The Real Estate Pre Sale Agreement is a crucial document in Indian property transactions, specifically designed for the sale of properties that are yet to be constructed or are under construction. This agreement is mandatory under the Real Estate (Regulation and Development) Act, 2016 (RERA) for all such transactions in India. It serves as a legally binding document that protects both the developer's and buyer's interests by clearly outlining the property specifications, payment terms, construction timelines, and delivery commitments. The agreement must comply with state-specific RERA rules and includes essential details such as the property's RERA registration number, completion timeline, and the exact specifications of the property being sold. It is particularly important as it forms the basis for the eventual sale deed and is often required for mortgage processing by financial institutions.
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1. Parties: Identification and details of the Developer/Seller and the Purchaser
2. Background: Context of the transaction, including property development status and RERA registration details
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property being sold, including unit specifications and common areas
5. Purchase Price: Total consideration, payment schedule, and mode of payment
6. Payment Terms: Detailed payment milestones, installment schedule, and payment conditions
7. Construction Timeline: Expected completion dates, construction milestones, and possession timeline
8. Specifications and Amenities: Detailed specifications of the property and included amenities
9. Rights and Obligations: Respective rights and obligations of both parties
10. Representations and Warranties: Declarations and guarantees by both parties
11. Default and Remedies: Consequences of default and available remedies
12. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
13. Termination: Conditions and process for agreement termination
14. Notices: Communication protocols between parties
15. Governing Law and Jurisdiction: Applicable laws and jurisdiction for dispute resolution
16. Execution: Signature blocks and execution formalities
1. Loan Arrangement: Details of bank financing if buyer is obtaining a loan
2. Assignment Rights: Terms for transferring rights under the agreement to third parties
3. Maintenance Agreement: Terms for maintenance services if provided by developer
4. Parking Allocation: Specific terms for parking space allocation if applicable
5. Club Membership: Terms of club membership if included in the development
6. Stamp Duty and Registration: Specific arrangements for stamp duty and registration charges sharing
7. Interior Work Timeline: If buyer is allowed to conduct interior work before possession
8. Environmental Clearances: Specific environmental commitments and clearances if required
1. Schedule A - Property Description: Detailed technical description of the property including boundaries and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Specifications: Detailed construction specifications, materials, and finishes
4. Schedule D - Floor Plan: Architectural drawings and floor plans
5. Schedule E - Amenities List: Detailed list of amenities and facilities included
6. Schedule F - Construction Timeline: Detailed construction and delivery milestones
7. Schedule G - Maintenance Charges: Breakdown of maintenance charges and inclusions
8. Appendix 1 - RERA Compliance Documents: Copies of RERA registration and compliance certificates
9. Appendix 2 - Title Documents: Copy of land title documents and clearances
10. Appendix 3 - Sanctions and Approvals: Copies of relevant governmental approvals and sanctions
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