Real Estate Agreement for India

Real Estate Agreement Template for India

A comprehensive legal document governed by Indian law that formalizes the transfer, lease, or development of real estate property between parties. The agreement incorporates requirements from the Transfer of Property Act 1882, Registration Act 1908, and the Real Estate (Regulation and Development) Act 2016 (RERA), along with applicable state-specific regulations. It details the property specifications, consideration, payment terms, representations and warranties, and obligations of all parties involved, while ensuring compliance with local property laws and registration requirements.

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What is a Real Estate Agreement?

The Real Estate Agreement serves as a fundamental legal instrument in Indian property transactions, essential for documenting and enforcing property rights and obligations between parties. It is commonly used in various scenarios including property sales, leases, development projects, and commercial real estate transactions. The document must comply with multiple Indian legislations including the Transfer of Property Act, RERA, and state-specific real estate laws. This agreement is particularly crucial in the Indian context where property transactions require extensive documentation and regulatory compliance, including mandatory registration with sub-registrar offices. The document typically includes comprehensive details about the property, parties involved, financial terms, warranties, and compliance requirements, making it a vital tool for protecting interests in real estate transactions.

What sections should be included in a Real Estate Agreement?

1. Parties: Details of the seller/lessor and buyer/lessee including names, addresses, and legal status

2. Background: Context of the transaction, brief property history, and intention of the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including location, boundaries, and measurements

5. Consideration: Purchase price or lease rent and payment terms

6. Payment Schedule: Detailed breakdown of payment installments and timelines

7. Representations and Warranties: Declarations by seller regarding title, encumbrances, and property condition

8. Covenants: Ongoing obligations of both parties

9. Possession and Transfer: Terms and process for property handover

10. Title Documents: List of title documents and certification of ownership

11. Expenses and Taxes: Allocation of transaction costs, stamp duty, and future tax obligations

12. Dispute Resolution: Mechanism for resolving disputes including jurisdiction and arbitration

13. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

14. Notices: Process and addresses for official communications

15. Governing Law: Applicable laws and jurisdiction

16. Execution: Signature blocks and witness details

What sections are optional to include in a Real Estate Agreement?

1. Development Rights: Used when the agreement includes construction or development obligations

2. Maintenance Obligations: Required for agreements involving ongoing property maintenance responsibilities

3. Common Areas: Necessary for properties in multi-unit developments or complexes

4. Environmental Compliance: Required when property has specific environmental considerations or obligations

5. Third Party Rights: Needed when existing tenants or other rights holders are involved

6. RERA Compliance: Required for new construction or development projects

7. Mortgage Details: Included when property has existing mortgage or new mortgage is being created

8. Assignment Rights: Used when transfer or assignment rights need to be specifically addressed

What schedules should be included in a Real Estate Agreement?

1. Schedule A - Property Description: Detailed technical description of property including measurements and boundaries

2. Schedule B - Title Documents: List of all title documents and their contents

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and installments

4. Schedule D - Encumbrances: List of existing encumbrances, liens, or charges on the property

5. Schedule E - Amenities and Fixtures: List of included fixtures, fittings, and amenities

6. Schedule F - Floor Plans: Architectural plans and layouts

7. Schedule G - Completion Timeline: Construction or development milestones and deadlines

8. Appendix 1 - Required Approvals: List of necessary governmental and regulatory approvals

9. Appendix 2 - Due Diligence Reports: Summary of technical, legal, and financial due diligence findings

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Construction

Banking & Finance

Hospitality

Retail

Manufacturing

Healthcare

Education

Information Technology

Logistics & Warehousing

Commercial Office Space

Relevant Teams

Legal

Real Estate

Facilities Management

Compliance

Finance

Operations

Business Development

Property Management

Asset Management

Risk Management

Corporate Services

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Compliance Officer

Facilities Manager

Property Acquisition Manager

Real Estate Agent

Business Development Manager

Contract Manager

Corporate Real Estate Manager

Chief Financial Officer

Operations Director

Property Portfolio Manager

Investment Manager

Asset Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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