What should the sales contract template include?

The basic provisions that are required to be included in all off-plan sale contracts are as follows:

1. The name and address of both the buyer and the developer;
2. The developer's license number;
3. The name, location and license number of the development (the project) to be inserted when available;
4. The target date of completion of the unit and the target date of handover to the buyer;
5. The description and specifications of the unit including:
   1. dimensions of the unit;
   2. associated rights (e.g. any rights of way over roads or paths, any rights to use parts of the development e.g. a swimming pool or gym);
   3. any rights to use a car parking space; and
   4. any special rights for that unit in relation to the common property;
6. All details of the common areas in the development;
7. The payment plan described below should be followed in the template;
8. Payments under the contract shall be made into the escrow account.

NOTE: Any Template contract that does not contain the above provisions may be rejected by RERA.