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Real Estate Installment Contract

Real Estate Installment Contract Template for India

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Key Requirements PROMPT example:

Real Estate Installment Contract

"I need a Real Estate Installment Contract for a 3-bedroom apartment in Mumbai, with a total purchase price of ₹1.5 crore to be paid in 24 monthly installments starting March 2025, including provisions for early possession after 50% payment completion."

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Document background
The Real Estate Installment Contract is a specialized agreement used in Indian property transactions where the purchase price is paid through a series of scheduled installments rather than as a lump sum. This document type is particularly relevant in scenarios where buyers prefer or require structured payment plans for property acquisition, common in both residential and commercial real estate transactions in India. The agreement must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), Transfer of Property Act, and state-specific regulations. It typically includes comprehensive details about the property, payment schedule, possession terms, title transfer conditions, and default remedies. This contract type provides security to both sellers and buyers by clearly documenting the terms of the installment-based purchase while ensuring compliance with Indian property laws and regulations.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including complete addresses and legal status

2. Background: Context of the transaction, including brief property description and parties' intention to enter into installment-based purchase

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Installments, Completion Date, etc.

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

5. Purchase Price: Total consideration and detailed breakdown of the purchase price

6. Payment Structure: Installment schedule, payment amounts, due dates, and payment methods

7. Default and Remedies: Consequences of payment default, cure periods, and available remedies

8. Possession: Terms and conditions for property possession, maintenance responsibilities during installment period

9. Title and Ownership: Details about property title, transfer process, and ownership rights during and after installment period

10. Representations and Warranties: Declarations by both parties regarding property title, authority to sell, and other material facts

11. Covenants: Ongoing obligations of both parties during the installment period

12. Registration and Expenses: Requirements for document registration and allocation of associated costs

13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes

14. Notices: Process and addresses for serving notices under the agreement

15. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

16. Termination: Conditions and process for contract termination

17. Entire Agreement: Statement confirming the agreement represents complete understanding between parties

Optional Sections

1. Insurance: Requirements for property insurance during installment period - include when property value is significant or there are specific risks

2. Property Maintenance Fund: Details of maintenance charges and sinking fund - include for apartment/complex properties

3. Development Rights: Rights regarding future development - include when property has development potential

4. Third Party Rights: Existing leases or encumbrances - include when property has existing tenants or encumbrances

5. Environmental Compliance: Environmental obligations and compliance - include for industrial or commercial properties

6. Assignment Rights: Rights to assign the contract - include when parties want transfer flexibility

7. Property Usage Restrictions: Specific restrictions on property use - include when property is in special zones or has usage limitations

8. Escrow Arrangements: Details of escrow account for payments - include in high-value transactions

Suggested Schedules

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

2. Schedule B - Payment Schedule: Detailed installment payment schedule with dates, amounts, and payment methods

3. Schedule C - Title Documents: List of title documents and chain of ownership details

4. Schedule D - Encumbrances: List of existing encumbrances, liens, or mortgages on the property

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

6. Schedule F - Completion Timeline: Construction/completion milestones if property is under development

7. Appendix 1 - Property Photos and Plans: Current photographs and architectural plans of the property

8. Appendix 2 - Required Approvals: Copies of necessary permits and approvals

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
Purchaser
Purchase Price
Installment Payment
Payment Schedule
Completion Date
Possession Date
Due Date
Default
Force Majeure
Encumbrances
Title Documents
Property Documents
Applicable Laws
RERA
Competent Authority
Registration
Stamp Duty
Common Areas
Specifications
Amenities
Business Day
Interest Rate
Late Payment Charges
Maintenance Charges
Municipal Authority
Occupancy Certificate
Permitted Use
Property Tax
Sale Deed
Security Interest
Transfer
Utilities
Carpet Area
Built-up Area
Super Built-up Area
Completion Certificate
Development Rights
Easement Rights
Governing Law
Material Breach
Notice
Parking Space
Possession
Registration Authority
Sanctioned Plan
Title
Clauses
Property Description
Purchase Price
Payment Terms
Installment Schedule
Title and Ownership
Possession
Property Transfer
Default and Remedies
Registration and Stamp Duty
Representations and Warranties
Covenants
Insurance
Maintenance
Property Inspection
Due Diligence
Force Majeure
Indemnification
Assignment
Termination
Dispute Resolution
Governing Law
Notices
Amendment
Severability
Entire Agreement
Property Usage
Encumbrances
Construction Quality
Completion Timeline
Regulatory Compliance
Environmental Compliance
Tax Obligations
Utilities and Services
Common Areas
Development Rights
Third Party Rights
Relevant Industries

Real Estate

Construction

Property Development

Banking & Finance

Housing

Commercial Property

Retail Property

Industrial Property

Hospitality

Urban Development

Relevant Teams

Legal

Real Estate

Compliance

Finance

Sales

Property Management

Business Development

Documentation

Risk Management

Operations

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Property Manager

Real Estate Agent

Compliance Officer

Financial Controller

Real Estate Investment Manager

Property Acquisition Manager

Contract Administrator

Real Estate Transaction Specialist

Development Director

Sales Manager

Property Documentation Officer

Real Estate Finance Manager

Industries
Real Estate (Regulation and Development) Act, 2016 (RERA): Central legislation that regulates real estate sector, ensuring transparency and protecting buyer interests in real estate transactions. Mandatory for projects above 500 sq meters.
Transfer of Property Act, 1882: Fundamental law governing transfer of immovable property in India, defining legal requirements for property sales and conditions of transfer.
Registration Act, 1908: Mandates registration of property documents and details the process of registration for property transactions.
Indian Contract Act, 1872: Governs the basic principles of contract formation, including essential elements of valid contracts and remedies for breach.
Indian Stamp Act, 1899: Specifies stamp duty requirements for property documents, making them legally admissible in court.
Specific Relief Act, 1963: Provides remedies for breach of contract, including specific performance of real estate contracts.
State-specific Real Estate Laws: Various state-level regulations governing property transactions, development, and local compliance requirements.
Consumer Protection Act, 2019: Provides additional protection to property buyers as consumers, including remedies against unfair trade practices.
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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