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Purchase With Reservation Agreement

Purchase With Reservation Agreement Template for India

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Key Requirements PROMPT example:

Purchase With Reservation Agreement

"I need a Purchase With Reservation Agreement for a commercial warehouse in Mumbai, where I'm selling the property but need to reserve the right to continue using 30% of the space for my logistics operations until March 2025."

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Document background
The Purchase With Reservation Agreement is a crucial document in Indian real estate transactions where complete immediate transfer of all property rights is not desired or practical. This agreement type is commonly used when sellers wish to retain certain rights (such as usage, development, or access rights) while transferring the primary ownership to the purchaser. The document needs to comply with Indian property laws, including the Transfer of Property Act 1882, Registration Act 1908, and relevant state-specific regulations. It's particularly useful in commercial property transactions, development projects, or situations where phased transfer of rights is preferred. The agreement must detail the specific rights being reserved, duration of reservations, conditions for lifting reservations, and the mechanism for eventual complete transfer of all rights.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including their legal names, addresses, and registration details if applicable

2. Background: Context of the transaction, brief description of the property, and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement, including 'Property', 'Reservation Period', 'Purchase Price', etc.

4. Subject Matter: Detailed description of the property being purchased and the specific rights being reserved

5. Purchase Terms: Details of the purchase price, payment schedule, and payment methods

6. Reservation Terms: Specific terms of the reservation, including duration, conditions, and rights retained by the seller

7. Obligations of the Seller: Seller's commitments, warranties, and responsibilities during the reservation period and transfer

8. Obligations of the Purchaser: Purchaser's commitments, including payment obligations and compliance with reservation terms

9. Title and Documentation: Details about property title, required documentation, and transfer process

10. Completion: Process and requirements for completing the purchase and lifting the reservation

11. Default and Remedies: Consequences of default by either party and available remedies

12. Notices: Process and requirements for formal communications between parties

13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Due Diligence: Optional section detailing the buyer's right to conduct property investigation - include when the buyer requires specific due diligence rights

2. Insurance: Requirements for property insurance during the reservation period - include when value of property warrants specific insurance provisions

3. Assignment: Rights and restrictions regarding transfer of rights under the agreement - include when assignment rights are specifically negotiated

4. Force Majeure: Provisions for unforeseen circumstances affecting performance - include when specific risk allocation is needed

5. Confidentiality: Obligations regarding confidential information - include when transaction involves sensitive commercial information

6. Dispute Resolution: Detailed arbitration or mediation procedures - include when parties prefer alternative dispute resolution

7. Broker/Agent Provisions: Terms relating to real estate agents or brokers - include when brokers are involved in the transaction

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including boundaries, measurements, and included fixtures

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates

3. Schedule 3 - Reserved Rights: Specific details of rights reserved by the seller and conditions for their exercise

4. Schedule 4 - Title Documents: List of title documents and certificates to be provided

5. Schedule 5 - Property Condition Report: Current condition of the property and any existing defects or issues

6. Appendix A - Property Plans: Maps, floor plans, or architectural drawings of the property

7. Appendix B - Required Permits: List of necessary permits, approvals, and certificates

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

Construction

Property Development

Banking and Finance

Industrial Manufacturing

Retail

Hospitality

Commercial Office Space

Warehousing and Logistics

Agriculture (for agricultural land transactions)

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Business Development

Asset Management

Finance

Risk Management

Facilities Management

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Property Developer

Commercial Director

Facilities Manager

Real Estate Agent

Property Investment Manager

Compliance Officer

Contract Manager

Business Development Manager

Property Rights Administrator

Asset Manager

Real Estate Portfolio Manager

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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