The Commercial Real Estate Sale Agreement is a crucial legal instrument used in India for transferring ownership of commercial properties between parties. This document becomes necessary when businesses or individuals wish to purchase or sell commercial real estate assets such as office buildings, retail spaces, industrial properties, or mixed-use developments. It is structured to comply with Indian property laws, including the Transfer of Property Act, 1882, and various state-specific regulations. The agreement comprehensively covers all aspects of the transaction from property description and price to warranties and completion procedures, while incorporating necessary provisions for regulatory compliance, title verification, and encumbrance clearance. It serves as both a record of the transaction terms and a legally binding document that protects the interests of all parties involved.
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1. Parties: Identification and details of the seller and purchaser, including registration/incorporation details for companies
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 Description: Detailed description of the commercial property, including exact measurements, boundaries, and unique identifying details
5. Sale Consideration: Purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed breakdown of payment structure, installments, and payment methods
7. Representations and Warranties: Seller's declarations regarding property title, encumbrances, and compliance with laws
8. Covenants: Obligations of both parties before and after the sale
9. Conditions Precedent: Conditions that must be satisfied before completion of the sale
10. Completion: Process and requirements for completing the sale transaction
11. Handover: Terms and process for physical possession transfer
12. Default and Remedies: Consequences and remedies in case of breach by either party
13. Indemnification: Mutual indemnification provisions for breach of representations or warranties
14. Notices: Process and addresses for serving notices under the agreement
15. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
16. Execution: Signature blocks and execution formalities
1. Foreign Investment Compliance: Required when buyer involves foreign investment, detailing FEMA compliance
2. Environmental Compliance: Required for properties in environmental sensitive zones or with specific environmental concerns
3. Existing Tenancies: Required when property has existing tenants and their rights need to be addressed
4. Development Rights: Required when transferring or reserving development rights
5. Service Contracts: Required when existing service contracts need to be transferred or terminated
6. Tax Matters: Required when specific tax arrangements or implications need to be addressed
7. Property Management: Required when interim management arrangements are needed
8. Force Majeure: Optional clause for unforeseen circumstances affecting completion
1. Property Details: Detailed property description, including floor plans and area measurements
2. Title Documents: List of title documents and their copies
3. Encumbrances: Details of existing encumbrances, mortgages, or liens
4. Payment Schedule: Detailed breakdown of payment installments and timelines
5. Due Diligence Report: Summary of legal and technical due diligence findings
6. Existing Contracts: List and copies of relevant existing contracts affecting the property
7. Completion Checklist: List of documents and actions required for completion
8. Property Tax Records: History of property tax payments and pending dues
9. Permits and Licenses: Copies of relevant permits, licenses, and certificates
10. Site Plans: Architectural plans, layouts, and approved building plans
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Commercial Banking
Retail
Manufacturing
Information Technology
Healthcare
Hospitality
Education
Logistics and Warehousing
Professional Services
Financial Services
Industrial
Entertainment and Media
Relevant Teams
Legal
Finance
Real Estate
Operations
Compliance
Risk Management
Facilities Management
Business Development
Corporate Affairs
Property Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Manager
Legal Counsel
Corporate Lawyer
Finance Manager
Business Development Manager
Facilities Manager
Operations Director
Investment Manager
Risk Manager
Compliance Officer
Property Valuation Expert
Real Estate Consultant
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