The Private House Sale Contract is a crucial legal document used in India for transferring residential property ownership between private parties. It's essential when selling or purchasing residential property through private transaction, as opposed to developer sales or commercial properties. The document must comply with various Indian legislations including the Transfer of Property Act, Registration Act, and state-specific property laws. It typically includes comprehensive details about the property, parties involved, payment terms, warranties, and transfer process. This contract type is particularly important in India's real estate market where private property transactions require robust documentation to ensure legal compliance and protect both parties' interests. The document serves as evidence of the transaction terms and is required for property registration with local authorities.
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1. Parties: Details of the seller and purchaser including full names, addresses, and PAN numbers
2. Background: Brief context of the sale and property ownership history
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Sale Agreement: Core agreement to sell and purchase the property at the specified price
5. Purchase Price: Detailed breakdown of the purchase price, payment schedule, and mode of payment
6. Completion: Timeline and process for completing the sale, including handover requirements
7. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, disputes, and compliance with laws
8. Property Inspection and Condition: Current state of the property and any agreed repairs or modifications
9. Title and Transfer: Process of transferring clear title and registration requirements
10. Expenses and Taxes: Allocation of costs including stamp duty, registration fees, and other expenses
11. Default and Remedies: Consequences of breach and available remedies to either party
12. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
1. Mortgage or Financing: Include when purchase involves bank financing or existing mortgage
2. Power of Attorney: Required when either party is acting through an authorized representative
3. Society NOC: Needed for properties in housing societies or apartments
4. Possession Terms: Special conditions regarding possession if delayed or phased handover
5. Rental Terms: Include if property is currently tenanted
6. Foreign Exchange Compliance: Required when either party is an NRI or foreign national
7. Property Management: Interim arrangements for property maintenance until completion
8. Force Majeure: Include specific provisions for unforeseen circumstances affecting completion
1. Schedule 1 - Property Description: Detailed description of property including boundaries, measurements, and built-up area
2. Schedule 2 - Title Documents: List of all title documents and chain of ownership
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and timelines
4. Schedule 4 - Fixtures and Fittings: Inventory of items included/excluded in the sale
5. Schedule 5 - Outstanding Liabilities: List of pending dues, taxes, or charges on the property
6. Appendix A - Property Photos: Current photographs of the property and its condition
7. Appendix B - Approved Plans: Copies of approved building plans and permits
8. Appendix C - Encumbrance Certificate: Recent encumbrance certificate from registrar's office
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