Clear Title Verification: Ensure the seller has a clear and marketable title to the property, free from any encumbrances, disputes, or legal issues, as outlined in the registration of agreement to sell or property sale agreement.
Property Description: Verify that the property details, including area, boundaries, and specifications, are accurately described in the simple sale agreement or property purchase agreement.
Compliance with Laws: Confirm compliance with local laws, including the Real Estate (Regulation and Development) Act (RERA), and ensure all required approvals and permissions are documented in the sale agreement with NRI or other agreements.
Payment Terms: Review the payment schedule in the property purchase agreement, ensuring it aligns with the buyer’s financial plan. Verify that all payments, including advance or instalments, are lawful and clearly defined.
Possession Timeline: Confirm the timeline for possession as specified in the property sale agreement, and outline penalties for delays caused by the seller.
Liabilities and Indemnities: Ensure clauses related to liabilities, indemnities, and potential risks are clearly stated in the registration of agreement to sell to protect the buyer's interests.
Default Clauses: Review clauses regarding defaults by either party and specify consequences such as advance payment forfeiture or legal action in the simple sale agreement.
Dispute Resolution: Include a clear dispute resolution mechanism, such as arbitration, and specify the jurisdiction, particularly in cases involving a sale agreement with NRI.
Tax Implications: Assess tax implications for NRIs, including withholding tax (TDS), and ensure compliance with relevant tax laws as outlined in the property purchase agreement.
Exit Clauses: Verify any exit clauses, ensuring the buyer's rights to cancel the agreement and the conditions under which they can do so are clearly defined in the registration of agreement to sell or property sale agreement.
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Review of the Agreement to sell
Clear Title Verification: Ensure the seller has a clear and marketable title to the property, free from any encumbrances, disputes, or legal issues, as outlined in the registration of agreement to sell or property sale agreement.
Property Description: Verify that the property details, including area, boundaries, and specifications, are accurately described in the simple sale agreement or property purchase agreement.
Compliance with Laws: Confirm compliance with local laws, including the Real Estate (Regulation and Development) Act (RERA), and ensure all required approvals and permissions are documented in the sale agreement with NRI or other agreements.
Payment Terms: Review the payment schedule in the property purchase agreement, ensuring it aligns with the buyer’s financial plan. Verify that all payments, including advance or instalments, are lawful and clearly defined.
Possession Timeline: Confirm the timeline for possession as specified in the property sale agreement, and outline penalties for delays caused by the seller.
Liabilities and Indemnities: Ensure clauses related to liabilities, indemnities, and potential risks are clearly stated in the registration of agreement to sell to protect the buyer's interests.
Default Clauses: Review clauses regarding defaults by either party and specify consequences such as advance payment forfeiture or legal action in the simple sale agreement.
Dispute Resolution: Include a clear dispute resolution mechanism, such as arbitration, and specify the jurisdiction, particularly in cases involving a sale agreement with NRI.
Tax Implications: Assess tax implications for NRIs, including withholding tax (TDS), and ensure compliance with relevant tax laws as outlined in the property purchase agreement.
Exit Clauses: Verify any exit clauses, ensuring the buyer's rights to cancel the agreement and the conditions under which they can do so are clearly defined in the registration of agreement to sell or property sale agreement.
Also Read: Legal comparisons for the property transaction where atleast one of the parties is NRI?