tiktok³ÉÈË°æ

The Apartment Sale and Purchase Agreement is a crucial legal document used in Indian real estate transactions for the transfer of apartment ownership. This agreement is essential when any individual or entity wishes to purchase or sell an apartment property in India, ensuring compliance with the Real Estate (Regulation and Development) Act 2016 (RERA), Transfer of Property Act, and other relevant state-specific regulations. The document comprehensively covers all aspects of the property transaction, including property details, payment terms, warranties, and completion requirements. It serves as a legally binding contract that protects both parties' interests and provides a clear framework for the transaction's execution, including necessary steps for property registration and transfer of ownership.

1. Parties: Identification and details of the Seller and Purchaser, including their complete addresses and legal status

2. Background: Brief context about the property, development project, and how the seller came to own the property

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

4. Property Details: Comprehensive description of the apartment including exact location, measurements, and boundaries

5. Consideration: Purchase price, payment schedule, and mode of payment

6. Seller's Representations and Warranties: Declarations regarding title, encumbrances, legal compliance, and property condition

7. Purchaser's Representations and Warranties: Declarations regarding financial capacity and compliance with applicable laws

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

9. Completion Obligations: Steps to be taken by each party to complete the transaction

10. Possession: Terms and conditions for handling over possession of the property

11. Registration and Transfer: Process and obligations for property registration and transfer of title

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

13. Indemnification: Mutual indemnification clauses for breaches and misrepresentations

14. Default and Remedies: Consequences of default and available remedies to parties

15. Notices: Method and addresses for serving notices between parties

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

17. Force Majeure: Provisions for unforeseen circumstances preventing performance

18. General Provisions: Standard boilerplate clauses including amendments, waiver, and severability