The Seller Financing Contract is utilized when traditional financing through financial institutions is either not preferred or not available, allowing sellers to finance the buyer's purchase directly. This arrangement is particularly common in India's real estate and business asset transactions, where sellers may offer more flexible terms than conventional lenders. The contract must comply with Indian legal requirements, including the Indian Contract Act, Transfer of Property Act, and Registration Act, among others. It typically includes detailed financial terms, security arrangements, property transfer provisions, and remedies for default. The document serves as both a sale agreement and a financing agreement, requiring careful attention to protect both parties' interests while ensuring enforceability under Indian law.
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1. Parties: Identification and details of the seller (financier) and buyer (borrower)
2. Background: Context of the transaction, including property details and financing arrangement overview
3. Definitions: Key terms used throughout the agreement
4. Purchase Price and Financing Terms: Total purchase price, down payment, financed amount, and payment structure
5. Interest Rate and Calculations: Interest rate, calculation method, and payment schedule
6. Security and Collateral: Details of property or assets serving as security for the financing
7. Repayment Terms: Payment schedule, installment amounts, and payment methods
8. Default and Remedies: Events of default and seller's rights and remedies
9. Property Transfer and Possession: Terms of property transfer and possession arrangements
10. Representations and Warranties: Statements of fact and promises by both parties
11. Covenants: Ongoing obligations of the buyer including property maintenance and insurance
12. Registration and Stamp Duty: Requirements for document registration and payment of stamp duty
13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
14. Notice and Communication: Method and addresses for official communications
15. Execution: Signature blocks and execution formalities
1. Prepayment Provisions: Terms for early repayment of the loan, including any penalties
2. Third-Party Guarantees: Include when additional security through guarantors is required
3. Insurance Requirements: Detailed insurance obligations when specific coverage is needed
4. Property Maintenance Standards: Include when specific maintenance requirements are necessary
5. Assignment and Transfer: Include when either party needs right to assign the contract
6. Escrow Arrangements: Include when an escrow mechanism is needed for payments
7. Tax Provisions: Include when specific tax arrangements need to be addressed
8. Force Majeure: Include when protection against unforeseen events is required
9. Dispute Resolution: Include when specific arbitration or mediation procedures are preferred
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Payment Schedule: Detailed amortization schedule with payment dates and amounts
3. Schedule C - Property Documents: List of property documents transferred to buyer
4. Schedule D - Insurance Requirements: Detailed insurance specifications and coverage requirements
5. Schedule E - Property Inspection Report: Current condition of property at time of sale
6. Appendix 1 - Property Title Documents: Copies of relevant property ownership documents
7. Appendix 2 - Property Valuation Report: Independent valuation of the property
8. Appendix 3 - Registration Documents: Documents required for property registration
Relevant legal definitions
Agreement
Property
Purchase Price
Down Payment
Principal Amount
Interest Rate
Payment Date
Due Date
Default Interest
Encumbrance
Security Interest
Completion Date
Effective Date
Business Day
Force Majeure Event
Possession Date
Property Documents
Registration Documents
Title Documents
Permitted Use
Repayment Schedule
Default Event
Notice
Applicable Law
Competent Authority
Material Adverse Effect
Representations and Warranties
Security Documents
Transfer Documents
Outstanding Amount
Payment Terms
Insurance Coverage
Maintenance Obligations
Property Tax
Stamp Duty
Registration Fees
Guarantor
Occupied Property
Vacant Possession
Amortization Schedule
Property
Purchase Price
Down Payment
Principal Amount
Interest Rate
Payment Date
Due Date
Default Interest
Encumbrance
Security Interest
Completion Date
Effective Date
Business Day
Force Majeure Event
Possession Date
Property Documents
Registration Documents
Title Documents
Permitted Use
Repayment Schedule
Default Event
Notice
Applicable Law
Competent Authority
Material Adverse Effect
Representations and Warranties
Security Documents
Transfer Documents
Outstanding Amount
Payment Terms
Insurance Coverage
Maintenance Obligations
Property Tax
Stamp Duty
Registration Fees
Guarantor
Occupied Property
Vacant Possession
Amortization Schedule
Clauses
Purchase Price
Payment Terms
Interest
Security
Property Transfer
Title and Ownership
Representations and Warranties
Covenants
Default
Remedies
Registration
Insurance
Property Maintenance
Assignment
Force Majeure
Notices
Governing Law
Jurisdiction
Dispute Resolution
Prepayment
Indemnification
Taxes and Duties
Repayment
Events of Default
Property Possession
Stamp Duty
Termination
Amendment
Severability
Entire Agreement
Waiver
Authority
Counterparts
Time of Essence
Confidentiality
Payment Terms
Interest
Security
Property Transfer
Title and Ownership
Representations and Warranties
Covenants
Default
Remedies
Registration
Insurance
Property Maintenance
Assignment
Force Majeure
Notices
Governing Law
Jurisdiction
Dispute Resolution
Prepayment
Indemnification
Taxes and Duties
Repayment
Events of Default
Property Possession
Stamp Duty
Termination
Amendment
Severability
Entire Agreement
Waiver
Authority
Counterparts
Time of Essence
Confidentiality
Relevant Industries
Real Estate
Commercial Property
Residential Property
Manufacturing
Retail
Industrial
Agriculture
Small Business
Construction
Asset Finance
Relevant Teams
Legal
Finance
Real Estate
Compliance
Risk Management
Property Management
Business Development
Operations
Administration
Relevant Roles
Legal Counsel
Property Lawyer
Real Estate Manager
Finance Director
Chief Financial Officer
Property Developer
Business Owner
Contract Manager
Risk Manager
Compliance Officer
Real Estate Agent
Property Valuer
Transaction Manager
Legal Administrator
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