Agreement to Sale Draft as per RERA: Understanding the Basics

The Real Estate (Regulation and Development) Act (RERA) was passed in 2016 to regulate the real estate sector in India. One of the most significant changes brought about by RERA is the introduction of the agreement to sale. The agreement to sale is a legal document that outlines the terms and conditions of the sale of a property between the buyer and the seller. In this article, we will discuss the agreement to sale draft as per RERA and understand the basics.

What is an agreement to sale?

An agreement to sale is a legal document that establishes the terms and conditions of the sale of a property between the buyer and the seller. The agreement to sale includes details such as the price of the property, payment terms, the date of possession, and other such relevant information.

What are the key features of an agreement to sale as per RERA?

An agreement to sale as per RERA must comply with certain key features. These include:

1. Registration: The agreement to sale must be registered with the RERA authority in the state where the property is located.

2. Standard format: The agreement to sale must be in a standard format as prescribed by the RERA authority. This ensures that the buyer is aware of all the important terms and conditions of the sale.

3. Disclosure of information: The agreement to sale must disclose all relevant information about the property, such as the carpet area, the built-up area, the number of floors, the amenities provided, and so on.

4. Clauses for delay in possession: The agreement to sale must include clauses for delay in possession. This ensures that the buyer is compensated for any delay in possession on the part of the seller.

5. Payment schedule: The agreement to sale must also include a payment schedule, which clearly outlines the payment terms and the amount of money to be paid at different stages of the sale.

Why is an agreement to sale important?

An agreement to sale is essential for both the buyer and the seller. For the buyer, it ensures that they are aware of all the terms and conditions of the sale and that their investment is protected. For the seller, it provides a clear understanding of the payment terms, and helps them avoid disputes with the buyer.

Conclusion

In conclusion, an agreement to sale draft as per RERA is a legal document that outlines the terms and conditions of the sale of a property between the buyer and the seller. It is an essential document that protects the interests of both parties. As a professional, it is important to understand the basics of agreement to sale as per RERA to ensure that the content is accurate and informative.