Shop Selling Agreement Template for India

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Key Requirements PROMPT example:

Shop Selling Agreement

"I need a Shop Selling Agreement for my retail property in Mumbai, with completion scheduled for March 2025, including standard warranties and representations for a cash transaction valued at ₹2.5 crores."

Document background
The Shop Selling Agreement is a crucial legal instrument used in Indian commercial property transactions for transferring ownership of retail or commercial shop premises. This document is essential when selling or purchasing a commercial shop space in India, whether it's a standalone shop or part of a larger commercial complex. The agreement must comply with various Indian legislative requirements, including the Transfer of Property Act 1882, state-specific Shops and Establishments Acts, and local municipal regulations. A properly drafted Shop Selling Agreement should include comprehensive details about the property, clear terms of sale, necessary warranties and representations, and compliance with local zoning and commercial property regulations. It serves as the primary document for recording the transaction terms, protecting both parties' interests, and ensuring legal compliance with Indian property law.
Suggested Sections

1. Parties: Details of the seller and purchaser, including names, addresses, and registration details if companies

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

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

4. Property Details: Comprehensive description of the shop premises, including exact measurements and boundaries

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

6. Seller's Representations and Warranties: Declarations regarding title, encumbrances, legal compliance, and authority to sell

7. Purchaser's Representations and Warranties: Declarations regarding authority to purchase and financial capability

8. Conditions Precedent: Conditions that must be fulfilled before completion of the sale

9. Completion: Process and timeline for completing the sale transaction

10. Possession: Terms and process for transferring possession of the property

11. Expenses and Taxes: Allocation of transaction costs, stamp duty, and other taxes

12. Indemnification: Mutual indemnification clauses for breach of representations

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

14. Notices: Process and addresses for serving notices under the agreement

15. Execution: Signature blocks and witness details

Optional Sections

1. Existing Tenancy: Required if the property is currently leased to tenants

2. Mortgage Details: Required if the property has any existing mortgage or charge

3. Business Assets: Required if the sale includes business assets, inventory, or goodwill

4. Employee Transfer: Required if existing employees are to be retained by the purchaser

5. Environmental Compliance: Required for properties in industrial areas or with specific environmental concerns

6. Intellectual Property: Required if the sale includes trading names, trademarks, or other IP

7. Due Diligence: Required for complex transactions involving detailed property investigation

8. Force Majeure: Optional clause for unforeseen circumstances affecting completion

9. Dispute Resolution: Optional detailed arbitration or mediation procedures

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including floor plans and boundaries

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timelines

3. Schedule 3 - Title Documents: List of title documents and chain of title

4. Schedule 4 - Encumbrances: Details of any existing charges, mortgages, or liens

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

6. Schedule 6 - Compliance Certificates: Copies of necessary permits, licenses, and certificates

7. Appendix A - Property Photos: Recent photographs of the property

8. Appendix B - Due Diligence Report: Summary of property investigation findings

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

Retail

Commercial Real Estate

Real Estate Development

Property Management

Banking and Finance

Legal Services

Small Business

Franchise

Shopping Centers

Commercial Property Investment

Relevant Teams

Legal

Real Estate

Commercial

Finance

Compliance

Operations

Business Development

Property Management

Facilities Management

Risk Management

Relevant Roles

Real Estate Lawyer

Property Manager

Commercial Director

Business Owner

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Commercial Property Consultant

Retail Operations Manager

Business Development Manager

Investment Manager

Company Secretary

Chief Financial Officer

Facilities Manager

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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