The Real Estate Purchase Agreement Short Form is designed for use in India when parties need a streamlined approach to documenting property transactions. This document is particularly suitable for straightforward property sales where the terms are relatively standard and both parties seek to minimize complexity. It incorporates all essential elements required by Indian property law while maintaining brevity and clarity. The agreement is commonly used for residential property transactions, simple commercial property transfers, and situations where parties have already reached clear terms of sale. It includes fundamental components such as property description, price, payment terms, and basic warranties, while omitting more complex provisions that might be found in a comprehensive version. This short form version is especially useful when time is of essence or when the transaction doesn't warrant extensive contractual provisions.
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1. Parties: Identification of buyer and seller with complete details as per ID proof
2. Background: Brief context of the transaction and property overview
3. Definitions: Key terms used in the agreement
4. Property Details: Comprehensive description of the property including exact measurements and boundaries
5. Purchase Price: Agreed purchase price and payment terms
6. Payment Schedule: Breakdown of payment installments and timelines
7. Completion: Process and timeline for completing the sale
8. Seller's Representations: Essential warranties about property title, encumbrances, and legal status
9. Buyer's Representations: Confirmations regarding financial capacity and understanding of property condition
10. Registration and Stamp Duty: Responsibilities for registration and payment of stamp duty
11. Governing Law: Confirmation of Indian law application and jurisdiction
12. Execution: Signature blocks and witness details
1. Property Inspection: Details of property inspection rights and findings, used when buyer hasn't completed inspection
2. Loan Contingency: Terms related to buyer's financing arrangements, included when purchase depends on mortgage approval
3. Society Approval: Required for apartments/condos requiring housing society approval
4. Power of Attorney: Include when any party is acting through a representative
5. Force Majeure: Protection against unforeseen circumstances, particularly relevant in longer transactions
6. RERA Compliance: Required for new construction properties under RERA jurisdiction
1. Schedule A - Property Description: Detailed technical description of property including survey numbers and boundaries
2. Schedule B - Payment Details: Detailed breakdown of payment structure and bank details
3. Schedule C - Title Documents: List of title documents and chain of ownership
4. Schedule D - Encumbrances: List of existing charges, liens or encumbrances if any
5. Appendix 1 - Property Photos: Recent photographs of the property
6. Appendix 2 - Property Plans: Floor plans and approved drawings where applicable
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