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Tripartite Agreement For Sale Of Property

Tripartite Agreement For Sale Of Property Template for India

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Tripartite Agreement For Sale Of Property

"I need a Tripartite Agreement for Sale of Property for a residential apartment in Mumbai, where the buyer is obtaining a home loan from State Bank of India, with completion scheduled for March 2025 and including specific clauses about pending society maintenance dues."

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Document background
The Tripartite Agreement For Sale Of Property is a crucial legal instrument in Indian real estate transactions where three parties are involved in the property transfer process. This document is commonly used when a property purchase involves bank financing, or when there's a need for additional stakeholder involvement such as a developer or housing society. The agreement is structured to comply with Indian property laws, including the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state-specific regulations. It comprehensively covers property details, payment terms, warranties, and obligations of all parties, making it essential for securing the interests of sellers, buyers, and financial institutions or other stakeholders in property transactions.
Suggested Sections

1. Parties: Identifies and provides details of all three parties to the agreement

2. Background/Recitals: Sets out the context and circumstances leading to the agreement

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Comprehensive description of the property being sold

5. Sale Consideration: Details of the purchase price and payment terms

6. Payment Structure: Breakdown of how and when payments will be made by various parties

7. Representations and Warranties: Statements of fact and assurances from all three parties

8. Rights and Obligations: Specific responsibilities and rights of each party

9. Conditions Precedent: Conditions that must be fulfilled before completion

10. Completion Mechanics: Process and steps for completing the transaction

11. Default and Remedies: Consequences and remedies in case of breach by any party

12. Indemnification: Provisions for compensation in case of loss or damage

13. Notices: Process and addresses for formal communications

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

15. Miscellaneous: General provisions including amendments, severability, and entire agreement

Optional Sections

1. Mortgage Details: Required when property is being purchased through bank financing

2. Development Rights: Needed when property involves potential development or construction rights

3. Third Party Consents: When additional approvals are required from authorities or other parties

4. Escrow Arrangements: When an escrow mechanism is used for the transaction

5. Power of Attorney: When any party is acting through an attorney

6. Existing Tenancy: Required when property is subject to existing tenancy arrangements

7. Joint Development Provisions: When property involves future development collaboration

8. Succession Rights: When dealing with inherited property or family settlements

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of property including boundaries, measurements, and title details

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

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

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

5. Schedule 5 - Completion Requirements: List of documents and actions required for completion

6. Appendix A - Property Plans: Architectural plans, site maps, and layout drawings

7. Appendix B - NOCs and Permits: Copies of necessary permissions and no-objection certificates

8. Appendix C - Payment Proofs: Records of payments made and pending payments

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
Financial Institution
Sale Consideration
Completion Date
Completion
Title Deeds
Encumbrances
Property Documents
Due Diligence
Business Day
Effective Date
Force Majeure
Governmental Authority
Applicable Laws
Material Adverse Effect
Permitted Encumbrances
Registration
Sale Deed
Stamp Duty
Transfer
Representations and Warranties
Sanctioned Plan
Occupation Certificate
Completion Certificate
Outstanding Dues
Payment Schedule
Property Tax
Possession
Common Areas
Built-up Area
Carpet Area
Development Rights
Municipal Authority
No Objection Certificate
Loan Agreement
Security Interest
Default
Notices
Clauses
Recitals
Definitions
Property Description
Sale Consideration
Payment Terms
Representations and Warranties
Title and Ownership
Possession
Encumbrances
Due Diligence
Conditions Precedent
Completion Obligations
Bank/Financial Institution Rights
Registration and Transfer
Stamp Duty
Property Taxes
Default and Remedies
Force Majeure
Indemnification
Assignment
Severability
Notices
Governing Law
Dispute Resolution
Amendment
Entire Agreement
Counterparts
Costs and Expenses
Confidentiality
Further Assurances
Relevant Industries

Real Estate

Banking & Finance

Construction

Urban Development

Housing

Property Development

Legal Services

Financial Services

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Documentation

Mortgage Processing

Property Acquisition

Title Processing

Real Estate Finance

Relevant Roles

Real Estate Lawyer

Property Manager

Bank Manager

Mortgage Officer

Real Estate Agent

Property Developer

Legal Counsel

Compliance Officer

Real Estate Transaction Manager

Property Acquisition Manager

Title Officer

Real Estate Investment Manager

Housing Society Secretary

Property Documentation Officer

Industries
Transfer of Property Act, 1882: Governs the transfer of property between parties, defines immovable property, and establishes rules for sale, mortgage, and lease of property
Registration Act, 1908: Mandates the registration of property documents and specifies the procedure for registration of property transactions
Indian Contract Act, 1872: Provides the fundamental principles of contract formation, including offer, acceptance, consideration, and legal capacity of parties
Indian Stamp Act, 1899: Determines the stamp duty payable on property documents and other legal instruments
Real Estate (Regulation and Development) Act, 2016: Regulates real estate transactions, especially involving developers, and protects buyers' interests
Specific Relief Act, 1963: Provides remedies for breach of contract and enforcement of property rights
Urban Land (Ceiling and Regulation) Act, 1976: Regulates urban property holdings and transfers in certain areas
Income Tax Act, 1961: Relevant sections concerning capital gains tax on property transactions and TDS requirements
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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