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The For Sale By Owner House Contract is a crucial legal instrument used in India when property owners choose to sell their residential property directly to buyers without engaging real estate agents or brokers. This approach, while potentially cost-saving, requires a comprehensive contract that ensures full legal compliance and protection for both parties. The document is designed to meet all requirements under Indian property law, including the Transfer of Property Act, Registration Act, and state-specific regulations. It typically comes into play when sellers want to maintain direct control over the sale process while ensuring all legal safeguards are in place. The contract needs to be detailed enough to cover all aspects of the property transfer, from initial agreement to final registration, while being clear enough for non-legal professionals to understand. It's particularly relevant in situations where the property has a clear title and both parties prefer a direct transaction approach.

1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and contact information

2. Background: Brief context of the sale, including property ownership history and intention to sell

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

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

5. Purchase Price: Total consideration, payment schedule, and mode of payment

6. Payment Terms: Detailed breakdown of payment structure, earnest money deposit, and balance payment schedule

7. Title and Ownership: Seller's warranties regarding clear title and right to sell the property

8. Closing Date and Possession: Timeline for completion of sale and transfer of possession

9. Representations and Warranties: Declarations by seller regarding property condition, encumbrances, and legal status

10. Seller's Obligations: Commitments regarding document provision, maintenance until possession, and statutory compliance

11. Buyer's Obligations: Responsibilities regarding payment, registration, and compliance with terms

12. Costs and Expenses: Distribution of transaction costs including stamp duty, registration fees, and taxes

13. Default and Remedies: Consequences and remedies for breach of contract by either party

14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes

15. Notice and Communication: Method and addresses for official communications between parties

16. Force Majeure: Provisions for unforeseen circumstances affecting contract performance