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Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Guidelines for Drafting a Form of Agreement between Promoter and Purchaser of a Flat
Usage:
A Form of Agreement between a Promoter (often a property developer) and a Purchaser of a Flat is a legally binding contract used in real estate transactions. It outlines the terms and conditions governing the sale of a residential flat or apartment by the promoter to the purchaser. This agreement is commonly used in property development projects and helps protect the rights and interests of both parties.
Common Mistakes to Avoid:
Complete Identification: Clearly identify both parties with their full legal names, addresses, and contact information.
Property Details: Describe the flat or apartment being sold, including its location, size, unit number, and any common facilities or amenities.
Purchase Price and Payment Terms: Specify the total purchase price, payment schedule, and any applicable taxes, registration fees, or maintenance charges.
Possession and Delivery: Clearly state the date of possession and the process for handing over the flat, including any pre-possession inspections.
Title and Ownership: Confirm the title and ownership status of the property, ensuring it's free from encumbrances or legal disputes.
Construction Timeline: If applicable, outline the project's construction timeline and the consequences for delays.
Maintenance and Common Areas: Detail the responsibilities for maintenance of common areas, facilities, and common expenses.
Default and Penalties: Include provisions for default by either party and the penalties or remedies available.
Legal Compliance: Ensure the agreement complies with local real estate laws and regulations, including any required disclosures.
Legal Counsel: Seek legal advice or have the agreement reviewed by an attorney experienced in real estate transactions to ensure legal compliance and protection of rights.
Cancellation and Refund: Specify the conditions and consequences of cancellation by either party, including any refund of payments made.
Force Majeure: Include a force majeure clause addressing unforeseeable events that may affect the contract's performance.
Dispute Resolution: Define the process for resolving disputes, including mediation, arbitration, or litigation.
Amendments and Governing Law: Specify the conditions for amending the agreement and the governing law in case of disputes.
Witness and Signatures: Include spaces for witnesses to sign and date the agreement, and ensure all parties sign the document.
By adhering to these guidelines and avoiding common mistakes, both promoters and purchasers can draft a comprehensive Agreement for the sale of a flat that protects their interests, complies with legal requirements, and facilitates a transparent and successful real estate transaction.