¶¶Òõ¶ÌÊÓƵ

The As Is Home Sale Contract is a specialized agreement used in Indian real estate transactions where the property is sold in its existing condition without any guarantees or commitments about its state. This type of contract is particularly relevant when sellers wish to limit their liability regarding the property's condition or when dealing with distressed properties, foreclosures, or quick sales. It operates under Indian jurisdiction, primarily governed by the Transfer of Property Act 1882, Registration Act 1908, and RERA 2016. The document includes essential elements such as property details, clear "as is" disclaimers, buyer acknowledgments, and specific provisions protecting both parties' interests. It's commonly used in situations where the buyer has thoroughly inspected the property and agrees to accept it with all existing defects or issues, whether known or unknown.

1. Parties: Identifies and provides full details of the seller and buyer, including names, addresses, and legal capacity

2. Background: Establishes the context of the sale and the seller's ownership of the property

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed description of the property including address, boundaries, and registration details

5. 'As Is' Condition and Acknowledgment: Explicitly states that the property is being sold 'as is' and buyer's acknowledgment of current condition

6. Purchase Price: States the total purchase price and payment structure

7. Payment Terms: Details the payment schedule, method of payment, and any installment arrangements

8. Seller's Representations: Limited representations regarding ownership and authority to sell

9. Buyer's Acknowledgments: Buyer's confirmation of property inspection and acceptance of current condition

10. Closing Requirements: Documents and actions required for completing the sale

11. Transfer of Title: Process and obligations for transferring property title

12. Costs and Taxes: Allocation of transaction costs, stamp duty, and registration fees

13. Default and Remedies: Consequences of default by either party and available remedies

14. Governing Law: Specifies Indian law as governing law and jurisdiction

15. Notices: Method and addresses for official communications between parties

16. Entire Agreement: Confirms the contract as the complete agreement between parties