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Real Property Sales Contract

Real Property Sales Contract Template for India

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Key Requirements PROMPT example:

Real Property Sales Contract

"I need a Real Property Sales Contract for the purchase of a commercial office building in Mumbai, with completion scheduled for March 2025, that includes specific provisions for existing tenants and staged payments."

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Document background
The Real Property Sales Contract is a fundamental legal document used in Indian real estate transactions to formalize the sale and transfer of real property. It is essential when any type of real estate (residential, commercial, industrial, or agricultural) is being sold in India. The document must comply with multiple pieces of legislation, including the Transfer of Property Act 1882, Registration Act 1908, and the Indian Contract Act 1872. This contract type is required for all property sales transactions in India and must be properly stamped and registered with the relevant Sub-Registrar's office. It serves to protect both parties' interests by clearly documenting the property details, price, payment terms, warranties, and obligations. The contract is particularly important as property transactions in India require stringent documentation and specific legal formalities to be considered valid and enforceable.
Suggested Sections

1. Parties: Details of the seller and purchaser including full names, addresses, and other identifying information

2. Background: Context of the sale, including brief property history and intention of the parties

3. Definitions: Key terms used throughout the agreement defined for clarity and consistency

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

5. Purchase Price: The agreed sale price and payment terms, including deposit arrangements

6. Payment Terms: Detailed breakdown of how and when payments will be made, including installment schedule if applicable

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

8. Seller's Representations and Warranties: Statements and guarantees made by the seller about the property's condition and title

9. Buyer's Representations and Warranties: Statements and guarantees made by the buyer regarding capacity to purchase and funding

10. Completion: Details of the completion process, timing, and requirements

11. Post-Completion Obligations: Responsibilities of both parties after the sale is completed

12. Default and Remedies: Consequences and available remedies if either party breaches the agreement

13. Governing Law and Jurisdiction: Specification that Indian law governs the agreement and jurisdiction for disputes

14. Notices: How formal communications between parties should be made and delivered

15. Execution: Signature blocks and execution formalities

Optional Sections

1. Property Inspection: Detailed terms about property inspection rights and process, used when the buyer hasn't completed full inspection before signing

2. Loan Contingency: Terms relating to the buyer's ability to secure financing, used when purchase depends on mortgage approval

3. Title Insurance: Requirements for title insurance, used in high-value transactions or when specifically requested

4. Property Management During Transition: Terms governing property management between signing and completion, used for income-generating properties

5. Tenant Rights: Details about existing tenants and their rights, used when property is sold with sitting tenants

6. Development Rights: Terms relating to future development potential, used when property has development potential

7. Environmental Matters: Specific provisions regarding environmental issues, used for industrial properties or known environmental concerns

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property including boundaries, measurements, and included fixtures

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

3. Encumbrances Schedule: List of all existing encumbrances, mortgages, or liens on the property

4. Inventory Schedule: List of any movable items included in the sale

5. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

6. Outstanding Litigation Schedule: Details of any pending legal proceedings affecting the property

7. Completion Checklist: List of documents and actions required for completion

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
Purchase Price
Completion Date
Completion
Deposit
Encumbrances
Title Deeds
Fixtures and Fittings
Business Day
Effective Date
Bank Account
Liabilities
Material Adverse Change
Parties
Property Documents
Registration
Representations and Warranties
Stamp Duty
Sub-Registrar
Transfer Deed
Vacant Possession
Valuation
Working Day
Force Majeure
Permitted Encumbrances
Due Diligence
Conditions Precedent
Completion Payment
Title Insurance
Governmental Authority
Applicable Law
Outstanding Litigation
Property Tax
Requisite Approvals
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Housing & Urban Development

Agriculture (for agricultural land)

Industrial (for industrial property)

Retail

Hospitality

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Business Development

Asset Management

Finance

Risk Management

Operations

Documentation

Relevant Roles

Legal Counsel

Real Estate Manager

Property Developer

Real Estate Agent

Property Manager

Compliance Officer

Contract Manager

Real Estate Attorney

Company Secretary

Land Acquisition Manager

Property Valuation Expert

Real Estate Investment Manager

Business Development Manager

Asset Manager

Transaction Manager

Industries
Transfer of Property Act, 1882: The primary legislation governing real estate transactions in India, covering aspects of property transfer, sale agreements, rights and obligations of parties
Registration Act, 1908: Mandates the registration of sale deeds and other property documents with the sub-registrar's office
The Indian Contract Act, 1872: Provides the basic framework for all contracts in India, including property contracts, covering aspects like offer, acceptance, consideration, and capacity to contract
The Real Estate (Regulation and Development) Act, 2016 (RERA): Regulates the real estate sector, especially new developments, ensuring transparency and protecting buyer interests
The Indian Stamp Act, 1899: Governs the stamp duty payable on property transfer documents
The Specific Relief Act, 1963: Provides remedies for breach of property contracts and enforcement of specific performance
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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