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Residential Real Estate Purchase Contract

Residential Real Estate Purchase Contract Template for India

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Key Requirements PROMPT example:

Residential Real Estate Purchase Contract

"I need a Residential Real Estate Purchase Contract for buying a 3-bedroom apartment in Mumbai from a property developer, with completion scheduled for March 2025, including specific provisions for parking space allocation and society membership transfer."

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Document background
The Residential Real Estate Purchase Contract serves as the primary legal instrument for documenting property transactions in India's residential real estate market. This contract is essential for any purchase of residential property, whether it's an apartment, house, villa, or plot intended for residential development. The document must comply with multiple Indian legislations, including the Transfer of Property Act, RERA (where applicable), and state-specific property laws. It includes comprehensive details about the property, parties involved, payment terms, warranties, and completion requirements. The agreement is designed to protect both buyer and seller interests while ensuring transparency and legal compliance in the transaction. It's particularly important given India's complex property laws and registration requirements, and should be customized based on specific state laws and local regulations.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including names, addresses, and legal capacity

2. Background: Context of the transaction and brief description of the property being sold

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

4. Property Description: Detailed description of the property including address, boundaries, and registration details

5. Purchase Price: Total consideration and payment structure, including earnest money deposit

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and payment conditions

7. Title and Ownership: Seller's declarations regarding clear title and ownership rights

8. Representations and Warranties: Warranties by seller regarding property condition, encumbrances, and legal status

9. Due Diligence: Buyer's right to inspect and verify property details and documentation

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

11. Completion: Process and requirements for completing the transaction

12. Possession: Terms and timing of property possession handover

13. Registration and Stamp Duty: Responsibilities for registration and payment of stamp duty

14. Default and Remedies: Consequences of default by either party and available remedies

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

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

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

Optional Sections

1. Mortgage or Financing: Include when purchase is subject to buyer obtaining financing

2. Society Approval: Required for properties in housing societies requiring membership transfer

3. Tenant Rights: Include if property is currently tenanted or subject to existing lease agreements

4. Power of Attorney: Include if either party is acting through an authorized representative

5. RERA Compliance: Specific provisions for newly constructed properties under RERA

6. Property Tax Arrangements: Special provisions for handling pending or future property tax obligations

7. Utilities Transfer: Specific arrangements for transfer of utility connections and deposits

8. Furniture and Fixtures: Include if sale includes specific furniture or fixtures

9. Defect Resolution: Include for new properties to address construction defects

10. Parking Rights: Special provisions for parking spaces or rights in multi-unit buildings

Suggested Schedules

1. Property Details Schedule: Detailed property specifications, boundaries, and measurements

2. Title Documents List: List of all title and ownership documents

3. Payment Schedule: Detailed breakdown of payment installments and timing

4. Encumbrance Certificate: Recent encumbrance certificate details

5. Property Tax Records: History of property tax payments and pending dues

6. Inventory List: List of fixtures, fittings, and items included in the sale

7. Outstanding Dues: List of pending utility bills, maintenance charges, or other dues

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

9. Approved Plans: Copy of approved building plans and permits

10. Chain of Title: Historical chain of property ownership and transfers

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
Earnest Money
Title Deeds
Encumbrances
Business Day
Closing
Due Diligence Period
Effective Date
Force Majeure
Material Adverse Change
Parties
Possession Date
Property Documents
Registration
Sale Deed
Seller's Warranties
Stamp Duty
Title Insurance
Transfer Documents
Utilities
Vacant Possession
Valuation
Common Areas
Built-up Area
Carpet Area
Super Built-up Area
Local Authority
Municipal Taxes
Outstanding Dues
Permitted Use
Property Tax
RERA
Society
Transfer Fee
Occupancy Certificate
Maintenance Charges
Clauses
Property Description
Sale and Purchase
Purchase Price
Payment Terms
Title and Ownership
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Registration and Stamp Duty
Possession
Property Transfer
Encumbrances
Covenants
Default
Remedies
Force Majeure
Indemnification
Assignment
Notices
Amendments
Severability
Entire Agreement
Dispute Resolution
Governing Law
Jurisdiction
Society Approval
Insurance
Property Tax
Utilities Transfer
Maintenance
Inspection Rights
Risk Transfer
Time of Essence
Further Assurance
Relevant Industries

Real Estate

Construction

Banking and Finance

Legal Services

Insurance

Property Management

Urban Development

Housing Development

Property Investment

Residential Construction

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Documentation

Sales

Finance

Risk Management

Operations

Customer Relations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Contract Manager

Real Estate Portfolio Manager

Title Examiner

Property Valuation Expert

Real Estate Transaction Coordinator

Housing Finance Manager

Property Documentation Specialist

Real Estate Investment Manager

Legal Documentation Officer

Industries
Transfer of Property Act, 1882: Fundamental law governing transfer of immovable property in India, defining requirements for valid property transfers, rights and obligations of parties, and legal formalities for sale deeds
Registration Act, 1908: Mandates registration of property documents, procedure for registration, and requirements for valid registration of property transactions
Indian Stamp Act, 1899: Governs stamp duty requirements for property documents, including rates and calculation methods for different types of transactions
Real Estate (Regulation and Development) Act, 2016 (RERA): Regulates real estate sector, ensures transparency in property transactions, and protects buyers' interests in real estate purchases
Indian Contract Act, 1872: Provides general principles of contract formation, validity, and enforcement applicable to property purchase agreements
Specific Relief Act, 1963: Provides remedies for breach of contract and specific performance in property transactions
Indian Easements Act, 1882: Governs rights and obligations related to easements and property usage rights that may affect the property
Income Tax Act, 1961: Relevant sections governing tax implications of property transactions, including TDS requirements and capital gains
State-specific Property Laws: Various state-level regulations governing property transactions, including local stamp duty rates, registration requirements, and property usage restrictions
Consumer Protection Act, 2019: Provides protection to property buyers against unfair practices and deficiency in services in real estate transactions
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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