Apartment Sales Contract Template for India

The Apartment Sales Contract is a crucial legal document used in Indian real estate transactions for the purchase and sale of residential apartments. This document is essential when transferring ownership of an apartment unit from a seller to a buyer, whether the seller is a developer/builder or an individual owner. The contract must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), Transfer of Property Act, 1882, and relevant state-specific regulations. It typically includes detailed property specifications, payment terms, possession conditions, and obligations of both parties. The agreement is mandatory for property registration and must be stamped according to state stamp duty laws. It serves as evidence of the transaction and protects the interests of all parties involved through clearly defined terms and conditions.

1. Parties: Identification and details of the Seller and Purchaser, including their legal names, addresses, and contact information

2. Background: Context of the transaction, including brief description of the property and the seller's right to sell

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Common Areas, Transfer Date, etc.

4. Property Description: Detailed description of the apartment, including carpet area, built-up area, floor number, and tower/building details

5. Consideration: Purchase price, payment schedule, and mode of payment

6. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the agreement and status of the property

7. Seller's Obligations: Responsibilities of the seller including delivery of possession, transfer of title, and maintenance until possession

8. Purchaser's Obligations: Responsibilities of the purchaser including timely payments and compliance with society rules

9. Possession: Terms and conditions regarding the handover of possession, including timeline and process

10. Title and Transfer: Process and obligations regarding the transfer of title and registration of the property

11. Default and Remedies: Consequences and remedies in case of default by either party

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

13. Notices: Process and addresses for serving notices between parties

14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes

15. Boilerplate Clauses: Standard clauses including severability, entire agreement, and amendments