Checklist for Property Agreement

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Property Agreement Checklist: Essential Clauses Before You Sign

A Property Agreement—whether for buying, selling, or leasing—is a legal document that ensures a smooth and transparent transaction between parties. Here’s a comprehensive checklist of what to include:

🏢 1. Party Information

  • Full names of the buyer and seller (or landlord and tenant)

  • Current residential addresses

  • ID proofs (Aadhaar, PAN, passport, etc.)

📌 2. Property Description

  • Complete address of the property

  • Type (residential, commercial, plot, apartment, etc.)

  • Area details (built-up area, carpet area, etc.)

  • Survey number, plot number, floor number, etc.

📑 3. Ownership and Title Verification

  • Confirm seller’s legal ownership

  • Title deed copy

  • Encumbrance certificate (no dues or legal issues)

  • Previous sale deeds (if applicable)

💰 4. Price and Payment Terms

  • Agreed sale price or lease value

  • Advance amount / token money paid

  • Mode of payment (cheque, bank transfer, etc.)

  • Payment schedule or milestones (for under-construction property)

  • Tax implications and who pays (TDS, GST, stamp duty)

📅 5. Possession Details

  • Expected date of possession

  • Condition of property on handover

  • Penalty clauses for delay

🛠️ 6. Responsibilities and Liabilities

  • Maintenance charges (who pays)

  • Pending dues (electricity, water, property tax)

  • Repairs and renovations (if applicable)

  • Society transfer charges

📜 7. Legal Clauses

  • Termination clause (under what circumstances)

  • Breach of agreement consequences

  • Dispute resolution (mediation, arbitration, court jurisdiction)

  • Force majeure clause (for unavoidable delays)

📝 8. Documentation to Attach

  • Copy of the property agreement

  • Identity proof of all parties

  • PAN cards (mandatory for property over ₹50 lakhs)

  • Sale deed draft (for final registration)

  • Approved building plan (if new construction)

  • Loan documents (if financing is involved)

🔍 9. Verification and Registration

  • Stamp duty and registration charges

  • Registration with sub-registrar office

  • Witness signatures (minimum two)

  • Notarization (optional but recommended)

🔐 10. Special Clauses (Optional but Useful)

  • Furnishing list (for fully/partially furnished property)

  • Parking space allocation

  • Amenities usage (clubhouse, gym, pool)

  • Restriction on resale within a period

📢 Why Is a Property Agreement Important?

  • Legally protects both buyer and seller

  • Prevents fraud and future disputes

  • Essential for home loans

  • Helps in title transfer and mutation process

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