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Buy Tenancy Agreement

Buy Tenancy Agreement Template for India

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Key Requirements PROMPT example:

Buy Tenancy Agreement

"I need a Buy Tenancy Agreement for a commercial property in Mumbai, where I'm purchasing the building from the current owner who wants to continue operating their retail business as a tenant for 3 years starting March 2025, with an option to extend for 2 more years."

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Document background
The Buy Tenancy Agreement is a specialized legal instrument used in Indian property transactions where the owner wishes to sell their property while continuing to occupy it as a tenant. This arrangement is particularly useful in situations where sellers need immediate capital but wish to maintain occupancy, or where buyers seek investment properties with immediate rental income. The document must comply with Indian property laws, including the Transfer of Property Act 1882 and state-specific regulations. It includes comprehensive terms covering both the sale transaction and the subsequent tenancy arrangement, including purchase price, payment schedule, rent terms, maintenance responsibilities, and conditions for both the sale and tenancy aspects. This type of agreement requires careful drafting to ensure both aspects - the sale and the tenancy - are properly addressed and legally enforceable under Indian law.
Suggested Sections

1. Parties: Details of the seller-landlord and buyer-tenant, including full legal names, addresses, and other identification details

2. Background: Context of the agreement, including property ownership status and intention to sell with tenancy arrangement

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

4. Sale Terms: Purchase price, payment schedule, and completion timeline

5. Property Details: Comprehensive description of the property being sold and rented

6. Tenancy Terms: Duration of tenancy, rent amount, payment terms, and frequency

7. Deposit and Advance Payments: Details of security deposit, advance rent, and other financial requirements

8. Maintenance and Repairs: Responsibilities for property maintenance and repairs during the tenancy period

9. Utilities and Outgoings: Responsibility for utility payments and other property-related expenses

10. Insurance: Requirements for property insurance and contents insurance

11. Covenants and Warranties: Promises and guarantees made by both parties

12. Termination: Conditions and process for ending the tenancy agreement

13. Governing Law: Applicable laws and jurisdiction

14. Dispute Resolution: Process for resolving disputes between parties

15. Notices: Method and addresses for serving official notices

16. Execution: Signature blocks and execution details

Optional Sections

1. Break Clause: Early termination options for either party, included when flexibility is needed

2. Renovation Rights: Terms for property modifications or improvements by the tenant

3. Sub-letting: Terms and conditions if sub-letting is to be permitted

4. Pet Policy: Rules regarding keeping pets in the property

5. Property Management: Appointment and role of property manager if applicable

6. Special Conditions: Any unique terms specific to this agreement

7. Force Majeure: Provisions for unforeseen circumstances affecting the agreement

8. Environmental Compliance: Special provisions for environmental protection if required

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property specifications, boundaries, and included fixtures/fittings

2. Schedule 2 - Payment Schedule: Detailed breakdown of purchase price installments and payment milestones

3. Schedule 3 - Inventory: List of furnishings and items included in the property

4. Schedule 4 - Property Condition Report: Detailed assessment of property condition at the start of tenancy

5. Schedule 5 - Maintenance Schedule: Regular maintenance requirements and schedules

6. Appendix A - Property Documents: Copies of property title, permits, and certificates

7. Appendix B - Floor Plans: Property layout and measurements

8. Appendix C - Photographs: Visual documentation of property condition

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Purchase Price
Completion Date
Rent
Security Deposit
Advance Rent
Seller-Landlord
Buyer-Tenant
Commencement Date
Term
Common Areas
Fixtures and Fittings
Permitted Use
Outgoings
Force Majeure
Interest Rate
Market Value
Notices
Occupancy Certificate
Payment Date
Possession
Property Documents
Registration
Rent Commencement Date
Service Charges
Stamp Duty
Tenancy Period
Title Deeds
Utilities
Working Day
Applicable Laws
Completion
Deposit
Encumbrances
Maintenance Charges
Occupation Rights
Property Tax
Rental Period
Statutory Requirements
Transfer Deed
Clauses
Sale and Purchase
Payment Terms
Property Transfer
Tenancy Grant
Rent and Deposits
Duration and Renewal
Possession and Use
Title and Ownership
Property Condition
Maintenance and Repairs
Utilities and Outgoings
Insurance
Alterations and Improvements
Access Rights
Assignment and Subletting
Covenants
Warranties
Default and Remedies
Termination
Force Majeure
Notices
Registration
Stamp Duty
Governing Law
Dispute Resolution
Entire Agreement
Severability
Compliance
Indemnification
Representation and Authority
Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Property Management

Construction

Housing

Commercial Property

Residential Property

Asset Management

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Contract Administration

Asset Management

Risk Management

Operations

Finance

Customer Relations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Asset Manager

Compliance Officer

Contract Manager

Real Estate Investment Manager

Property Portfolio Manager

Legal Administrator

Real Estate Broker

Housing Officer

Tenant Relations Manager

Industries
Transfer of Property Act, 1882: Fundamental law governing property transfers in India, including lease agreements and conditions for valid property transfers
Registration Act, 1908: Mandates registration requirements for property documents and lease agreements exceeding 11 months
Indian Contract Act, 1872: Governs the basic principles of contract formation, including essential elements of valid contracts and remedies for breach
Indian Stamp Act, 1899: Specifies stamp duty requirements for property documents and agreements
State-specific Rent Control Act: Local laws governing landlord-tenant relationships, rent increases, and tenant protection (varies by state)
Real Estate (Regulation and Development) Act, 2016: Regulates real estate sector, ensures transparency in property transactions, and protects buyer interests
Income Tax Act, 1961: Relevant sections dealing with taxation of rental income and property transactions
The Specific Relief Act, 1963: Provides remedies for breach of contract and enforcement of property rights
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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