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Residential Real Estate Sales Contract
"I need a Residential Real Estate Sales Contract for selling my apartment in Mumbai to a foreign buyer, with specific clauses about FEMA compliance and RBI approval, where the transaction will be completed in installments with the final payment due March 2025."
1. Parties: Identification and details of the seller and purchaser, including names, addresses, and legal capacity
2. Background: Context of the transaction, including brief property history and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including address, dimensions, boundaries, and registration details
5. Purchase Price: Total consideration, payment schedule, and mode of payment
6. Payment Terms: Detailed breakdown of payment structure, installments, and payment methods
7. Title and Ownership: Seller's warranties regarding clear title and ownership rights
8. Encumbrances: Declaration of any existing mortgages, liens, or other encumbrances
9. Representations and Warranties: Statements and guarantees by both parties regarding the property and transaction
10. Conditions Precedent: Conditions that must be satisfied before completion
11. Completion: Process and requirements for concluding the transaction
12. Registration and Transfer: Requirements and process for property registration and transfer
13. Possession: Terms and conditions for transferring possession
14. Default and Remedies: Consequences and remedies in case of breach by either party
15. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
16. Notices: Method and addresses for serving notices between parties
17. Force Majeure: Provisions for unforeseen circumstances preventing performance
18. Execution: Signature blocks and witness requirements
1. Property Management Until Completion: Terms for managing the property between agreement signing and completion, used when there's a significant gap between signing and possession
2. Tenant Rights: Required when the property is currently tenanted, describing existing tenancy arrangements and handover process
3. Financing Conditions: Include when purchase is contingent on buyer obtaining mortgage or other financing
4. Property Inspection: Detailed terms for property inspection rights, used when buyer requires specific inspection conditions
5. Fixtures and Fittings: Detailed list of items included/excluded in the sale, necessary when specific items need to be clarified
6. Development Rights: Include when property has potential development rights or pending approvals
7. Car Parking: Required when separate car parking rights need to be transferred
8. Society Membership: Include for apartments/condominiums where society membership needs to be transferred
1. Schedule 1 - Property Description: Detailed property description including floor plans, boundaries, and measurements
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule 3 - Title Documents: List of all title documents and their copies
4. Schedule 4 - Encumbrance Certificate: Recent encumbrance certificate and details of any existing charges
5. Schedule 5 - Fixtures and Fittings: Comprehensive list of fixtures and fittings included in the sale
6. Appendix A - Property Photos: Recent photographs of the property
7. Appendix B - Property Tax Receipts: Copies of recent property tax payments and assessments
8. Appendix C - Utility Bills: Recent utility bill copies showing no pending dues
Authors
Applicable Laws
Approved Bank
Built-up Area
Carpet Area
Completion Date
Consideration
Deed of Sale
Deposit
Encumbrances
Execution Date
Financial Institution
Force Majeure Event
Government Authority
Interest Rate
Land Records
Material Adverse Effect
Municipal Authority
Occupancy Certificate
Payment Schedule
Permitted Use
Possession Date
Property
Property Documents
Purchase Price
RERA
Registration Authority
Sale Deed
Seller's Title
Stamp Duty
Super Built-up Area
Tax Assessment
Title Documents
Transfer Documents
Utilities
Vacant Possession
Valuation Report
Working Day
Sale and Purchase
Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Conditions Precedent
Due Diligence
Property Inspection
Transfer of Possession
Registration and Stamp Duty
Encumbrances
Property Documents
Seller Covenants
Buyer Covenants
Default and Remedies
Force Majeure
Indemnification
Assignment
Notices
Entire Agreement
Amendment
Severability
Governing Law
Dispute Resolution
Costs and Expenses
Further Assurances
Time of Essence
Survival
Counterparts
Real Estate
Property Development
Banking and Financial Services
Legal Services
Insurance
Construction
Property Management
Urban Development
Housing Finance
Legal
Real Estate Operations
Compliance
Risk Management
Property Management
Sales
Documentation
Finance
Customer Relations
Transaction Processing
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Property Developer
Compliance Officer
Real Estate Broker
Title Examiner
Property Valuation Expert
Housing Finance Manager
Real Estate Transaction Coordinator
Document Specialist
Legal Operations Manager
Risk Assessment Officer
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