Property Agreement in India
If you are looking to invest in Indian properties, or you want to sell your property, then property agreements are the most important legal document that will safeguard your rights. A property sale agreement is different from a sale deed, while a leave and license agreement are different from a lease deed. These nuances of property agreements are hard to understand until you consult a qualified real estate professional.
We understand that property is one of the most valuable assets of your lifetime, and we will always work towards providing the best legal agreements that will protect your property. Some of the clauses that you must be aware of in property agreements are the payment clause, the right of way clause, the mortgage clause, area of the property and delivery date. There are several other clauses in housing agreements which can be difficult to understand without expert guidance.
If you are seeking property agreements then they must have an indemnity clause that protects the buyer in case of any legal defect or dispute in the property. Indemnity clauses are particularly important due to the introduction of the Real Estate (Regulation and Development) Act of 2016 (RERA 2016), wherein promoters and sellers have to indemnify the buyer in case of failure in fulfillment of any provisions or clauses of the property agreement.
Another important clause of a property agreement is the delivery of possession. Under the RERA Act of 2016, the promoter has to deliver possession of the property based on agreed plans and deadlines. Buyers and sellers should have a clear understanding of the terms of delivery and penalties associated on account of delays. This can be best reflected in the property agreement. If you are a buyer or a seller, you must incorporate specific performance and arbitration clauses in the property agreements. This will help the parties resolve the matter or approach the Courts in India if there is any dispute or breach of the property agreement.
If you have spent months searching for that perfect house and managed to bargain the best price for your house, then why will you compromise on the most important document that will seal the deal. Do not try to work with stock agreements, or online agreement formats cause they cannot reflect the unique conditions of your property sale or transfer.