Buy Sell Agreement (Real Estate) Template for India

The Buy Sell Agreement (Real Estate) is a fundamental legal document used in Indian property transactions to formalize the transfer of real estate between parties. This document is essential when any party (individual or corporate) intends to purchase or sell real estate property in India, whether for residential, commercial, or industrial purposes. The agreement must comply with various Indian legislations, including the Transfer of Property Act 1882, Registration Act 1908, and Real Estate (Regulation and Development) Act 2016. It contains detailed provisions regarding property description, payment terms, warranties, and completion requirements, while also addressing state-specific stamp duty and registration requirements. The document serves as both a preliminary agreement capturing the parties' intentions and, when registered, as conclusive evidence of the property transfer.

1. Parties: Identification and details of the seller and purchaser, including their complete addresses and legal capacity

2. Background: Context of the transaction, including brief property history and intention of the parties

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

4. Property Description: Detailed description of the property being sold, including its boundaries and measurements

5. Purchase Price: Agreement on purchase price, payment schedule, and mode of payment

6. Payment Terms: Detailed structure of payments, including earnest money, installments, and final payment

7. Seller's Representations and Warranties: Warranties regarding title, encumbrances, legal compliance, and property condition

8. Purchaser's Representations and Warranties: Confirmations regarding financial capacity and compliance with applicable laws

9. Conditions Precedent: Conditions that must be satisfied before completion of the sale

10. Completion: Process and requirements for completing the transaction

11. Possession: Terms and timing of property possession transfer

12. Title Documents: Details of title transfer process and documentation

13. Expenses and Taxes: Allocation of transaction costs, stamp duty, and applicable taxes

14. Default and Remedies: Consequences of default and available remedies

15. Notices: Process for sending and receiving formal communications

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

17. Dispute Resolution: Process for resolving disputes between parties

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

19. General Provisions: Miscellaneous legal provisions including severability, entire agreement, and amendments