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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
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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 Model Agreement Between Promoters and Purchasers of Flat:
Identification of Parties:
Clearly identify the promoter(s) and purchaser(s) by providing their full legal names, addresses, and contact details.
Property Details:
Clearly describe the flat being sold, including its specifications, dimensions, and any common areas or amenities.
Terms of Sale:
Define the sale price, payment schedule, and any additional costs such as maintenance fees, registration charges, and taxes.
Possession and Delivery:
Specify the date of possession and outline the conditions for the delivery of the flat, including any penalties for delay.
Quality Standards:
Ensure the agreement includes quality standards for construction materials and finishes, as well as provisions for inspections and rectification of defects.
Title and Ownership:
Clearly state that the promoter has clear and marketable title to the property and outline the process of transferring ownership to the purchaser.
Common Areas and Maintenance:
Clearly define the rights and responsibilities of purchasers regarding common areas and maintenance obligations.
Common Mistakes to Avoid:
a. Unclear Payment Terms: Clearly outline the payment schedule to avoid disputes.
b. Vague Possession Dates: Specify a definite possession date and include penalties for delays.
c. Inadequate Quality Standards: Clearly define the quality standards to ensure buyer satisfaction.
d. Omission of Legal Clauses: Ensure inclusion of legal clauses related to force majeure, dispute resolution, and governing law.
This model agreement is used in real estate transactions when promoters (developers/builders) sell flats to individual purchasers. It is crucial to seek legal advice to ensure compliance with local regulations and to protect the interests of both parties.