Agreement for Transfer of a Flat by a Member of a Co-operative Housing Society (India) by OLL
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AGREEMENT FOR TRANSFER OF A FLAT BY A MEMBER OF A CO-OPERATIVE HOUSING SOCIETY TO ANOTHER
This AGREEMENT made at ..................... this .................. day of.................. 2003
Between
Mr. AB. hereunder referred to as the transferor of the One Part
And
Mr. CD, of.................. after it referred to as the transferee of the Other Part.
Whereas the transferor being a member of Co-operative Housing Society Ltd., registered under No. …… of 2003 under the Delhi Cooperative Societies Act and being member he is owner and occupying Flat No. 8 on First Floor in the building known as Basant Bihar on Plot No. 3 at …………..belonging to the said Society having a carpet area of about 300 sq. meters.
And whereas the transferor wants to transfer his right for occupy said flat with all his interest, title and right per said society to the Transferee.
Now hence these presents’ witnesses and the Parties hereto have consented as follows:
1. The transferor will transfer and the transferee will buy the Transferor's right to occupy and his interest, right and title to and in the said Flat along with all its fittings and fixtures at Rs. 5 lakhs calculated at the rate of Rs. 1,000 per sq. ft. The TRANSFEREE having inspected the flat is convinced in all ways.
2. The transferee will be paying transferor on executing of this agreement as earnest money Rs. 1 Lakh and the remaining against delivery of possession of the said Flat.
3. The transferor shall get the consent of the Board of Directors of the said Society and of the Registrar of Co-operative Societies, Delhi as needed under Rule ………………..…of the Delhi Co-operative Societies Rules …… to the transfer of the flat and five shares held by him in said Society to transferee, prior completing transfer. Which transfer shall be completed by 6 months of executing of this agreement?
4. The transferee has inspected all the documents possessed by transferor as to title to say Flat and is convinced therewith.
5. After getting the approvals consents the transferor shall handover vacant possession of the Flat to transferee after paying said remaining amount of Rs. 4 lakhs and execute transfer form relating to said five shares having Nos. 120 to 124 registered in the Society and represented by Share Certificate No. 3 dated .............
6. The transferor will take the Flat on as it is condition which the transferor will not be responsible to do anything concerning thereof.
7. After vacant possession of the said Flat is delivered to the transferee he will be complete owner thereof with all occupying rights thereto as a member of the Society and after that the transferor will have no interest, title or right, therein.
8. The transferor shall pay all dues the Society's till delivery date of possession and after that the transferee will be responsible in paying same and will be subject to Resolutions and bye-laws of the Society.
9. Transferor has represented that
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This template is used for the transfer of a flat within a co-operative housing society from an existing member to a new buyer. It outlines the process for obtaining society approvals, payment terms, and the formal handover of possession and shares.
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About this template
What is this template?
This document is a contract for the sale of residential rights and corporate shares in a co-operative housing society. It is not a standard deed of sale for freehold property as it requires specific regulatory approvals from the Registrar of Co-operative Societies. It contains specific provisions for the forfeiture of earnest money and the transfer of five distinct society shares.
When should you use it?
Use this template when transferring occupancy rights in a Delhi housing society where the owner holds shares rather than a traditional title deed. Use a Sale Deed instead for freehold property transfers that do not involve co-operative society membership.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Consideration | The Transferee buys the Transferor's right to occupy the flat and fixtures for Rs. 5 lakhs at Rs. 1,000 per sq. ft. |
| 2 | Payment Terms | The Transferee pays Rs. 1 Lakh as earnest money upon execution and the remaining balance against delivery of possession. |
| 3 | Consents and Approvals | The Transferor must obtain consent from the Society's Board of Directors and the Registrar of Co-operative Societies, Delhi within 6 months. |
| 5 | Handover and Share Transfer | Upon receipt of Rs. 4 lakhs, the Transferor hands over vacant possession and executes transfer forms for five shares numbered 120 to 124. |
| 8 | Society Dues | The Transferor is liable for all Society dues until the possession delivery date, after which the Transferee assumes responsibility. |
| 14 | Default and Refund | The Transferor refunds earnest money with 12% annual interest if they default on the transfer after a 30-day notice period. |
Who it's for
- a member of a Delhi co-operative housing society transferring their flat and shares
- an individual purchasing a flat within a registered co-operative housing society in Delhi
How long it runs and how it's signed
Law it's drafted under
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