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Residential Resale Contract

Residential Resale Contract Template for India

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Key Requirements PROMPT example:

Residential Resale Contract

"I need a Residential Resale Contract for a 2-bedroom apartment in Mumbai, with possession to be transferred by March 2025, including provisions for society transfer approval and existing tenant vacation."

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Document background
The Residential Resale Contract is a crucial legal document used in India for the transfer of previously owned residential properties from sellers to buyers. This contract type is essential for documenting the terms and conditions of the property transfer, ensuring compliance with Indian property laws, and protecting the interests of all parties involved. It is specifically designed to address the unique aspects of resale transactions, including title verification, existing encumbrances, and property condition disclosures. The document must comply with various Indian legislations, including the Transfer of Property Act, RERA guidelines, and state-specific real estate laws. It's particularly important in the secondary real estate market, where properties are being transferred from one owner to another rather than being sold for the first time by a developer. The contract includes provisions for payment schedules, possession transfer, title guarantees, and necessary warranties, making it a comprehensive framework for residential property resale transactions in India.
Suggested Sections

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

2. Background: Brief context about the property ownership and intention to sell/purchase

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

4. Property Details: Complete description of the property including address, dimensions, boundaries, and registration details

5. Sale Consideration: Purchase price, payment terms, and schedule of payments

6. Mode of Payment: Detailed description of how payments will be made (cash, bank transfer, etc.)

7. Possession: Terms and timing of property possession transfer

8. Title and Ownership: Seller's warranties regarding clear title and authority to sell

9. Representations and Warranties: Statements and guarantees from both parties regarding the property and transaction

10. Obligations of the Seller: Seller's responsibilities including documentation, maintenance until possession, etc.

11. Obligations of the Purchaser: Purchaser's responsibilities including timely payment, due diligence, etc.

12. Closing Requirements: Requirements and conditions for completing the transaction

13. Default and Remedies: Consequences and remedies in case of breach by either party

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

15. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction

Optional Sections

1. Loan and Mortgage: Include when purchaser is obtaining financing - details of loan arrangements and mortgage terms

2. Society Transfer: Include for apartments - requirements for housing society membership transfer

3. Existing Tenancy: Include if property is currently tenanted - details about existing tenancy and handover

4. Power of Attorney: Include if either party is acting through an attorney - details of power of attorney

5. Joint Ownership: Include for multiple owners - specific terms regarding joint ownership

6. Parking Space: Include for properties with parking - details of parking rights and transfer

7. Force Majeure: Include if parties want specific provisions for unforeseen circumstances

8. Tax Implications: Include detailed tax clauses when transaction has specific tax considerations

Suggested Schedules

1. Property Description Schedule: Detailed property description including exact measurements and boundaries

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

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

4. Encumbrances Schedule: List of existing encumbrances, if any

5. Inventory Schedule: List of fixtures and fittings included in the sale

6. Due Diligence Report: Summary of legal and technical due diligence findings

7. Property Photos: Photographs of the property and key features

8. Compliance Certificates: Copies of relevant compliance certificates and permissions

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
Sale Consideration
Earnest Money
Completion Date
Possession
Title Deeds
Encumbrances
Due Diligence
Force Majeure
Business Day
Bank
Registration
Stamp Duty
Transfer Deed
Property Documents
Applicable Laws
Completion
Default
Interest Rate
Parties
Previous Title Deeds
Property Tax
Schedule
Society
Super Built-up Area
Carpet Area
Built-up Area
Maintenance Charges
Municipal Authority
Occupancy Certificate
Outstanding Dues
Permitted Use
Property Rights
Utilities
Valuation
Liabilities
Material Breach
Notices
Clauses
Identification of Parties
Property Description
Sale Consideration
Payment Terms
Title and Ownership
Representations and Warranties
Property Transfer
Possession
Registration and Stamp Duty
Due Diligence
Seller Covenants
Purchaser Covenants
Encumbrances
Indemnification
Default and Remedies
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Dispute Resolution
Property Inspection
Society Transfer
Utilities Transfer
Tax Compliance
Property Insurance
Termination
Survival
Relevant Industries

Real Estate

Residential Property

Legal Services

Banking and Finance

Property Management

Construction

Housing Development

Property Investment

Real Estate Consulting

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Documentation

Risk Management

Financial Advisory

Customer Relations

Transactions Processing

Due Diligence

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Conveyancing Manager

Property Document Specialist

Real Estate Transaction Manager

Compliance Officer

Real Estate Consultant

Housing Society Manager

Title Insurance Specialist

Property Valuation Expert

Real Estate Documentation Officer

Industries
Transfer of Property Act, 1882: Fundamental law governing transfer of immovable property in India, defining legal requirements for property sale and purchase
Registration Act, 1908: Mandates registration of property documents and maintains proper records of all real estate transactions
Indian Stamp Act, 1899: Governs stamp duty payments on property transactions and legal documents
Real Estate (Regulation and Development) Act, 2016 (RERA): Regulates real estate sector, ensures transparency in property transactions, and protects buyer interests
Indian Contract Act, 1872: Provides the basic framework for all contracts including property transactions
Income Tax Act, 1961: Relevant sections regarding property transactions, capital gains, and TDS requirements
Specific Relief Act, 1963: Provides remedies for breach of contract and specific performance in property transactions
Urban Land (Ceiling and Regulation) Act, 1976: Regulates urban property holdings and transactions in certain areas
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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