The Real Estate Sellers Agreement is a crucial document used in Indian property transactions to formalize the sale of real estate between parties. It serves as the primary contract documenting the terms, conditions, and obligations related to the property transfer. This agreement is essential for compliance with Indian legal requirements, including the Transfer of Property Act, Registration Act, and RERA regulations. It typically includes detailed property descriptions, payment terms, warranties, and completion procedures. The document is particularly important in India's complex property market, where clear documentation and legal compliance are crucial for protecting both buyers' and sellers' interests. The agreement must often be registered with local authorities and requires proper stamp duty payment as per state-specific regulations.
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1. Parties: Identification and details of the Seller and Buyer, including names, addresses, and legal status
2. Background: Context of the transaction and brief history of the property ownership
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including location, boundaries, and measurements
5. Sale Consideration: Purchase price, payment schedule, and mode of payment
6. Payment Terms: Detailed terms of payment including installments, deposit amounts, and payment methods
7. Seller's Representations and Warranties: Declarations by the seller regarding property title, encumbrances, and legal status
8. Buyer's Representations and Warranties: Declarations by the buyer regarding financial capacity and compliance with laws
9. Conditions Precedent: Conditions that must be fulfilled before the sale can be completed
10. Completion: Process and requirements for completing the sale transaction
11. Title Documents: Details of property ownership documents and their transfer
12. Handover: Terms and process for physical possession handover
13. Costs and Expenses: Allocation of transaction costs, stamp duty, and registration fees
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
15. Notices: Process and addresses for sending legal notices
16. Dispute Resolution: Mechanism for resolving disputes between parties
1. Power of Attorney: Required when either party is acting through an authorized representative
2. Mortgage or Encumbrance Details: Included when the property has existing loans or encumbrances that need to be cleared
3. Third Party Rights: Required when there are existing tenants or other third-party interests in the property
4. Development Rights: Included for properties with unused development potential or TDR
5. Society NOC: Required for apartments or properties in housing societies
6. Force Majeure: Included when parties want to address unforeseen circumstances affecting the transaction
7. RERA Compliance: Required for newly constructed properties or ongoing projects
8. Tax Indemnity: Included when specific tax-related obligations need to be addressed
1. Schedule 1 - Property Description: Detailed description of the property including exact measurements and boundaries
2. Schedule 2 - Title Documents: List of all title documents and their current status
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and timelines
4. Schedule 4 - Encumbrance Details: List of existing encumbrances, loans, or charges on the property
5. Schedule 5 - Outstanding Dues: Details of pending utility bills, property tax, or maintenance charges
6. Appendix A - Property Documents: Copies of key property documents including previous sale deeds
7. Appendix B - Approved Plans: Copies of approved building plans and permits
8. Appendix C - Chain of Title: Historical ownership details and documentation
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