AGREEMENT FOR SALE OF FLAT BY A FLAT PURCHASER, WHEN CO-OPERATIVE SOCIETY HAS NOT BEEN FORMED AND FLAT IS NOT READY
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About this template
What is this template?
This is a tripartite assignment agreement involving a seller, a buyer, and a builder. It is not a standard sale deed because the property is under construction and the legal entity for management (the Co-operative Society) has not yet been formed. It specifically includes a confirmation from the builder to transfer the original deposit and future possession to the new buyer.
When should you use it?
Use this when a flat purchaser wants to exit their contract with a builder before the building is finished. If the building is already complete and a society is formed, use a standard Sale Deed or Transfer of Shares instead.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Assignment of Rights | The Transferor assigns all rights and interest to purchase the specific flat number in exchange for a stated sum in Rupees. |
| 2 | Validity Declaration | The Transferor confirms the underlying purchase agreement is valid and has not been previously assigned to any other party. |
| 4 | Possession and Shares | The Confirming Party agrees to deliver possession to the Transferee and issue shares in the Co-operative Society once registered. |
| 7 | Liability Undertaking | The Transferee formally agrees to be bound by all remaining liabilities and obligations originally owed by the Transferor. |
Who it's for
- an individual selling an uncompleted flat in India before the formation of a co-operative housing society
- a buyer taking over a flat purchase contract from an original allottee with the builder's formal consent
How long it runs and how it's signed
Law it's drafted under
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