AGREEMENT FOR TRANSFER OF A FLAT BY A MEMBER OF A CO-OPERATIVE HOUSING SOCIETY TO ANOTHER ..
AGREEMENT FOR TRANSFER OF A FLAT BY A MEMBER OF A CO-OPERATIVE HOUSING SOCIETY TO ANOTHER
This AGREEMENT made at ____________ this ______ day of ____________, 20____,
Between Mr. AB, hereinafter referred to as the "Transferor" of the One Part;
And Mr. CD, of ____________, hereinafter 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 ______ under the Delhi Co-operative Societies Act, and being such member, is the owner of and occupies Flat No. ______ on the ______ Floor in the building known as ____________, on Plot No. ______ at ____________, belonging to the said Society, having a carpet area of about ______ sq. ft.;
And whereas the Transferor wants to transfer his right to occupy the said flat, with all his interest, title and right in the said Society, to the Transferee.
Now these presents witness, and the parties hereto have agreed 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. ____________, calculated at the rate of Rs. ______ per sq. ft. The Transferee, having inspected the flat, is satisfied in all respects.
2. The Transferee will pay to the Transferor, on the execution of this agreement, Rs. ____________ as earnest money, and the remaining amount against delivery of possession of the said Flat.
3. The Transferor shall obtain the consent of the Board of Directors of the said Society, and of the Registrar of Co-operative Societies, Delhi, as required under Rule ______ of the Delhi Co-operative Societies Rules, ______, for the transfer of the flat and the five shares held by him in the said Society to the Transferee, prior to completing the transfer. Such transfer shall be completed within six months of the execution of this agreement.
4. The Transferee has inspected all the documents possessed by the Transferor as to title to the said Flat, and is satisfied therewith.
5. On obtaining the said approvals and consents, the Transferor shall hand over vacant possession of the Flat to the Transferee against payment of the said remaining amount of Rs. ____________, and shall execute the transfer form relating to the said five shares bearing Nos. ______ to ______, registered in the Society and represented by Share Certificate No. ______ dated ____________.
6. The Transferee will take the Flat on an "as is" condition, and the Transferor will not be responsible to do anything concerning the same.
7. After vacant possession of the said Flat is delivered to the Transferee, he will be the complete owner thereof, with all occupying rights thereto as a member of the Society; and thereafter the Transferor will have no interest, title or right therein.
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About this template
What is this template?
This contract is a formal agreement for the sale and transfer of membership interests and occupancy rights in a co-operative housing society. It contains specific provisions for obtaining statutory approval from the Registrar of Co-operative Societies and the transfer of five specific share certificates. It is not a standard sale deed for freehold property.
When should you use it?
Use this document when transferring a flat located within a co-operative society in Delhi where the transfer requires Board and Registrar consent. Use a Sale Deed instead for the transfer of independent freehold residential property.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Transfer and Consideration | The Transferor sells the right to occupy the flat and associated fittings at a specific price per square foot. |
| 2 | Payment Terms | The Transferee pays earnest money upon execution and the balance amount upon delivery of vacant possession of the flat. |
| 3 | Society and Registrar Consent | The Transferor must obtain consent from the Board of Directors and the Registrar of Co-operative Societies, Delhi, within six months. |
| 5 | Possession and Share Transfer | Upon approval, the Transferor delivers possession and executes the transfer form for five specific shares in the Society. |
| 9 | Representations and Warranties | The Transferor warrants they are the complete owner of the flat and that it is free from any encumbrance or claim. |
| 12 | Fees and Stamp Duty | The Transferor and Transferee share equally the costs for Society transfer fees and required stamp duty. |
| 14 | Default and Refund | If the Transferor defaults, they must refund earnest money plus 12% interest per annum following 30 days' notice. |
Who it's for
- a member of a Delhi co-operative housing society transferring flat occupancy rights
- an individual purchasing a flat within a housing society registered under Delhi law
- parties needing to document the transfer of specific share certificates in a housing society
How long it runs and how it's signed
Law it's drafted under
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