The Simple For Sale By Owner Contract is specifically designed for property transactions in India where owners wish to sell their property directly to buyers without intermediary real estate agents. This document type has gained popularity as a cost-effective solution for straightforward property transactions, particularly in residential sales. It must comply with Indian legal requirements including the Transfer of Property Act 1882, Registration Act 1908, and state-specific property laws. The contract includes essential elements such as property description, sale price, payment terms, and transfer conditions, while also addressing legal requirements for registration and stamp duty. It's particularly useful for sellers looking to maintain direct control over their property sale while ensuring legal compliance and protection of both parties' interests. The document can be customized to accommodate various property types and special conditions while maintaining its fundamental legal validity under Indian law.
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1. Parties: Full legal names, addresses, and contact details of the seller and buyer
2. Background: Brief context of the transaction and statement of seller's ownership
3. Definitions: Key terms used throughout the agreement
4. Property Details: Complete legal description of the property including address, boundaries, and registration details
5. Purchase Price: Total sale price, payment terms, and method of payment
6. Earnest Money Deposit: Details of the initial deposit amount, payment terms, and conditions
7. Closing Date: Specified date for completion of the sale and transfer of property
8. Seller's Representations: Warranties regarding property ownership, encumbrances, and legal status
9. Buyer's Representations: Confirmations regarding financial capacity and understanding of property condition
10. Property Inspection: Terms for property inspection and acceptance of current condition
11. Title Transfer: Process and obligations for transferring clear title
12. Expenses and Taxes: Allocation of transaction costs, stamp duty, and registration fees
13. Default and Remedies: Consequences of breach by either party
14. Governing Law: Specification of Indian law and jurisdiction
1. Mortgage Details: Include when property has an existing mortgage that needs to be cleared
2. Tenant Rights: Include when property is currently tenanted with specific arrangements
3. Property Maintenance: Include when specific maintenance obligations exist until closing
4. Furniture and Fixtures: Include when sale includes specific movable property
5. Property Insurance: Include when specific insurance arrangements are needed during transition
6. Power of Attorney: Include when either party is acting through an authorized representative
7. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
1. Schedule A - Property Description: Detailed technical description of property including measurements and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
3. Schedule C - Property Documents: List of all property documents to be transferred
4. Schedule D - Inventory: List of furniture and fixtures included in sale, if applicable
5. Appendix 1 - Property Photos: Recent photographs of the property
6. Appendix 2 - Property Title Documents: Copies of key ownership documents
7. Appendix 3 - Tax Receipts: Recent property tax and utility payment receipts
Relevant legal definitions
Agreement
Property
Purchase Price
Earnest Money
Completion Date
Closing
Deed of Sale
Encumbrances
Title Documents
Stamp Duty
Registration Fees
Business Day
Force Majeure
Material Adverse Effect
Possession Date
Property Documents
Seller's Representations
Buyer's Representations
Transfer Documents
Permitted Encumbrances
Property Tax
Municipal Authority
Land Records
Clear Title
Fixtures and Fittings
Completion Payment
Default Notice
Effective Date
Governing Law
Jurisdiction
Property
Purchase Price
Earnest Money
Completion Date
Closing
Deed of Sale
Encumbrances
Title Documents
Stamp Duty
Registration Fees
Business Day
Force Majeure
Material Adverse Effect
Possession Date
Property Documents
Seller's Representations
Buyer's Representations
Transfer Documents
Permitted Encumbrances
Property Tax
Municipal Authority
Land Records
Clear Title
Fixtures and Fittings
Completion Payment
Default Notice
Effective Date
Governing Law
Jurisdiction
Clauses
Party Identification
Property Description
Sale Consideration
Payment Terms
Title Transfer
Representations and Warranties
Property Inspection
Possession
Registration and Stamp Duty
Tax Obligations
Default and Remedies
Force Majeure
Dispute Resolution
Governing Law
Indemnification
Assignment
Notices
Entire Agreement
Severability
Amendment
Property Insurance
Compliance with Laws
Due Diligence
Conditions Precedent
Title Insurance
Survival
Further Assurances
Property Description
Sale Consideration
Payment Terms
Title Transfer
Representations and Warranties
Property Inspection
Possession
Registration and Stamp Duty
Tax Obligations
Default and Remedies
Force Majeure
Dispute Resolution
Governing Law
Indemnification
Assignment
Notices
Entire Agreement
Severability
Amendment
Property Insurance
Compliance with Laws
Due Diligence
Conditions Precedent
Title Insurance
Survival
Further Assurances
Relevant Industries
Real Estate
Residential Property
Commercial Property
Banking & Finance
Legal Services
Construction
Property Development
Urban Development
Housing
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Risk Assessment
Finance
Mortgage Services
Relevant Roles
Property Owner
Home Buyer
Real Estate Lawyer
Legal Counsel
Property Manager
Bank Manager
Mortgage Officer
Title Insurance Officer
Property Assessor
Notary Public
Legal Document Specialist
Compliance Officer
Real Estate Consultant
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