The Commercial Property Purchase Contract is a fundamental legal document used in Indian real estate transactions for the acquisition of commercial properties. This document is essential when businesses or individuals seek to purchase commercial real estate assets such as office spaces, retail outlets, warehouses, or industrial facilities. It must comply with multiple Indian legislations, including the Transfer of Property Act 1882, Registration Act 1908, and state-specific property laws. The contract typically includes comprehensive details about the property, purchase price, payment structure, warranties, and completion requirements. It also addresses crucial aspects such as title verification, due diligence requirements, and regulatory compliance. This document is particularly important in the Indian context due to the complex nature of property laws and the need for careful documentation to ensure clear title transfer and regulatory compliance.
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1. Parties: Details of the seller and purchaser, including registered addresses and company registration numbers if applicable
2. Background: Context of the transaction and brief property overview
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property
5. Purchase Price: Detailed breakdown of the purchase price and payment structure
6. Deposit: Terms relating to the initial deposit, including amount and holding arrangements
7. Conditions Precedent: Conditions that must be satisfied before completion
8. Due Diligence: Buyer's right to investigate title and property condition
9. Title and Transfer: Provisions regarding clean title transfer and registration requirements
10. Seller's Warranties: Warranties regarding property ownership, encumbrances, and compliance
11. Completion: Process and requirements for completing the transaction
12. Post-Completion Obligations: Actions required after completion, including registration and handover
13. Default and Termination: Consequences of default and termination rights
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
1. Mortgage and Finance: Include when buyer requires mortgage financing, detailing lender requirements
2. Development Rights: Include when property has potential for development or pending approvals
3. Environmental Compliance: Include for properties with specific environmental considerations or requirements
4. Tenant Rights: Include when property is sold with existing tenancies
5. Foreign Investment: Include when transaction involves foreign buyers or FEMA compliance
6. GST Provisions: Include when GST is applicable to the transaction
7. Asset Transfer: Include when sale includes furniture, fixtures, or equipment
8. Property Management: Include when transitional management arrangements are required
1. Property Description: Detailed description of the property including boundaries and measurements
2. Title Documents: List of title documents and chain of title
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Due Diligence Documents: List of documents provided for due diligence
5. Encumbrances: Details of any existing encumbrances, charges, or mortgages
6. Completion Requirements: Checklist of documents required for completion
7. Property Plans: Floor plans, site maps, and approved drawings
8. Permits and Licenses: Copies of relevant permits, licenses, and certificates
9. Existing Contracts: Details of service contracts, maintenance agreements, etc.
10. Property Inventory: List of fixtures, fittings, and equipment included in sale
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Manufacturing
Retail
Healthcare
Technology
Hospitality
Logistics & Warehousing
Education
Professional Services
Relevant Teams
Legal
Finance
Real Estate
Operations
Compliance
Risk Management
Facilities Management
Corporate Development
Property Management
Investment
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Manager
Corporate Counsel
Legal Director
Facilities Manager
Investment Manager
Business Development Director
Operations Director
Compliance Officer
Risk Manager
Finance Manager
Property Acquisitions Manager
Real Estate Portfolio Manager
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