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Real Estate Contract for India

Real Estate Contract Template for India

A comprehensive legal document governed by Indian law that facilitates the transfer of real estate property from one party to another. This contract incorporates essential elements required under the Transfer of Property Act 1882, Registration Act 1908, and other applicable Indian property laws. It details the property specifications, sale consideration, payment terms, warranties, and obligations of both parties while ensuring compliance with state-specific stamp duty requirements and registration procedures. The document includes provisions for title verification, property possession, and dispute resolution mechanisms specific to Indian real estate transactions.

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What is a Real Estate Contract?

The Real Estate Contract serves as a fundamental legal instrument in Indian property transactions, essential for documenting the transfer of immovable property between parties. This document is required whenever there is a sale or purchase of real estate in India, whether residential, commercial, or industrial property. It must comply with the Transfer of Property Act 1882, RERA 2016, and various state-specific regulations. The contract typically includes comprehensive details about the property, parties involved, financial terms, and legal obligations. It is designed to protect both buyer and seller interests while ensuring adherence to local registration requirements, stamp duty payments, and property transfer procedures. The document's format and content are specifically structured to meet Indian legal standards and provide enforceability in Indian courts.

What sections should be included in a Real Estate Contract?

1. Parties: Details of the seller and purchaser including names, addresses, and legal status

2. Background: Context of the transaction and brief property overview

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property being sold

5. Sale Consideration: Purchase price, payment terms, and payment schedule

6. Payment Terms: Detailed breakdown of payment structure, installments, and payment methods

7. Representations and Warranties: Seller's and buyer's representations regarding the property and their capacity to enter into the agreement

8. Title and Ownership: Confirmation of clear title and ownership rights

9. Encumbrances: Declaration of any existing liens, mortgages, or other encumbrances

10. Completion: Conditions for completion, timeline, and completion requirements

11. Registration and Transfer: Process and obligations for property registration and transfer

12. Possession: Terms and conditions for handling over possession

13. Taxes and Expenses: Allocation of taxes, stamp duty, registration fees, and other expenses

14. Default and Remedies: Consequences of default and available remedies

15. Governing Law and Jurisdiction: Applicable laws and jurisdiction for dispute resolution

16. Notices: Process for sending and receiving formal notices between parties

What sections are optional to include in a Real Estate Contract?

1. Development Rights: Include when the property has potential development rights or pending approvals

2. Mortgage Details: Required when the property is under mortgage or new mortgage is being created

3. Tenant Rights: Include if the property is currently tenanted or has existing lease agreements

4. Power of Attorney: Required when any party is acting through an authorized representative

5. Society Membership: Include for apartments/flats to address society membership transfer

6. Indemnification: Additional protection clauses for specific identified risks

7. Force Majeure: Include when specific events beyond control need to be addressed

8. Environmental Compliance: Required for properties with environmental considerations or obligations

What schedules should be included in a Real Estate Contract?

1. Property Schedule: Detailed property description, boundaries, and measurements

2. Title Documents: List of all title documents and chain of ownership

3. Payment Schedule: Detailed breakdown of payment installments and timelines

4. Encumbrance Certificate: Recent encumbrance certificate and details of any charges

5. Property Tax Records: History of property tax payments and current status

6. Approved Plans: Architectural plans and regulatory approvals

7. Inventory List: List of fixtures and fittings included in the sale

8. Outstanding Utilities: Status of utility bills and pending payments

9. Third Party Rights: Details of any existing third party rights or claims

10. Completion Checklist: List of documents and actions required for completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions








































Clauses






























Relevant Industries

Real Estate

Construction

Property Development

Banking and Finance

Legal Services

Urban Development

Residential Property

Commercial Property

Industrial Property

Infrastructure

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Transactions

Finance

Risk Management

Operations

Business Development

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Real Estate Broker

Title Officer

Contract Manager

Real Estate Analyst

Property Valuation Expert

Transaction Manager

Legal Administrator

Real Estate Investment Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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