Commercial Property Purchase And Sale Agreement Template for India

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Key Requirements PROMPT example:

Commercial Property Purchase And Sale Agreement

"I need a Commercial Property Purchase and Sale Agreement for acquiring a multi-story office building in Mumbai's Bandra-Kurla Complex, with specific provisions for existing tenants and a phased payment structure completing by March 2025."

Document background
The Commercial Property Purchase And Sale Agreement is a vital legal instrument used in Indian real estate transactions when transferring ownership of commercial real estate between parties. This document is essential when any business entity or individual wishes to purchase or sell commercial property in India, whether it's office space, retail establishments, industrial facilities, or other commercial real estate. The agreement must comply with various Indian laws, including the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state-specific regulations. It contains detailed provisions covering property description, purchase price, payment terms, representations and warranties, conditions precedent, and completion requirements. The document also addresses specific Indian legal requirements such as stamp duty payments, registration procedures, and local municipal regulations.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including registration/incorporation details for companies

2. Background: Context of the transaction and brief property description

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

4. Sale and Purchase: Core agreement to sell and purchase the property, including the agreed purchase price

5. Property Description: Detailed description of the property including boundaries and built-up area

6. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and payment methods

7. Conditions Precedent: Conditions that must be satisfied before completion can occur

8. Seller's Representations and Warranties: Warranties regarding property title, encumbrances, litigation, etc.

9. Purchaser's Representations and Warranties: Warranties regarding capacity to purchase, funding sources, etc.

10. Covenants: Obligations of both parties before and after completion

11. Completion: Process and requirements for completing the transaction

12. Post-Completion Obligations: Actions required after completion, including registration and handover

13. Default and Termination: Consequences of default and circumstances allowing termination

14. Indemnification: Mutual indemnification provisions

15. Notices: Process and addresses for serving notices

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

17. General Provisions: Standard boilerplate clauses including entire agreement, amendments, etc.

18. Execution: Signature blocks and execution formalities

Optional Sections

1. Environmental Matters: Required when the property has potential environmental issues or requires specific compliance

2. Tax Matters: Detailed tax provisions when complex tax implications exist

3. Existing Tenancies: Required when the property has existing tenants and lease agreements

4. Development Rights: Included when transferring or reserving development rights

5. Foreign Investment Compliance: Required when either party is a foreign entity

6. Asset Transfer: Required when the sale includes business assets beyond the property

7. Intellectual Property Rights: Needed when the property includes naming rights or branded elements

8. Employee Matters: Required when the property sale includes transfer of employees

9. Escrow Arrangements: Included when using escrow mechanisms for the transaction

Suggested Schedules

1. Property Details: Detailed property description, boundaries, and floor plans

2. Title Documents: List of title documents and their copies

3. Encumbrances: Details of existing mortgages, liens, or other encumbrances

4. Payment Schedule: Detailed breakdown of payment instalments and timelines

5. Due Diligence Reports: Summary of technical, legal, and financial due diligence findings

6. Existing Contracts: List and copies of relevant existing contracts affecting the property

7. Completion Checklist: List of documents and actions required for completion

8. Property Inventory: List of fixtures, fittings, and other items included in the sale

9. Required Approvals: List of governmental and regulatory approvals required

10. Form of Transfer Deed: Draft of the final transfer deed to be executed

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Banking and Financial Services

Manufacturing

Retail

Information Technology

Healthcare

Hospitality

Education

Logistics and Warehousing

Professional Services

Construction and Development

Relevant Teams

Legal

Finance

Real Estate

Operations

Facilities Management

Risk and Compliance

Corporate Development

Treasury

Tax

Business Development

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Legal Officer

Real Estate Director

Property Manager

Legal Counsel

Corporate Lawyer

Finance Director

Business Development Manager

Facilities Manager

Commercial Director

Risk Manager

Compliance Officer

Operations Director

Investment Manager

Asset Manager

Industries
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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