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Contract For Sale Of Commercial Property

Contract For Sale Of Commercial Property Template for India

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Contract For Sale Of Commercial Property

"I need a Contract for Sale of Commercial Property for purchasing a multi-tenant office building in Mumbai, with specific provisions for existing tenant agreements and a completion date set for March 2025."

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Document background
A Contract For Sale Of Commercial Property is a crucial legal document used in Indian real estate transactions when transferring ownership of commercial real estate from a seller to a purchaser. This document is essential for any business entity or individual looking to acquire or dispose of commercial property in India, whether it's office space, retail establishments, industrial facilities, or other commercial real estate assets. The contract must comply with various Indian laws including the Transfer of Property Act, Registration Act, and local property regulations. It typically includes detailed provisions about the property, price, payment terms, warranties, and completion requirements. This type of agreement is particularly important in the Indian context due to the complex nature of property laws and the requirement for strict compliance with state-specific regulations and stamp duty requirements.
Suggested Sections

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

2. Background: Context of the sale, brief property description, and purpose of the agreement

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

4. Property Details: Comprehensive description of the property, including location, dimensions, and boundaries

5. Sale Consideration: Purchase price, payment terms, deposit requirements, and payment schedule

6. Conditions Precedent: Conditions that must be satisfied before completion of the sale

7. Seller's Representations and Warranties: Warranties regarding title, encumbrances, litigation, compliance with laws, etc.

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

9. Title and Transfer: Provisions regarding clear title, execution of transfer deed, and registration requirements

10. Completion: Process and requirements for completing the sale, including documentation and timelines

11. Possession: Terms for handing over physical possession of the property

12. Expenses and Taxes: Allocation of transaction costs, stamp duty, registration fees, and tax liabilities

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

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

15. Notices: Process for sending formal communications between parties

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

Optional Sections

1. Due Diligence: Detailed provisions for property investigation period, applicable when purchaser requires specific due diligence rights

2. Environmental Compliance: Specific provisions regarding environmental assessments and compliance, needed for properties in industrial zones or with potential environmental concerns

3. Existing Tenancies: Provisions dealing with current tenants and leases, required when property is leased

4. Foreign Investment Compliance: Required when either party is a foreign entity, ensuring FEMA compliance

5. Development Rights: Provisions regarding unused development potential or TDR, relevant for properties with development potential

6. Insurance: Provisions regarding property insurance during the transition period

7. Property Management: Interim management provisions between agreement and completion, needed for operational properties

8. Force Majeure: Provisions for unforeseen circumstances affecting completion, recommended for high-value transactions

Suggested Schedules

1. Property Description Schedule: Detailed property description including boundaries, measurements, and floor plans

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

3. Payment Schedule: Detailed breakdown of payment terms and installments

4. Encumbrances Schedule: List of existing encumbrances, liens, or mortgages

5. Compliance Schedule: List of required permits, licenses, and compliance certificates

6. Inventory Schedule: List of fixtures, fittings, and other items included in the sale

7. Outstanding Litigation Schedule: Details of any pending litigation affecting the property

8. Existing Tenancy Schedule: Details of current lease agreements and tenants

9. Due Diligence Documents: List of documents provided for due diligence

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 Law
Approval
Business Day
Completion
Completion Date
Consideration
Deposit
Encumbrance
Environmental Laws
Execution Date
Floor Area
Force Majeure Event
Government Authority
Improvements
Land
Material Adverse Effect
Municipal Authority
Occupancy Certificate
Parties
Permitted Use
Property
Property Documents
Property Rights
Purchase Price
Purchaser
Registration
Seller
Stamp Duty
Super Built-up Area
Title Deeds
Transfer Deed
Vacant Possession
Valuation
Warranties
Zoning Laws
Common Areas
Fixtures and Fittings
Due Diligence Period
Completion Certificate
Development Rights
Building Bylaws
FSI/FAR
Outstanding Liabilities
Lease Agreements
Title Insurance
Property Tax
Representations
Clauses
Interpretation
Sale and Purchase
Property Description
Consideration
Payment Terms
Title and Transfer
Conditions Precedent
Due Diligence
Representations and Warranties
Covenants
Completion
Post-Completion Obligations
Property Handover
Environmental Compliance
Indemnification
Force Majeure
Default and Termination
Dispute Resolution
Governing Law
Registration and Stamp Duty
Notices
Confidentiality
Assignment
Severability
Entire Agreement
Amendment
Insurance
Tax Obligations
Existing Tenancies
Development Rights
Municipal Compliance
Encumbrances
Property Management
Risk Transfer
Costs and Expenses
Relevant Industries

Real Estate

Commercial Property Development

Retail

Hospitality

Healthcare

Information Technology

Manufacturing

Banking and Financial Services

Logistics and Warehousing

Education

Professional Services

Industrial

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Risk Management

Corporate Development

Facilities Management

Asset Management

Property Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Real Estate Analyst

Investment Manager

Asset Manager

Development Manager

Compliance Officer

Finance Director

Operations Director

Commercial Director

Risk Manager

Industries
Transfer of Property Act, 1882: Fundamental law governing transfer of immovable property in India, defining legal requirements for property sale, rights and obligations of parties
Registration Act, 1908: Mandates registration of property sale deeds and other documents relating to immovable property transactions
Indian Contract Act, 1872: Governs the basic principles of contract formation, validity, and enforcement applicable to property sale contracts
Indian Stamp Act, 1899: Determines the stamp duty payable on property sale documents and other instruments
Real Estate (Regulation and Development) Act, 2016: Regulates real estate sector, including commercial property transactions, ensuring transparency and protecting buyers' interests
Income Tax Act, 1961: Relevant for tax implications of commercial property transactions, including capital gains and TDS requirements
Foreign Exchange Management Act, 1999: Applicable if any foreign party is involved in the commercial property transaction
Environmental Protection Act, 1986: Relevant for ensuring compliance with environmental regulations applicable to commercial properties
Municipal Corporation Acts (State-specific): Local laws governing commercial properties, including zoning regulations and building permissions
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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