Sale of a Flat in Co-Operative Housing Society

Suggest Format of "Sale of a Flat in Co-Operative Housing Society"

NOTE:-
Agreement for Sale is prepared when the consideration amount is not fully paid. This Agreement is mandatorily required to be registered with the concerned Sub-registrar of Assurances. This is the formal draft for reference and before purchasing any Residential/Commercial/Office Premises person should contact us for Title Search and other documentation work. Every Transaction has its own circumstances and therefore this sample drafts are not much useful.
For purchase of any such property please contact us to understand the entire process and we will complete the entire documentation work.

 

Agreement for SALE OF A FLAT IN CO-OPERATIVE HOUSING SOCIETY

THIS AGREEMENT MADE AT _____________ this day of _______ Two thousand and ____ BETWEEN ABC of _______, Indian Inhabitant, residing at _________________________________________________ hereinafter called “THE FIRST PARTY” (which expression shall unless it be repugnant to the context or meaning thereof, mean and include his heirs, executors and administrators) of the One Part;
AND XYZ of __________, Indian Inhabitant, residing at _______________ ___________________________, hereinafter called “THE SECOND PARTY” (which expression shall unless it be repugnant to the context or meaning thereof, mean and include his heirs, executors, administrators and Assigns) of the Other Part:

WHEREAS The First Party is seized and possessed of or otherwise well and sufficiently entitled to flat bearing no. 1 admeasuring 650 sq. ft. of carpet area on the 6th floor of the building known as “PQR APARTMENT” belonging to PQR Co-operative Housing Society Ltd. at _______________________________ (hereinafter referred to as “the said Flat”).

(Recital Clauses depends upon the previous transaction and certain other circumstances and Title of the property and for entire drafting please contact us online.)

AND WHEREAS The Second Party has agreed to purchase and acquire from the First Party all the right, title and interest of the First Party in the said Flat No…… admeasuring ………. sq. ft. carpet area on …….. floor of the said building of the said Society and in the said shares free from all encumbrances and reasonable doubts, which the First Party has agreed to do upon the terms and conditions recorded hereinafter;

NOW THIS AGREEMENT WITNESSETH and it is hereby agreed by and between the parties hereto as follows:-

  • That the First Party hereby agrees to sell, transfer, convey and assign his right, title and interest in the said Flat No. 1 (admeasuring 650 sq. ft. of carpet area) on the 6th floor of the building known as “PQR Apartment” situated at ______ _____________________________________ belonging to PQR
    Co-operative Housing Society Limited together with all his right, title and beneficial interest in the said five fully paid up shares of the face value of Rs. 50/- each aggregating to
    Rs. 250/- and bearing Certificate No. 10 of the said Society to the Second Party as also all the benefits directly and/or indirectly attached to the said flat and the said shares, free from all encumbrances and reasonable doubts for the total consideration of Rs. ____________ (Rupees _________________________ only) Simultaneously upon receipt of the full consideration as stated in sub-clauses ………………………
  • The First Party shall obtain No Objection Letter from the said Society inter alia to the effect that the Society has no objection to the Second Party being admitted as member of the said Society and for the transfer of the said shares by the First Party in favour of the Second Party and all incidental rights as such shareholder including transfer of the said Flat and allotment thereof to the name of the Second Party in the records of the said Society. It shall be the sole obligation of the First Party to obtain such no objection. Upon obtaining such letter from the said society, ……………
  • The sale shall be completed on or before _____ day of __________ against payment of the balance consideration of
    Rs. _________/- (Rupees ________________________________ only) by the Second Party to the First Party, subject to the First Party obtaining the Letter from the said Society as provided in clause 2 above, before the said date.
  • At the time of completion of the sale (a) the First Party shall by an appropriate writing resign as the member of the said society and request the society to admit the Second Party as member of the society in place of the First Party (b) the Second Party shall apply to the said society to become member of the said society (c) the First Party and the Second Party duly complete and sign the requisite transfer forms and other relevant forms, declarations for transfer of the said shares from the names of the First Party to the name of the Second Party and (d) the First Party shall also execute a proper Deed of Transfer recording completion of sale in the format approved by the Second Party.
  • The First Party doth hereby covenant with the Second Party as follows:—
    (a) That the First Party has duly paid and discharged in full all the dues and liabilities in respect of the said premises including the Municipal outgoings, taxes, rates, maintenance charges etc. payable to the said society upto the date hereof and shall pay all the dues till the completion of sale;
    (b) That the First Party is the sole and absolute owner and beneficiary of the said premises.
    (c) That notwithstanding any act, deed, matter or thing whatsoever done, omitted by the First Party or any person or persons lawfully and equitably claiming by, from, through, or in trust for the First Party, the First Party has full power and absolute authority in his own right to transfer the said premises.
    (d) That neither the First Party nor any one on his behalf has committed or omitted any act, deed, matter or thing whereby his holding of the said shares and incidental rights thereto including the right to peaceful use, occupation, ownership and enjoyment of the said flat and other rights and benefits in respect thereof may become or may be prejudicially affected or encumbered in any manner or whereby the said shares and his other right, title and interest therein may become liable to attachment and/or sale whether by a decree or order of the Competent Court or otherwise;
    (e) That the First Party has not created or purported to create any tenancy, license, charge, lease, mortgage, lien or any kind of third party rights over the said premises and no other person or party have any right, title or interest, claim or demand in to or upon the same either by way of mortgage, gift, trust, inheritance, lease or otherwise and that the same are free from all encumbrances and there is no pending litigation of any kind whatsoever and further that the First Party shall so long as this agreement is valid, not enter into any agreement/writing with any third party for creating any rights of whatsoever nature in respect of the said premises;
    (f) That the First Party has not received any notice for acquisition or requisition of the said flat and/or the said shares; and
  • The First Party shall bear and pay all outgoings in respect of the said flat including all rates, taxes and charges for consumption of electricity, water etc. and all dues and charges payable to the said society till the date of completion and the Second Party shall bear and pay all such outgoings, dues and charges to the said society from the date of completion of sale and receiving possession of the said flat.
  • The First Party shall also transfer in favour of the Second Party the amounts standing to his credit in the deposits, if any, or the sinking fund maintained by the said society and for that purpose, the First Party shall sign and execute all necessary applications and other assurances as may be necessary or as may be determined or required by the said society.
  • The Second Party both hereby agree and covenant to become member of the said society and to abide by and observe and perform all the rules and regulations and bye-laws of the said Society from time to time in force.
  • The First Party shall sign and execute in favour of the Second Party necessary applications, forms, deeds and other documents or writings as may be reasonably required by the society for transfer of the said shares and the said flat and right to possess, use, occupy and enjoy the said flat in favour of the Second Party and for implementing the terms of this agreement.
  • The stamp duty, if payable, and registration charges, if applicable, shall be borne and paid by the Second Party only. The parties have also agreed to pay and bear equally the transfer fees/donations/other charges etc. of the said Society for the transfer of the said premises in favour of the Second Party. The First Party hereby also authorizes the Second Party to pay his share of transfer fees etc. as aforestated directly to the Society out of the consideration payable to him by the Second Party as provided under this Agreement.

SCHEDULE ABOVE REFERRED TO:
(The detailed description of the said flat alongwith C.T.S.
number as also of the said Shares)

IN WITNESS WHEREOF the First Party and the Second Party have set and subscribed their respective hands, the day and year find hereinabove written.

SIGNED AND DELIVERED by )
the within named ABC, )
the FIRST PARTY abovenamed, in )
the presence of ———————— )

SIGNED AND DELIVERED by )
the withinnamed XYZ, )
the SECOND PARTY abovenamed, )
in the presence of ——————— )

R E C E I P T