Deed Of Sale Of Condominium Unit Template for India

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Key Requirements PROMPT example:

Deed Of Sale Of Condominium Unit

"I need a Deed of Sale of Condominium Unit for a 3BHK apartment in Mumbai, with a staged payment structure where 20% is paid on signing and the remaining 80% to be paid by March 2025, including provisions for parking space and club house access."

Document background
The Deed of Sale of Condominium Unit is a crucial legal instrument in Indian real estate transactions, used specifically for transferring ownership of apartment units in multi-unit buildings. This document is essential when selling or purchasing a condominium unit in India, ensuring compliance with the Transfer of Property Act, 1882, Registration Act, 1908, and state-specific apartment ownership laws. It comprehensively details the property specifications, ownership rights, common area responsibilities, and transaction terms. The deed must be properly stamped and registered with local authorities to be legally valid. Given India's growing urban housing sector and the prevalence of apartment living, this document type has become increasingly significant in property transactions, particularly in metropolitan areas.
Suggested Sections

1. Parties: Identification and details of the Vendor/Seller and Purchaser/Buyer, including names, addresses, and legal capacity

2. Background: Recitals explaining the ownership history, development context, and intention to sell

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

4. Property Description: Detailed description of the condominium unit, including unit number, floor area, boundaries, and share in common areas

5. Consideration: Purchase price, payment terms, and acknowledgment of receipt

6. Transfer of Ownership: Express words of transfer and warranties of title

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

8. Rights and Obligations: Rights transferred and obligations assumed regarding common areas, facilities, and association membership

9. Possession: Terms of delivering physical possession and associated conditions

10. Registration and Expenses: Responsibilities for registration, stamp duty, and other transfer expenses

11. Governing Law: Specification of Indian law as governing law and jurisdiction details

12. Execution: Formal execution clause and witness provisions

Optional Sections

1. Mortgage Details: Required if the property has an existing mortgage that needs to be discharged

2. Power of Attorney: Include when either party is acting through an authorized representative

3. Third Party Rights: Needed when there are existing tenants or other third-party interests

4. Defect Resolution: Include for new properties to address construction defects and warranty periods

5. Tax Indemnity: Include when specific tax implications need to be addressed

6. Pending Litigation: Required if there are ongoing legal disputes affecting the property

Suggested Schedules

1. Schedule A - Property Details: Detailed technical description of the unit, including exact measurements and boundaries

2. Schedule B - Common Areas: List and description of common areas and facilities, including ownership share

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and installments if applicable

4. Schedule D - Title Documents: List of title documents and chain of ownership

5. Schedule E - Amenities: List of included amenities and facilities specific to the unit

6. Schedule F - Encumbrances: Details of any existing encumbrances, if any

7. Appendix 1 - Floor Plan: Architectural plan showing the exact location and layout of the unit

8. Appendix 2 - Society Rules: Copy of applicable society/association rules and regulations

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
Relevant Industries

Real Estate

Legal Services

Banking & Finance

Construction

Property Development

Property Management

Housing & Urban Development

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Documentation

Contracts Administration

Risk Management

Corporate Affairs

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Real Estate Transaction Manager

Title Officer

Contract Administrator

Real Estate Paralegal

Housing Society Manager

Property Documentation Specialist

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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