Document background
The Mortgage Sales Contract is a specialized legal instrument used in Indian real estate transactions where property purchase is financed through a mortgage loan. This document is particularly relevant when buyers require institutional financing to complete their property purchase, combining both the sale deed and mortgage deed elements into a single comprehensive agreement. It ensures compliance with Indian property laws, banking regulations, and registration requirements while protecting the interests of all parties involved - the seller, buyer/mortgagor, and the lending institution. The document includes essential details about the property, sale consideration, mortgage terms, repayment schedules, and security creation, making it a crucial instrument in financed property transactions. Its use is widespread in both residential and commercial property purchases across India, subject to state-specific stamp duty and registration requirements.
