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 ……………… 1999 between Mr. T.R. hereunder referred to as the transferor of the One Part and Mr. P.R. of ……………… hereinafter referred to as the transferee of the Other Part.

Whereas the transferor is a member of Popular Co-operative Housing Society Ltd., registered under No. 2368 of 1989 under the West Bengal Co-operative Societies Act 1983 and as such member he is occupying as Owner Flat No. 4 on First Floor in the building known as cosy standing on Plot No. 3 on K.P. Road, Calcutta 700009 belonging to the said Society having a carpet area of about 500 sq. meters.

And whereas the transferor intends to transfer his right to occupy the said flat with all his right, title and interest in the said society to the Transferee.

Now therefore these presents witnesseth and the Parties hereto have agreed as follows:

1. The transferor will transfer and the transferee will purchase the Transferor’s right to occupy and his right, title and interest to and in the said Flat together with all its fixtures and fittings at the price of Rs. 5 lakhs calculated at the rate of Rs. 1,000 per sq. ft. The transferee has inspected the flat and is satisfied in all respects.

2. The transferee will pay to the transferor on the execution of this agreement as earnest money Rs. 1 lakh and the balance 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, West Bengal as required under Rule 142 of the West Bengal Co-operative Societies Rules 1987 to the transfer of the flat and of the five shares held by him in the said Society to the transferee, before completion of the transfer. The transfer shall be completed within 6 months of execution of this Agreement.

4. The transferee has taken inspection of all the documents in possession of the transferor to title to the said Flat and is satisfied therewith.

5. After obtaining the requisite consents the transferor shall deliver vacant possession of the Flat to the transferee against payment of the said balance amount of Rs. 4 lakhs and execute transfer form in respect of the said five shares bearing Nos. 120 to 124 held in the Society and represented by Share Certificate No. 3 dated ………… .

6. The transferor will take the Flat in the condition as it is and the transferor will not be liable to do anything in respect thereof.

7. After vacant possession of the said Flat is given to the transferee he will be the absolute owner thereof with all rights of occupation thereto as a member of the Society and thereafter the transferor will have no right, title or interest therein.

8. The transferor shall pay all the Society’s dues upto the date of delivery of possession and thereafter the transferee will be liable to pay the same and will be subject to the bye-laws and Resolutions of the Society.

9. It has been represented by the transferor that (i) he is the absolute owner of the said Flat and no other person has any interest therein, (ii) there is no encumbrance or claim of any person on the said Flat, (iii) that he has been in exclusive and peaceful possession and occupation of the said Flat since it was purchased by him, (iv) on taking possession of the said Flat the transferee will be entitled to occupy and enjoy the same without any claim or interruption from the transferor or anybody claiming under him.

10. The transferor undertakes that on completion of the transfer he will hand over to the transferee (i) the Certificate of Shares together with the share transfer form duly filled in and executed, (ii) the agreement for purchase of flat between the Developer and the transferor all other documents relating to the Flat, if any, in the possession of the Transferor.

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

12. Any fee or donation or money required to be paid to the Society for its consent to the transfer of the said Flat and/or the shares under Rule 142(2) of the West Bengal Co-operative Societies Rules 1987 or any other Rules and if any stamp duty is required to be paid on the share transfer form the same will 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 provision thereof is required then this agreement will be subject to the approval or clearance or certificate of the Income-tax authorities concerned.

14. In case of refusal of the society to give its consent to the transfer or the refusal of the Income-tax authority to give its approval or for any reason beyond the control of the transferor or the transferee this Agreement becomes impossible of performance the transferor shall refund the earnest money to the transferee forthwith without any interest. But if the transferor commits any default in completing the transfer, the transferee will be entitled to cancel this agreement by giving 30 days’ notice and in that event the transferor will be liable to refund the amount of earnest money and all other monies received with interest thereon at 12% p.a. from the date of this Agreement till payment. If the transferee makes any default in completing this Agreement the transferor will be entitled to cancel this Agreement by giving 30 days’ notice to the transferee and in that event the earnest money only will be forfeited. This is without prejudice to the right of any party to file a suit for specific performance of this contract and/or for further damages, if any.

In witness whereof the parties have executed these presents on the day, month and year above-written.

Signed and Delivered by the within named transferor in the presence of:

Signed and Delivered by the within
named transferee in the presence of: