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Home Buyer Seller Agreement Form

Home Buyer Seller Agreement Form Template for India

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Key Requirements PROMPT example:

Home Buyer Seller Agreement Form

"I need a Home Buyer Seller Agreement Form under Indian law for purchasing a fully-constructed 3BHK apartment in Mumbai, with a standard payment structure and possession to be handed over by March 2025."

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Document background
The Home Buyer Seller Agreement Form is a fundamental legal document used in Indian real estate transactions to formalize the sale and purchase of residential property. This agreement becomes necessary when parties have agreed on the basic terms of the property transfer and need to document their rights, obligations, and the transaction specifics in a legally binding format. The document must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), Transfer of Property Act, and various state-specific regulations. It includes crucial details such as property description, payment terms, possession timeline, warranties, and default remedies. The agreement serves as evidence of the transaction terms and can be used for property registration, obtaining home loans, and resolving potential disputes.
Suggested Sections

1. Parties: Identification and details of the seller and buyer, including their complete addresses and contact information

2. Background: Brief context about the property transaction and the parties' intention to enter into the agreement

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

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

5. Purchase Price: Total consideration amount, payment schedule, and mode of payment

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

7. Possession: Terms and conditions regarding the handover of property possession

8. Seller's Representations and Warranties: Declarations by the seller regarding property title, encumbrances, and legal status

9. Buyer's Representations and Warranties: Declarations by the buyer regarding financial capacity and compliance with terms

10. Covenants: Ongoing obligations of both parties until completion

11. Completion: Process and requirements for completing the transaction

12. Default and Remedies: Consequences of breach and available remedies

13. Notices: Method and addresses for serving notices between parties

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

15. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments

Optional Sections

1. Loan and Mortgage: Include when buyer is obtaining financing - details of loan arrangement and mortgage terms

2. Society Membership: Include for apartment/society properties - terms regarding society membership transfer

3. Construction Status: Include for under-construction properties - details about construction timeline and specifications

4. Parking Space: Include when parking space is part of the deal - specific details about parking allocation

5. Power of Attorney: Include when either party is represented through Power of Attorney

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

7. GST Provisions: Include for properties where GST is applicable

8. Force Majeure: Include for under-construction properties or longer-term agreements

Suggested Schedules

1. Schedule 1 - Property Description: Detailed technical description of property including measurements and boundaries

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments with dates

3. Schedule 3 - Property Documents: List of title and property documents

4. Schedule 4 - Amenities and Specifications: Details of included amenities and property specifications

5. Appendix A - Property Plans: Floor plans, site maps, and layout drawings

6. Appendix B - Title Documents: Copies of key title documents

7. Appendix C - NOCs and Permissions: Copies of necessary permits and no-objection certificates

8. Appendix D - Previous Title Deeds: Chronological list and copies of previous ownership documents

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
Property
Seller
Buyer
Purchase Price
Completion Date
Possession
Earnest Money
Title Deeds
Encumbrances
Force Majeure
Material Adverse Effect
Completion Certificate
Occupancy Certificate
Common Areas
Built-up Area
Carpet Area
Super Built-up Area
Transfer Date
Registration
Stamp Duty
Due Diligence
Permitted Use
Property Documents
Fixtures and Fittings
Amenities
Default
Business Day
Governmental Authority
Applicable Laws
RERA
Outgoings
Bank Loan
Mortgage
Representation and Warranties
Society
Maintenance Charges
Property Tax
Utility Services
Notice
Schedule
Appendix
Clauses
Property Description
Purchase Price
Payment Terms
Title and Ownership
Possession
Representations and Warranties
Due Diligence
Registration and Stamp Duty
Property Transfer
Seller Obligations
Buyer Obligations
Default and Remedies
Force Majeure
Indemnification
Society Compliance
Tax Compliance
Insurance
Inspection Rights
Utilities and Services
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Dispute Resolution
Notices
Costs and Expenses
Further Assurance
Confidentiality
Termination
Relevant Industries

Real Estate

Legal Services

Financial Services

Construction

Property Development

Banking

Insurance

Property Management

Urban Development

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Documentation

Finance

Risk Management

Operations

Customer Relations

Business Development

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Housing Finance Manager

Title Officer

Real Estate Transaction Coordinator

Property Documentation Specialist

Mortgage Officer

Real Estate Broker

Legal Documentation Manager

Industries
Real Estate (Regulation and Development) Act, 2016 (RERA): Central legislation that regulates real estate transactions, ensuring transparency and protecting home buyers' interests. Mandatory compliance required for real estate transactions.
Transfer of Property Act, 1882: Governs the transfer of property between parties, defining legal requirements for valid property transfers and conditions of sale.
Registration Act, 1908: Mandates the registration of property documents and provides legal framework for property registration procedures.
Indian Contract Act, 1872: Provides the basic framework for all contracts in India, including essential elements of a valid contract and remedies for breach.
Indian Stamp Act, 1899: Governs the stamp duty payable on property documents and agreements related to property transfer.
Consumer Protection Act, 2019: Protects consumer interests and provides mechanism for dispute resolution in case of unfair trade practices in property transactions.
Specific Relief Act, 1963: Provides remedies for breach of contract and enforcement of property rights, including specific performance of contracts.
Local Municipal Laws: Various local body regulations governing property construction, usage, and transfer within specific municipal jurisdictions.
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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