The Real Estate Contract Form is a fundamental legal instrument used in Indian property transactions to formalize the transfer of real estate between parties. This document is essential for both residential and commercial property transactions in India, requiring compliance with multiple regulations including the Transfer of Property Act, Registration Act, and RERA. It serves as a comprehensive agreement that captures all aspects of the property transfer, from basic details to complex terms and conditions. The form is designed to be adaptable for various types of real estate transactions while maintaining compliance with Indian legal requirements, state-specific stamp duty regulations, and registration procedures. It includes provisions for property description, payment terms, warranties, and completion obligations, making it suitable for both individual and corporate transactions.
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1. Parties: Details of the seller/vendor and buyer/purchaser including full legal names, addresses, and PAN numbers
2. Background: Context of the transaction, brief property history, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including exact measurements, boundaries, and registration details
5. Sale Consideration: Purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed breakdown of payment structure, timelines, and mode of payment
7. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, and legal status
8. Buyer's Representations and Warranties: Declarations regarding financial capacity and compliance with laws
9. Conditions Precedent: Conditions that must be fulfilled before completion of the sale
10. Completion Obligations: Steps to be taken for completing the transaction
11. Default and Remedies: Consequences of breach and available remedies
12. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
14. Notices: Method and addresses for serving notices between parties
15. Execution: Signature blocks and execution formalities
1. RERA Compliance: Required for projects under RERA regulations, detailing compliance with RERA requirements
2. Mortgage Details: Include when property is being purchased through bank financing
3. Society Membership: Required for apartments/flats in housing societies
4. Development Rights: Include when property has additional development potential or TDR
5. Possession Terms: For under-construction properties, detailing possession timeline and conditions
6. Maintenance Charges: For properties in managed communities or apartments
7. Third Party Rights: When there are existing tenants or other rights holders
8. Environmental Clearances: For properties requiring specific environmental compliance
1. Schedule A - Property Description: Detailed technical description of property including measurements and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and timelines
3. Schedule C - Title Documents: List of all title and ownership documents
4. Schedule D - Encumbrances: Details of existing charges, liens, or encumbrances
5. Schedule E - Amenities and Fixtures: List of included fixtures, fittings, and amenities
6. Schedule F - Outstanding Dues: Details of pending payments, taxes, or utility bills
7. Appendix 1 - Property Papers: Copies of key property documents and certificates
8. Appendix 2 - Approved Plans: Architectural plans and regulatory approvals
9. Appendix 3 - Chain of Title: Historical ownership documentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Hospitality
Retail
Manufacturing
Technology
Healthcare
Education
Relevant Teams
Legal
Real Estate
Compliance
Operations
Facilities Management
Risk Management
Corporate Affairs
Business Development
Finance
Administration
Relevant Roles
Real Estate Lawyer
Property Manager
Legal Counsel
Compliance Officer
Real Estate Agent
Property Developer
Facilities Manager
Business Development Manager
Contract Manager
Corporate Counsel
Real Estate Analyst
Investment Manager
Property Valuer
Risk Manager
Operations Director
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