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The Seller Financing Purchase Agreement is utilized in situations where traditional bank financing is either unavailable or undesirable, and the property seller is willing to act as the financier. This arrangement is particularly common in India's diverse property market, where it can facilitate transactions that might otherwise not occur due to banking restrictions or buyer circumstances. The document must comply with Indian property and contract laws while protecting both parties' interests through detailed terms covering property transfer, payment obligations, security arrangements, and default remedies. It's especially relevant in scenarios involving commercial properties, residential developments, or agricultural land where sellers seek to expand their buyer pool while potentially earning interest income. The agreement includes essential elements such as property description, purchase price, down payment requirements, interest rates, amortization schedules, and specific provisions required under Indian law for property transactions.

1. Parties: Identification of the Seller and Buyer with complete legal names, addresses, and registration details if applicable

2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into a seller-financed purchase arrangement

3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Down Payment, Loan Amount, Interest Rate, and Payment Terms

4. Sale and Purchase: Core transaction terms including property description, purchase price, and transfer commitments

5. Financing Terms: Detailed structure of the seller financing including loan amount, interest rate, payment schedule, and amortization details

6. Payment Terms: Specifics of down payment, monthly payments, balloon payments if any, and payment mechanics

7. Security and Title: Provisions regarding property title, when it transfers, and security arrangements until full payment

8. Representations and Warranties: Standard and specific assurances from both parties regarding their capacity, property condition, and transaction validity

9. Buyer's Covenants: Ongoing obligations of the buyer including property maintenance, insurance, taxes, and use restrictions

10. Default and Remedies: Events of default, cure periods, and available remedies including foreclosure rights

11. Property Possession and Maintenance: Terms regarding property possession, maintenance responsibilities, and permitted modifications

12. Insurance and Taxes: Requirements for property insurance and responsibility for property taxes

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

14. Notices: Process and addresses for formal communications between parties

15. General Provisions: Standard boilerplate including severability, entire agreement, amendments, and counterparts