Residential Real Estate Sales Contract Template for India

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Key Requirements PROMPT example:

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."

Document background
The Residential Real Estate Sales Contract is a crucial legal instrument used in India for documenting the sale and purchase of residential properties. This document is essential for any transaction involving residential real estate, whether it's an apartment, house, villa, or plot intended for residential development. It incorporates requirements from various Indian legislations including the Transfer of Property Act 1882, Registration Act 1908, and Real Estate (Regulation and Development) Act 2016 (RERA). The contract details all aspects of the transaction including property description, price, payment terms, title warranties, and completion requirements. It serves as both a legally binding agreement and a comprehensive record of the transaction terms, protecting both buyer and seller interests while ensuring regulatory compliance.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Banking and Financial Services

Legal Services

Insurance

Construction

Property Management

Urban Development

Housing Finance

Relevant Teams

Legal

Real Estate Operations

Compliance

Risk Management

Property Management

Sales

Documentation

Finance

Customer Relations

Transaction Processing

Relevant Roles

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

Industries
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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