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THIS AGREEMENT made at ------------- this ------- day of ------------- 2002 between -------------
Limited, a Company registered under the Companies Act, 1956 and having its registered office
at ------------------------------------------- (hereinafter referred to as the Vendor) which expression
unless repugnant to the context shall be deemed to refer and include its successors-in-title of
the ONE PART and ----------------------------------------, a Company registered under the
Companies Act, 1956 and having its registered office at
-------------------------------------------------------------------
(hereinafter referred to as
the Purchaser) which expression unless repugnant to the context shall be deemed to refer
and include its successors and assigns of the OTHER PART:
W H E R E A S
(i) The Vendor is a registered holder of ---(----) shares of the face value of Rs.----/=
each bearing distinctive numbers ----- to -----(both inclusive) hereinafter called "the said
Shares") under Share Certificate No.--- issued by the ------------------------------- a S
ociety
registered
under the provisions of the Maharashtra Co.Operative Societies Act
XXIV of 1961 (Registration No.--------------------), and having its registered office at
-------------------------------------- (hereinafter
referred
to
as
'the
said
Society')
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Agreement for Sale of Flat
and as such shareholder the Vendor is entitled to the use, occupation, possession and
enjoyment of a Flat bearing No.---admeasuring --------------- sq.mtrs (approx.)(carpet area) and
--------------sq.mtrs (approx.) (built up area) on the ------- floor (---------- side) in the building of the
said Society known as ----------------- situate at ---------------------------- Road, Mumbai -----------
bearing CTS No. ---------------------- of the ------------------------------------- Division, Mumbai
(hereinafter referred to as the `said premises') more
particularly set out in the
Schedule
hereunder written.
(ii) The Purchaser has approached the Vendor and has requested the Vendor to sell
and transfer to it the said Shares and as incidental thereto the right to use, occupy, possess and
enjoy the said flat bearing No. --- (hereinafter referred to as 'incidental rights to the
said premises') which the Vendor has agreed to do so on certain terms and conditions mutually
agreed upon by and between them in the manner hereinafter appearing.
(iii) The Vendor has represented to the Purchaser that the Vendor had entered into a
Memorandum of Understanding dated ----------------------- with -------------------------- Limited, a
Company registered under the Companies Act, 1956 and having its registered office at
---------------------------------------------------- (hereinafter referred to as --------) under
with which it was agreed that upon the Vendor herein becoming the owners of the said flat with
all requisite documentation in that behalf having been executed viz. The Declaration by the
landlords under the provisions of the Maharashtra Apartment Ownership Act and the execution
of the Deed of Apartment and the registration thereof and within 15 days of all such formalities
being completed in all respects, the Vendor herein would agree to sell and -------would agree to
purchase the said flat and in this behalf the Vendor herein and -------- as the Purchasers would
execute an Agreement for Sale or Memorandum of Intention wherein the Vendor herein would
be the Vendor and ---------- would be the Purchasers in respect of the said flat on the terms and
conditions set out therein.
(iv) The Vendor herein was required to make all necessary endeavour to complete the
execution of all requisite documentation as was required to be done by the landlords including
the filing of the Declaration under the Maharashtra Apartment Ownership Act and the execution
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Agreement for Sale of Flat
of the Deed of Apartment in favour of the Vendor herein.
(v) For diverse reasons the Vendor herein and ------- have not proceeded further the
sale process of the said premises and have entered into a further understanding in terms of
which it has been agreed to inter se between the Vendor herein and -------- that the said
premises shall be sold and the Vendor herein shall give proper and effectual right, title, interest
in the said premises to the intending purchaser with the sale consideration being drawn in
favour of --------- for which --------- would be willing to confirm the receipt thereof and relinquish
its rights whatsoever, in the said premises and the Vendor herein would do all acts, deeds and
things as may be necessary and expedient to give full and effectual title of the said premises to
the intending purchaser of the said premises.
(vi) The Vendor has agreed to enter into this Agreement and to execute the
conveyance of the said premises in favour of the Purchaser on the Purchaser having signified
its acceptance to representation had been made hereinabove and having agreed to abide by
the same.
(vii) This writing is an intended transfer of the right title and interests in the said
premises and subject to the clearance under Section 269 UC of the Income Tax Act, 1961.
However, in view of amendment to Section 269 UC of the Income Tax Act, issuance of No
Objection Certificate under Section 269 UL(3) has been repealed and as such no
permission is required to be applied for .
NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN
THE PARTIES HERETO AS FOLLOWS:-
1. The Vendor shall sell and transfer to the Purchaser and the Purchaser shall accept and
take over from the Vendor, the Vendor's shareholding in the Society in respect of the said
Shares issued under Share Certificate No.--- by the said Society together with the incidental
right to use, occupation, possession and enjoyment of Flat No. ----- admeasuring ---------
sq.mtrs. (approx.) (carpet area) and ---------- sq.mtrs (approx.) (built up area) on the ------ floor
(---------- side) in the building known as ----------------- situate at ------------------- Road, Mumbai
----------------, at or for the price of Rs.----------------/= (Rupees ----------------------------
only). It is clearly understood by the Purchaser
that
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Agreement for Sale of Flat
the aforesaid
Flat
No. ---- is currently in
occupation
of
Mr.------------------------- Mr. ----------------shall be permitted to continue to use and occupy the said
Flat until an alternate accommodation is arranged for, but not beyond ----------------- by which
date the Vendor has agreed to hand over vacant and peaceful possession of the premises to
the Purchaser.
2. The Purchaser will pay as consideration the said purchase price of Rs.--------/= (Rupees
--------------------------- only). The payment shall be made out by way of Pay Order payable at
Mumbai in favour of --------.
3. The Vendor shall simultaneously with the execution of this Agreement make an
application to the Society for its approval, if required, for the transfer of the said shares and the
said premises to the Purchaser.
4. On receipt of approval of the Society, the Vendor and the Purchaser shall execute a
formal Deed of Transfer and other documents and papers as may be necessary and required
for effectively transferring the said shares and the said premises in favour of the Purchaser.
5. The sale and transfer of the said shares and the said premises shall be completed after
the aforesaid permission, if required, are obtained as aforesaid on or by ----------in the following
manner:-
(a) The Vendor and the Purchaser shall duly complete and sign the requisite transfer forms for
transfer of the said shares and the said premises from the name of the Vendor to the
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Agreement for Sale of Flat
name of the Purchaser and the same shall be retained by the Purchaser.
(b) The Vendor shall hand over to the Purchaser the said two original documents viz. the
Share Certificate and the Agreement relating to the said premises which are in its possession.
(c) The Vendor shall hand over to the Purchaser quiet, vacant and peaceful possession of the
said premises.
6. All outgoings payable by the Vendor to the Society upto the date of the completion of the
sale shall be borne and paid by the Vendor and if need be, the same shall be brought into
account and apportioned. All such payments after the date of completion of the sale shall be
borne and paid by the Purchaser alone.