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Home Buying Contract

Home Buying Contract Template for India

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Key Requirements PROMPT example:

Home Buying Contract

"I need a Home Buying Contract for purchasing a 3-bedroom apartment in a gated community in Bangalore, with completion scheduled for March 2025, including specific clauses for parking allocation and club membership transfer."

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Document background
The Home Buying Contract serves as the primary legal instrument for residential property transactions in India. This document is essential when transferring ownership of residential property, whether it's an apartment, house, or plot of land intended for residential use. It encompasses all necessary elements required by Indian property law, including proper party identification, property description, consideration, and payment terms. The contract must comply with the Transfer of Property Act, 1882, RERA 2016, and various state-specific regulations. It includes mandatory provisions for property registration, stamp duty payment, and title transfer, while also addressing modern concerns such as environmental clearances and society approvals where applicable. This contract type is designed to protect both buyer and seller interests while ensuring transparency and legal compliance in the property transaction process.
Suggested Sections

1. Parties: Identifies and provides full details of the seller and purchaser, including names, addresses, and PAN numbers

2. Background: Outlines the context of the sale, including brief property history and current ownership status

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Details: Comprehensive description of the property including exact measurements, boundaries, and unique identifying features

5. Purchase Price: States the agreed purchase price and payment structure, including deposit amounts and payment schedules

6. Payment Terms: Details the method and timing of payments, including installment structures if applicable

7. Title and Ownership: Seller's warranties regarding clear title and property ownership

8. Encumbrances: Declaration of any existing mortgages, liens, or other encumbrances on the property

9. Completion Requirements: Conditions to be met before completion, including documentation and regulatory requirements

10. Transfer Process: Steps for executing the transfer of property ownership

11. Representations and Warranties: Statements and guarantees made by both parties regarding the property and transaction

12. Costs and Taxes: Allocation of transaction costs, stamp duty, and other applicable taxes

13. Default and Remedies: Consequences and remedies in case of default by either party

14. Governing Law: Specifies Indian law as governing law and jurisdiction for disputes

15. Notice Provisions: Methods and addresses for serving notices between parties

Optional Sections

1. Mortgage Contingency: Include when buyer's purchase is contingent on obtaining mortgage financing

2. Property Inspection: Include when sale is subject to satisfactory property inspection

3. Possession Date: Include when possession date differs from completion date

4. Rental Agreement: Include when property is currently tenanted and includes ongoing rental obligations

5. Development Rights: Include when property includes potential development or construction rights

6. Maintenance Charges: Include for apartments or properties in managed communities

7. Parking Rights: Include when specific parking arrangements are part of the sale

8. Club Membership: Include when property includes transferable club or facility memberships

9. Force Majeure: Include to address potential extraordinary circumstances affecting completion

Suggested Schedules

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

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

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and installments

4. Schedule D - Encumbrance Details: List of existing encumbrances and plan for their discharge

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

6. Schedule F - Outstanding Liabilities: Details of pending utilities, taxes, or other charges

7. Appendix 1 - Property Photos: Recent photographs of the property and its features

8. Appendix 2 - Compliance Certificates: Copies of necessary regulatory and compliance certificates

9. Appendix 3 - Previous Agreements: Copies of relevant previous agreements affecting the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions







































Clauses





























Relevant Industries

Real Estate

Banking and Finance

Legal Services

Construction

Property Development

Insurance

Property Management

Urban Development

Financial Services

Residential Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Documentation

Finance

Risk Management

Operations

Customer Relations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Mortgage Advisor

Legal Counsel

Property Developer

Contract Manager

Compliance Officer

Real Estate Consultant

Title Examiner

Property Valuator

Banking Officer

Real Estate Broker

Legal Administrator

Property Documentation Specialist

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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