A Real Estate Sellers Contract is a fundamental legal document used in Indian property transactions to formalize the sale of real estate between parties. This document is essential when any immovable property is being sold in India, whether residential, commercial, or industrial. It must comply with multiple Indian legislations, including the Transfer of Property Act 1882, Registration Act 1908, and RERA 2016. The contract typically includes comprehensive details about the property, parties involved, sale consideration, payment terms, and various warranties and representations. It serves as the primary agreement governing the rights and obligations of both seller and buyer, ensuring legal protection for all parties and establishing a clear framework for the property transfer process. The document is particularly important as it forms the basis for the subsequent sale deed registration.
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1. Parties: Identification and details of the Seller and Buyer, including names, addresses, and legal capacity to contract
2. Background: Context of the sale, brief property history, and current ownership status
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including location, boundaries, and built-up area
5. Sale Consideration: Purchase price, payment schedule, and mode of payment
6. Payment Terms: Detailed payment structure, installment schedule if applicable, and default consequences
7. Seller's Representations and Warranties: Declarations regarding property title, encumbrances, and legal status
8. Seller's Obligations: Responsibilities of the seller including document provision and property maintenance until handover
9. Buyer's Obligations: Responsibilities of the buyer including timely payments and due diligence
10. Completion: Process of final property transfer, registration, and possession handover
11. Costs and Expenses: Distribution of transaction costs including registration, stamp duty, and legal fees
12. Default and Remedies: Consequences of breach and available remedies to parties
13. Notices: Communication protocol between parties
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
1. Mortgage Details: Required if property has existing mortgage or financing arrangements
2. Development Rights: Included when property has unutilized development potential or TDR
3. Tenant Details: Required if property is currently tenanted
4. Power of Attorney: Included when either party is acting through an authorized representative
5. GST Provisions: Required for under-construction properties or commercial properties
6. RERA Compliance: Required for newly constructed properties or ongoing projects
7. Foreign Exchange Compliance: Required when either party is an NRI/PIO
8. Society Transfer Provisions: Required for apartments/flats in housing societies
1. Schedule A - Property Description: Detailed property specifications, boundaries, and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Title Documents: List of property ownership and title chain documents
4. Schedule D - Encumbrance Details: List of existing charges, liens, or encumbrances if any
5. Schedule E - Amenities and Fixtures: List of included fixtures, fittings, and amenities
6. Appendix 1 - Property Documents: Copies of key property documents including title deeds and tax receipts
7. Appendix 2 - Due Diligence Report: Summary of legal and technical property verification
8. Appendix 3 - Property Plans: Architectural plans, layout drawings, and approved plans
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