Commercial Real Estate Purchase And Sale Agreement Template for India

The Commercial Real Estate Purchase And Sale Agreement is a crucial legal instrument used in India for facilitating the transfer of commercial property ownership between parties. This document is essential when businesses or individuals are engaging in the purchase or sale of commercial real estate assets such as office buildings, retail spaces, industrial facilities, or mixed-use properties. It must comply with Indian legal requirements, including the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state property laws. The agreement comprehensively covers all aspects of the transaction, from property description and purchase price to representations and warranties, while incorporating necessary provisions for due diligence, statutory compliances, and closing requirements. It serves as the primary document governing the rights, obligations, and responsibilities of both parties throughout the transaction process, ensuring legal protection and clarity in the property transfer.

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

2. Background: Recitals explaining the context of the sale and the parties' intentions

3. Definitions: Defines key terms used throughout the agreement

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

5. Purchase Price: States the agreed purchase price and payment terms

6. Earnest Money: Details of the earnest money deposit, including amount, payment terms, and escrow arrangements

7. Due Diligence: Buyer's rights and timeframe for property investigation, including title review and inspections

8. Conditions Precedent: Conditions that must be satisfied before closing

9. Seller's Representations and Warranties: Seller's statements about the property's condition, title, and other material facts

10. Buyer's Representations and Warranties: Buyer's statements regarding authority and ability to complete the purchase

11. Closing: Closing process, timing, and deliverables

12. Transfer of Title: Provisions regarding execution and registration of the sale deed

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

14. Default and Remedies: Consequences of default by either party and available remedies

15. Notices: Method and addresses for formal communications between parties

16. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction

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