The Real Estate Contract Agreement is a fundamental legal instrument used in Indian property transactions to formalize the sale and purchase of real estate. This document is essential when transferring ownership of any immovable property, whether residential, commercial, or industrial. It must comply with multiple Indian legislations, including the Transfer of Property Act, Registration Act, and RERA 2016, along with state-specific requirements. The agreement is designed to protect both sellers' and buyers' interests by clearly defining the property details, purchase price, payment terms, warranties, and completion procedures. It includes provisions for due diligence, title verification, and statutory compliance, making it crucial for property transactions ranging from simple residential sales to complex commercial developments. The document's structure accommodates various transaction types while ensuring adherence to local laws and regulations.
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1. Parties: Details of the seller and purchaser, including full legal names, addresses, and registration details for companies
2. Background: Context of the transaction, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including location, boundaries, and registration details
5. Sale Consideration: Purchase price, payment structure, and payment methods
6. Payment Terms: Detailed payment schedule, installment details, and default consequences
7. Representations and Warranties: Seller's and buyer's representations regarding property title, encumbrances, and capacity to enter into agreement
8. Title and Documentation: Requirements for title clearance and necessary documentation
9. Conditions Precedent: Conditions that must be satisfied before completion
10. Completion: Process and requirements for completing the transaction
11. Possession: Terms and process for transferring possession
12. Costs and Taxes: Allocation of transaction costs, stamp duty, and registration fees
13. Default and Remedies: Consequences of default and available remedies
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
16. Miscellaneous: Standard boilerplate provisions including force majeure, entire agreement, and amendments
1. Due Diligence: Detailed process for property investigation and verification - used when buyer requires specific due diligence rights
2. Financing Arrangements: Terms related to mortgage or other financing - included when purchase involves bank financing
3. Development Rights: Rights and obligations regarding property development - relevant for undeveloped or partially developed properties
4. Maintenance Charges: Obligations regarding society maintenance - relevant for apartments or gated communities
5. Rental Status: Details of existing tenancies - included if property is currently rented
6. Environmental Compliance: Environmental clearances and compliance - relevant for industrial or commercial properties
7. Power of Attorney: Terms regarding power of attorney - included when any party is acting through an attorney
8. Joint Development: Terms for joint development rights - relevant for properties being sold for development purposes
1. Property Schedule: Detailed property description, boundaries, and measurements
2. Payment Schedule: Detailed breakdown of payment installments and dates
3. Title Documents: List of title documents and their details
4. Encumbrance Certificate: Details of any encumbrances on the property
5. Property Tax Records: History of property tax payments and outstanding dues
6. Approved Plans: Copies of approved building plans and sanctions
7. Inventory Schedule: List of fixtures and fittings included in the sale
8. Outstanding Liabilities: List of pending dues or liabilities related to the property
Relevant legal definitions
Agreement
Property
Seller
Purchaser
Completion Date
Completion
Contract Rate
Deposit
Effective Date
Encumbrances
Force Majeure
Governmental Authority
Land
Legal Requirements
Material Adverse Effect
Outgoings
Parties
Permitted Encumbrances
Purchase Price
Registration
Sale Deed
Schedule
Stamp Duty
Title Deeds
Transfer
Working Day
Applicable Laws
Bank
Building
Common Areas
Development Rights
Due Diligence
Earnest Money
Fixtures and Fittings
Independent Counsel
Interest Rate
Municipal Authority
Notice
Possession
Property Documents
Property Tax
Registration Fee
Representations and Warranties
Sub-Registrar
Title
Utilities
Property
Seller
Purchaser
Completion Date
Completion
Contract Rate
Deposit
Effective Date
Encumbrances
Force Majeure
Governmental Authority
Land
Legal Requirements
Material Adverse Effect
Outgoings
Parties
Permitted Encumbrances
Purchase Price
Registration
Sale Deed
Schedule
Stamp Duty
Title Deeds
Transfer
Working Day
Applicable Laws
Bank
Building
Common Areas
Development Rights
Due Diligence
Earnest Money
Fixtures and Fittings
Independent Counsel
Interest Rate
Municipal Authority
Notice
Possession
Property Documents
Property Tax
Registration Fee
Representations and Warranties
Sub-Registrar
Title
Utilities
Clauses
Definitions
Sale and Purchase
Property Description
Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Transfer of Possession
Encumbrances
Registration and Stamp Duty
Property Tax and Outgoings
Indemnification
Force Majeure
Default and Termination
Remedies
Assignment
Notices
Governing Law
Dispute Resolution
Costs and Expenses
Confidentiality
Further Assurance
Severability
Entire Agreement
Amendment
Survival
Time of Essence
Waiver
Authority and Capacity
Environmental Compliance
Insurance
Development Rights
Third Party Rights
Counterparts
Sale and Purchase
Property Description
Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Transfer of Possession
Encumbrances
Registration and Stamp Duty
Property Tax and Outgoings
Indemnification
Force Majeure
Default and Termination
Remedies
Assignment
Notices
Governing Law
Dispute Resolution
Costs and Expenses
Confidentiality
Further Assurance
Severability
Entire Agreement
Amendment
Survival
Time of Essence
Waiver
Authority and Capacity
Environmental Compliance
Insurance
Development Rights
Third Party Rights
Counterparts
Relevant Industries
Real Estate
Construction
Property Development
Banking & Finance
Hospitality
Retail
Manufacturing
Information Technology
Healthcare
Education
Logistics & Warehousing
Commercial Office Space
Relevant Teams
Legal
Real Estate
Compliance
Finance
Business Development
Facilities Management
Investment
Operations
Risk Management
Property Management
Corporate Affairs
Documentation
Relevant Roles
Legal Counsel
Real Estate Manager
Property Developer
Compliance Officer
Real Estate Agent
Property Manager
Business Development Manager
Facilities Manager
Investment Manager
Contract Manager
Corporate Lawyer
Real Estate Analyst
Chief Legal Officer
Chief Financial Officer
Property Acquisition Manager
Real Estate Portfolio Manager
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