The Agreement For Sale Of Mortgaged Property is a specialized legal document used in India when a property owner wishes to sell a property that is currently under mortgage. This document is essential when the seller has an existing loan against the property and needs to coordinate the sale with both the buyer and the lending institution. The agreement includes specific provisions for handling the outstanding mortgage, payment mechanisms to ensure proper discharge of the loan, and the sequence of actions required to complete the transaction. It must comply with various Indian laws including the Transfer of Property Act, 1882, Registration Act, 1908, and SARFAESI Act, 2002. The document is particularly important as it protects the interests of all three parties - the seller, buyer, and mortgagee - by clearly defining their rights, obligations, and the process for transferring clear title to the buyer.
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1. Parties: Identifies all parties: seller (mortgagor), buyer, and mortgagee (usually bank/financial institution)
2. Background: Recitals explaining property ownership, existing mortgage details, and intention to sell
3. Definitions: Defines key terms including Property, Mortgage, Outstanding Amount, Completion Date
4. Sale Agreement: Core terms of sale including purchase price, payment structure, and completion timeline
5. Mortgage Details: Details of existing mortgage, outstanding amount, and terms of discharge
6. Payment Terms: Structured payment process including direct payment to mortgagee for discharge
7. Mortgagee Consent: Express consent of mortgagee for the sale and terms of mortgage discharge
8. Seller's Representations: Warranties about property title, mortgage status, and no other encumbrances
9. Property Handover: Terms for physical possession transfer and documentation
10. Completion Process: Step-by-step process for completing sale and mortgage discharge
11. Costs and Taxes: Allocation of transaction costs, stamp duty, and registration fees
12. Governing Law: Jurisdiction and applicable laws
1. Third Party Claims: Include when there are potential claims or disputes related to the property
2. Insurance: Include when specific insurance arrangements need to be maintained until completion
3. Existing Tenancies: Include if property has existing tenants and their rights need to be addressed
4. Development Permissions: Include if property has pending development approvals or restrictions
5. Multiple Mortgages: Include if property has more than one mortgage to be discharged
6. Condition Precedents: Include when specific conditions must be met before completion
7. Escrow Arrangements: Include when funds or documents need to be held in escrow
1. Property Description: Detailed description of property including boundaries, measurements, and registration details
2. Title Documents: List of title documents and chain of ownership
3. Mortgage Documents: Details of mortgage deed, loan agreement, and related documents
4. Outstanding Dues: Statement of outstanding mortgage amount and other dues
5. Payment Schedule: Detailed breakdown of payment installments and timelines
6. Completion Checklist: List of documents and actions required for completion
7. Encumbrance Certificate: Recent encumbrance certificate showing property's charge status
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Housing Finance
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Relevant Teams
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Real Estate
Property Management
Mortgage Operations
Risk Management
Compliance
Documentation
Title Processing
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Relevant Roles
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Property Lawyer
Bank Manager
Mortgage Officer
Real Estate Agent
Property Manager
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Title Officer
Real Estate Transaction Manager
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