TERM SHEET FOR A PROPERTY PURCHASE

1. TRANSACTION

Buyer: __________. Seller: __________. Property: __________ (__________): __________.

2. PRICE AND PAYMENT

3. CONDITIONS

4. BINDING EFFECT

Section 54 of the Transfer of Property Act, 1882 provides that a contract for sale does not itself create an interest in or charge on immovable property. This term sheet is drafted to capture commercial consensus before the definitive transaction instrument.

PERSONAL DATA NOTICE

This notice is given under the Digital Personal Data Protection Act, 2023. Personal data in this document is collected only to record the negotiated commercial terms and drafting instructions for a proposed property purchase, communicate about that purpose, verify information expressly supplied, and retain an evidentiary record.

The record will be held by __________ and may be shown only to the buyer, seller, authorised broker/agent, advocate, lender, valuer, project promoter, escrow/payment provider or statutory authority directly involved in the stated property transaction or verification.

If the proposed transaction does not proceed, or this document is withdrawn before it takes effect, the personal data will be retained for 90 days from that decision and then erased. If the transaction proceeds, the record will be retained for the term of the transaction plus 12 months and then erased, except for a record that a statute requires to be kept for a longer named period.

Data minimisation: this document deliberately does not require a full Aadhaar number, Aadhaar-card copy, passwords or unrelated identity material. PAN, banking and financing information is included only in a document whose transaction purpose genuinely requires it.

SIGNATURES

Buyer address: __________

Seller address: __________

 
 
______________________________
Signature
Record-holder: __________
Place: ____________________
Date: ____________________