¶¶Òõ¶ÌÊÓƵ

The Residential Sales Contract is a fundamental legal document used in Indian real estate transactions for the transfer of residential property ownership. It serves as a binding agreement between the seller and purchaser, incorporating essential elements required under Indian property law, including the Transfer of Property Act, Registration Act, and RERA. This document is crucial when transferring residential property ownership, whether it's an apartment, house, villa, or plot intended for residential use. It contains detailed provisions covering property description, price, payment terms, warranties, possession transfer, and compliance requirements. The contract must be registered with the Sub-Registrar's office and appropriately stamped according to state-specific stamp duty regulations. It protects both parties' interests by clearly defining their rights, obligations, and remedies while ensuring compliance with local municipal laws and housing society regulations where applicable.

1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and PAN numbers

2. Background: Brief context of the transaction and property ownership history

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

4. Property Details: Comprehensive description of the property including address, boundaries, dimensions, and registration details

5. Purchase Price: Total consideration, payment structure, and payment methods

6. Payment Terms: Detailed breakdown of payment schedule, installments, and completion payment

7. Completion: Process and timeline for completing the sale, including documentation requirements

8. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal compliance

9. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and compliance

10. Title and Transfer: Process of title transfer and registration requirements

11. Possession: Terms and conditions for transferring possession of the property

12. Expenses 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. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

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

16. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction

17. Execution: Signature blocks and witness details