Agreement for Sale of Flat by a Flat Purchaser (India) by OLL
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Agreement for Sale of Flat by a Flat Purchaser, When Co-Operative Society has not been Formed and Flat is not Ready
THIS AGREEMENT made at ……………….. this ……….. day of ……………, 2000, between A, son of ………………….. resident of ……………………… hereinafter referred to as the ‘Transferor” of the FIRST PART, B, son of …………….. resident of ……………………… hereinafter referred to as the “Transferee” of the SECOND PART and M/s ABC Constructions, a partnership firm, having its office at …………………….. hereinafter referred to as the Confirming Party of the THIRD PART.
WHEREAS by an Agreement dated ………………. made between M/s. ABC Constructions, therein referred to as the Builders and, hereinafter referred to as the Confirming Party of the ONE PART and the Transferor therein referred to as the flat Purchaser of the OTHER PART, the Confirming Party has agreed to sell and the transferor has agreed to purchase one flat bearing No. …………… on the ……………. floor in the building, being constructed by the Confirming Party on the piece of land bearing Plot No. …………… situated at…………………………………………………. and more particularly described in the Schedule 1 to the said agreement being the same as described in the Schedule 11 hereunder written;
AND WHEREAS the agreement between the Confirming Party and the transferor, hereinafter referred to the said agreement, has been duly registered under the Registration Act, 1908 as required under the ………….. Ownership Flats Act, ……….
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AND WHEREAS the transferor has agreed to assign his rights and benefits under the said agreement to the transferee and the transferee has agreed to purchase the same on the terms and conditions hereinafter contained;
AND WHEREAS the confirming party has informed transferor that the flat will be ready by ……………….. and he has no objection in the transfer of the said agreement by the transferor and the transferee and has agreed to join as the Confirming Party to these presents.
NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED BETWEEN THE PARTIES HERETO AS FOLLOWS:
1. In pursuance of the said agreement and in consideration of the sum of Rs. …………… paid at the time of these presents (the receipt whereof the said transferor does hereby acknowledge and admit), the transferor assigns to the transferee all his rights, benefits and interest to purchase the flat No …………………… on the …………… floor in the building under construction on the piece of land described in Schedule 1 hereunder written, under the said Agreement between the Confirming Party and the transferor.
2. The transferor hereby declares that the said agreement is valid and subsisting and he has not assigned the benefit of the said agreement to any person.
3. The transferee will be entitled to all the rights, benefits and interest belonging to and available to the transferor under the said agreement.
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This template is used for the resale of a flat in India when the building is still under construction and a co-operative society has not yet been formed. It facilitates the transfer of rights from the original purchaser to a new buyer, with the builder participating as a confirming party to acknowledge the transaction.
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About this template
What is this template?
This is a tripartite assignment agreement between an original purchaser, a new buyer, and a builder. It is not a direct sale deed for a completed property, as it specifically manages the transfer of contract rights before the Co-operative Society is formed or the flat is ready.
When should you use it?
Use this document when a flat purchaser wants to exit their investment by selling their rights to a third party before the builder has handed over possession. Use a Sale Deed instead if the building is completed and the society is already formed.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Assignment of Rights | The Transferor assigns all rights and interest in the flat to the Transferee for a consideration of a specific amount in Rupees. |
| 2 | Declaration of Validity | The Transferor declares that the original agreement with the builder is valid and has not been assigned to any other person. |
| 3 | Entitlement to Benefits | The Transferee becomes entitled to all rights and interest previously held by the Transferor under the original purchase agreement. |
| 4 | Builder's Obligations | The Confirming Party agrees to deliver possession to the Transferee and issue shares in the Co-operative Society upon its registration. |
| 7 | Transferee's Undertaking | The Transferee agrees to be bound by all liabilities and obligations originally owed by the Transferor to the developer. |
Who it's for
- an individual in India selling their interest in a flat before the building is completed
- a buyer purchasing an under-construction apartment from an existing flat purchaser
- a developer acting as a confirming party for the resale of an unallotted unit
How long it runs and how it's signed
Law it's drafted under
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