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Commercial Real Estate Sales Contract

Commercial Real Estate Sales Contract Template for India

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Commercial Real Estate Sales Contract

"I need a Commercial Real Estate Sales Contract for the purchase of a three-story office building in Mumbai, with completion scheduled for March 2025, including provisions for existing tenants and staged payments."

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Document background
The Commercial Real Estate Sales Contract is a crucial legal instrument used in India for facilitating the transfer of commercial properties between parties. It serves as the primary document governing the rights, obligations, and procedures involved in commercial real estate transactions. This contract type is essential when selling or purchasing any commercial property, including office spaces, retail establishments, industrial facilities, or mixed-use developments. The document must comply with various Indian legislations, including the Transfer of Property Act, Registration Act, and state-specific real estate laws. It typically includes comprehensive details about the property, payment terms, warranties, and completion requirements, while also addressing specific commercial aspects such as existing tenancies, zoning requirements, and development rights. The contract's structure ensures that both parties' interests are protected while maintaining compliance with regulatory requirements and industry standards in the Indian real estate sector.
Suggested Sections

1. Parties: Identification of seller and purchaser with complete details including registration numbers for companies

2. Background: Context of the transaction including brief property history and purpose of sale

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

4. Property Description: Detailed description of the property including exact measurements, boundaries, and unique identifiers

5. Sale Consideration: Purchase price, payment terms, and schedule of payments

6. Payment Terms: Detailed breakdown of payment structure, installments, and payment methods

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

8. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and compliance

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

10. Completion Obligations: Actions required by each party at closing

11. Title and Transfer: Provisions regarding transfer of title and registration requirements

12. Possession: Terms and conditions for handling over possession

13. Taxes and Expenses: Allocation of taxes, stamp duty, registration fees, and other costs

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

15. Force Majeure: Provisions for unforeseen circumstances

16. Notices: Communication protocols between parties

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

18. Dispute Resolution: Process for resolving disputes

Optional Sections

1. Environmental Compliance: Required when property has specific environmental considerations or requirements

2. Tenant Rights: Needed when property is currently leased or has existing tenants

3. Foreign Investment Compliance: Required when purchaser is a foreign entity or NRI

4. Development Rights: Relevant when property includes unused development potential or TDR

5. Escrow Arrangements: When parties agree to use escrow mechanism for payments

6. Due Diligence Period: When purchaser requires time for additional property investigation

7. Broker/Agent Provisions: Required when transaction involves real estate agents or brokers

8. Municipal Approvals: When property requires specific municipal clearances or changes in usage

9. Handover Protocol: Detailed possession handover process for complex commercial properties

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive property description including floor plans and measurements

2. Schedule 2 - Title Documents: List of all title and ownership documents

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms and milestones

4. Schedule 4 - Encumbrances: List of existing encumbrances, if any

5. Schedule 5 - Completion Checklist: List of documents and actions required for completion

6. Schedule 6 - Property Tax History: Details of property tax payments and pending dues

7. Appendix A - Property Photos: Recent photographs of the property

8. Appendix B - Building Permits: Copies of relevant building permits and certificates

9. Appendix C - Environmental Clearances: Copies of environmental and pollution clearances if applicable

10. Appendix D - Floor Plans: Detailed architectural plans and layouts

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
Applicable Laws
Approved Use
Business Day
Completion
Completion Date
Conditions Precedent
Consideration
Deposit
Deed of Transfer
Earnest Money
Effective Date
Encumbrances
Environmental Laws
Force Majeure Event
Government Authority
Improvements
Land
Material Adverse Effect
Municipal Authority
Occupancy Certificate
Parties
Permitted Use
Planning Permissions
Possession
Property
Property Documents
Property Tax
Purchase Price
Purchaser
RERA
Representations and Warranties
Sale Deed
Seller
Stamp Duty
Structure
Survival Period
Tax Authority
Title
Title Deeds
Transfer Date
Utilities
Vacant Possession
Clauses
Property Description
Sale and Purchase
Consideration
Payment Terms
Title and Transfer
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Possession
Covenants
Environmental Compliance
Taxes and Expenses
Insurance
Default
Termination
Force Majeure
Indemnification
Assignment
Confidentiality
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Waiver
Stamp Duty
Registration
Time of Essence
Further Assurances
Survival
Municipal Compliance
Title Insurance
Property Inspection
Regulatory Compliance
Risk Transfer
Encumbrances
Broker Provisions
Relevant Industries

Real Estate

Commercial Property Development

Retail

Manufacturing

Hospitality

Healthcare

Information Technology

Banking and Financial Services

Logistics and Warehousing

Education

Corporate Services

Relevant Teams

Legal

Real Estate

Finance

Compliance

Risk Management

Business Development

Property Management

Facilities Management

Corporate Affairs

Investment

Relevant Roles

Real Estate Manager

Property Acquisition Manager

Legal Counsel

Corporate Lawyer

Chief Financial Officer

Property Development Manager

Facilities Manager

Real Estate Broker

Commercial Director

Investment Manager

Asset Manager

Risk Manager

Compliance Officer

Real Estate Analyst

Property Valuator

Business Development Manager

Industries
Transfer of Property Act, 1882: Fundamental law governing transfer of immovable property in India, defining legal requirements for sale, procedures for property transfer, and rights of parties involved
Registration Act, 1908: Mandates registration of sale deeds and other property documents, specifying procedures for document registration and maintenance of property records
Indian Contract Act, 1872: Provides the basic framework for all contracts in India, including real estate contracts, covering aspects like offer, acceptance, consideration, and breach of contract
Real Estate (Regulation and Development) Act, 2016 (RERA): Regulates real estate sector, ensures transparency in property transactions, and protects buyers' interests, including commercial properties
Indian Stamp Act, 1899: Governs stamp duty payments on property transactions and legal documents, with rates varying by state
Foreign Exchange Management Act, 1999 (FEMA): Relevant for transactions involving foreign parties, regulating foreign investment in Indian real estate
Income Tax Act, 1961: Covers tax implications of property transactions, including capital gains tax and TDS requirements
Urban Land (Ceiling and Regulation) Act, 1976: Regulates urban property holdings and development in certain states where still applicable
Environmental Protection Act, 1986: Relevant for commercial properties regarding environmental compliance and clearances
Municipal Corporation Acts (State-specific): Local laws governing property use, development, and maintenance within municipal limits
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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