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.

8. The Transferor shall pay all dues of the Society till the date of delivery of possession, and thereafter the Transferee will be responsible for paying the same, and will be subject to the Resolutions and bye-laws of the Society.

9. The Transferor has represented that:

(i) he is the complete owner of the said Flat, and no other person has any interest therein;

(ii) the said Flat is free from any encumbrance or claim of any person;

(iii) that since the said Flat was purchased by him, he has been peacefully and exclusively possessing and occupying the said Flat;

(iv) that after taking possession of the Flat, the Transferee will have the right to enjoy and occupy the same without any interruption or claim from the Transferor or any person claiming under him.

10. On completion of the transfer, the Transferor undertakes to deliver to the Transferee:

(i) the Certificate of Shares, along with the share transfer form duly executed and filled in;

(ii) the agreement for purchase of the flat between the Developer and the Transferor, and all other documents concerning the Flat, if any, as are in the possession of the Transferor.

11. The Transferor shall execute and sign any deed or writing, and do all acts needed to be executed, signed or done to complete the title of the Transferee to the said Flat, as and when asked, at the expense and cost of the Transferee.

12. Any donation or fee or money required to be paid to the Society for its approval for the transfer of the said Flat and/or the shares, under Rule ______ of the Delhi Co-operative Societies Rules, ______, or any other Rules; and any stamp duty required to be paid on the transfer of the share form, shall be borne and paid by the Transferor and the Transferee in equal shares.

13. If any clearance under the Income-tax Act, 1961, or compliance with any enactment relating thereto, is required, then this agreement will be subject to the clearance or approval or related certificate of the Income-tax authorities.

14. If the Society denies approval to the transfer, or the Income-tax authority denies its consent, or for any reason beyond the control of the Transferor or the Transferee this covenant cannot be performed, the Transferor shall refund the earnest money to the Transferee forthwith, without any interest. But if the Transferor defaults in completing the transfer, the Transferee will have the right to cancel this agreement by serving 30 days' notice; and in that event the Transferor will be responsible for refunding the amount of earnest money, along with other monies received, with interest thereon at the rate of 12% per annum from the date of this covenant till payment. If the Transferee defaults in completing this Agreement, the Transferor will have the right to cancel this Agreement by serving 30 days' notice to the Transferee; and in that event the earnest money only shall be forfeited. This is without prejudice to the right of any party to sue for specific performance of this contract and/or for consequential damages, if any.

IN WITNESS WHEREOF, the parties have set their hands this ______ day of ____________.

DATE: ____________

PLACE: ____________

Transferor: ________________________

Transferee: ________________________

WITNESSES:

1. ________________________

2. ________________________