The Home Buyer Seller Agreement Form is a fundamental legal document used in Indian real estate transactions to formalize the sale and purchase of residential property. This agreement becomes necessary when parties have agreed on the basic terms of the property transfer and need to document their rights, obligations, and the transaction specifics in a legally binding format. The document must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), Transfer of Property Act, and various state-specific regulations. It includes crucial details such as property description, payment terms, possession timeline, warranties, and default remedies. The agreement serves as evidence of the transaction terms and can be used for property registration, obtaining home loans, and resolving potential disputes.
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1. Parties: Identification and details of the seller and buyer, including their complete addresses and contact information
2. Background: Brief context about the property transaction and the parties' intention to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including its location, dimensions, and boundaries
5. Purchase Price: Total consideration amount, payment schedule, and mode of payment
6. Payment Terms: Detailed breakdown of payment structure, installments, and payment milestones
7. Possession: Terms and conditions regarding the handover of property possession
8. Seller's Representations and Warranties: Declarations by the seller regarding property title, encumbrances, and legal status
9. Buyer's Representations and Warranties: Declarations by the buyer regarding financial capacity and compliance with terms
10. Covenants: Ongoing obligations of both parties until completion
11. Completion: Process and requirements for completing the transaction
12. Default and Remedies: Consequences of breach and available remedies
13. Notices: Method and addresses for serving notices between parties
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
15. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Loan and Mortgage: Include when buyer is obtaining financing - details of loan arrangement and mortgage terms
2. Society Membership: Include for apartment/society properties - terms regarding society membership transfer
3. Construction Status: Include for under-construction properties - details about construction timeline and specifications
4. Parking Space: Include when parking space is part of the deal - specific details about parking allocation
5. Power of Attorney: Include when either party is represented through Power of Attorney
6. Third Party Rights: Include when there are existing tenants or other third-party interests
7. GST Provisions: Include for properties where GST is applicable
8. Force Majeure: Include for under-construction properties or longer-term agreements
1. Schedule 1 - Property Description: Detailed technical description of property including measurements and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments with dates
3. Schedule 3 - Property Documents: List of title and property documents
4. Schedule 4 - Amenities and Specifications: Details of included amenities and property specifications
5. Appendix A - Property Plans: Floor plans, site maps, and layout drawings
6. Appendix B - Title Documents: Copies of key title documents
7. Appendix C - NOCs and Permissions: Copies of necessary permits and no-objection certificates
8. Appendix D - Previous Title Deeds: Chronological list and copies of previous ownership documents
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