governmental Authority
Applicable Laws
Municipal Corporation
Property Tax
Occupancy Certificate
Completion Certificate
Development Rights
Carpet Area
Built-up Area
Super Built-up Area
Common Areas
Society
Maintenance Charges
Title Insurance
Representations and Warranties
Permitted Use
Bank
Sanctioned Plan
Building Bye-laws
Default
Notice
Effective Date
Material Adverse Effect
Clauses
Property Description
Sale Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Due Diligence
Transfer of Possession
Registration and Stamp Duty
Indemnification
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Costs and Expenses
Compliance
Insurance
Property Tax
Maintenance
Utilities
Environmental Matters
Inspection Rights
Encumbrances
Society Rules
Condition Precedent
Time of Essence
Sale Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Due Diligence
Transfer of Possession
Registration and Stamp Duty
Indemnification
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Costs and Expenses
Compliance
Insurance
Property Tax
Maintenance
Utilities
Environmental Matters
Inspection Rights
Encumbrances
Society Rules
Condition Precedent
Time of Essence
Relevant Industries
Real Estate
Banking and Financial Services
Legal Services
Construction
Property Development
Insurance
Urban Development
Housing Finance
Property Management
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Contract Administration
Risk Management
Finance
Operations
Documentation
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Property Valuer
Mortgage Officer
Real Estate Developer
Title Insurance Officer
Contract Manager
Property Registration Officer
Real Estate Investment Manager
Housing Finance Manager
Due Diligence Officer
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