Commercial Real Estate Purchase Agreement Template for India

The Commercial Real Estate Purchase Agreement is a crucial legal instrument used in India for facilitating the transfer of commercial property ownership. It is essential when purchasing or selling any type of commercial real estate, including office buildings, retail spaces, industrial facilities, or mixed-use developments. The agreement must comply with Indian legal requirements, particularly the Transfer of Property Act, 1882, Registration Act, 1908, and state-specific property laws. It covers all crucial aspects of the transaction, from property description and payment terms to warranties and completion procedures. This document is particularly important in the Indian context where commercial real estate transactions often involve complex regulatory requirements and multiple stakeholders. It serves as both a legally binding contract and a comprehensive record of the transaction terms, protecting the interests of both buyers and sellers.

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

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

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

4. Property Description: Detailed description of the property including boundaries, built-up area, and permitted usage

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

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

7. Title and Ownership: Seller's warranties regarding clear title and ownership rights

8. Due Diligence: Buyer's right to conduct property investigation and timeline

9. Conditions Precedent: Conditions that must be satisfied before completion

10. Completion: Process and requirements for completing the transaction

11. Seller's Obligations: Specific obligations of the seller up to completion

12. Purchaser's Obligations: Specific obligations of the purchaser up to completion

13. Representations and Warranties: Statements of fact and promises by both parties

14. Indemnification: Protection against losses due to breach of warranties or obligations

15. Default and Termination: Consequences of default and conditions for termination

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

17. Notices: Process and addresses for serving notices

18. Execution: Signature blocks and execution formalities