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Simple Real Estate Purchase Agreement Between Family Members
"I need a Simple Real Estate Purchase Agreement Between Family Members for transferring my ancestral property in Mumbai to my son, with a provision that allows my daughter to maintain living rights in the property for the next 10 years."
1. Parties: Identification of the family members involved as seller and purchaser, including their relationship, addresses, and contact details
2. Background: Brief context of the family property transfer, including the relationship between parties and reason for transfer
3. Definitions: Key terms used in the agreement, including Property, Purchase Price, Completion Date, and any family-specific terms
4. Property Details: Detailed description of the property being sold, including address, dimensions, and registration details
5. Purchase Price: Agreed purchase price and payment terms, including any family considerations or adjustments
6. Payment Terms: Structure and schedule of payments, including any special arrangements between family members
7. Completion: Details of when and how the transfer will be completed, including registration requirements
8. Seller's Representations: Warranties about property ownership, encumbrances, and legal authority to sell
9. Transfer of Title: Process and obligations for transferring clear title to the purchaser
10. Registration and Expenses: Responsibilities for registration, stamp duty, and other transfer expenses
11. Governing Law: Confirmation that the agreement is governed by Indian law
12. Execution: Signature blocks for all parties and witnesses
1. Family Maintenance Rights: Used when other family members retain rights to reside in or use the property
2. Ancestral Property Declaration: Required if the property has ancestral status under Hindu law
3. Special Payment Arrangements: When including family-specific payment terms like offset against inheritance
4. Other Family Members' Consent: When other family members' approval is needed for the transfer
5. Future Right of First Refusal: Option for family members to have first right to purchase if the property is sold in future
6. Mortgage or Existing Charges: When the property has existing charges that need to be addressed
7. Gift Component: When part of the transfer includes a gift element between family members
1. Schedule A - Property Description: Detailed legal description of the property, including boundaries and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
3. Schedule C - Property Documents: List of all property documents being transferred
4. Schedule D - Existing Encumbrances: Details of any existing mortgages, charges, or liens
5. Appendix 1 - Property Photos: Recent photographs of the property for reference
6. Appendix 2 - Family Consent Letters: Written consents from other family members if required
7. Appendix 3 - Previous Title Documents: Copies of relevant historical title documents and family arrangements
Authors
Property
Purchase Price
Completion Date
Completion
Seller
Purchaser
Family Relationship
Transfer Date
Title Documents
Encumbrances
Property Documents
Ancestral Property
Family Members
Consenting Parties
Effective Date
Registration Date
Stamp Duty
Registration Fees
Payment Schedule
Possession
Property Rights
Legal Representatives
Permitted Use
Business Day
Existing Charges
Material Defect
Outstanding Liabilities
Force Majeure
Fixtures and Fittings
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Property Inspection
Due Diligence
Completion
Registration
Family Consent
Ancestral Rights
Property Possession
Expenses and Taxes
Default
Force Majeure
Dispute Resolution
Governing Law
Notices
Succession Rights
Right of First Refusal
Family Maintenance Rights
Severability
Amendment
Entire Agreement
Execution
Real Estate
Legal Services
Family Law
Property Development
Wealth Management
Banking
Notary Services
Property Registration
Legal
Real Estate
Property Management
Wealth Management
Document Processing
Family Office
Compliance
Property Registration
Real Estate Lawyer
Property Lawyer
Family Law Attorney
Legal Counsel
Property Manager
Estate Planning Advisor
Wealth Manager
Real Estate Agent
Property Consultant
Sub-Registrar
Legal Document Specialist
Family Office Manager
Property Valuation Expert
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