Agreement for Exchange of Properties
THIS AGREEMENT is made and entered into at ................... this ................... day of .................... between Mr. .................... residing at ............................ hereinafter referred to as the Party of 'the One Part' and Mr. ......................., residing at ........................... hereinafter referred to as the Party of the 'Other Part'-
WHEREAS the Party of the First Part is the sole and absolute owner in possession of the property comprised in schedule A hereto AND WHEREAS party of the other part is the sole and absolute owner in possession of property comprise in Schedule B AND WHEREAS the party said agree to mutually exchange and transfer of the ownership of the said properties between them which the party of the first part shall convey the property in Schedule A to the other part and the party of other part shall convey the property in schedule B to the party of one part.
NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS :
1. The parties hereto agree to exchange the said two properties so that the property described in the A Schedule hereunder written will be conveyed by the Party of the one Part to the Party of the Other and the property described in the B Schedule hereunder written will be conveyed by the Party of the other Part to the Party of the one Part, subject to what is hereinafter provided.
2. Each of the parties hereto will make out a marketable title to the property belonging to him, free from any encumbrances and reasonable doubt.
3. Each party shall produce to the other party, the title-deeds relating to his property for investigation of title, within .................. days from the date hereof.
4. The said two properties will be got valued by an Architect Mr. ................. who will submit his reports as to the market value of each of the said two properties.
5. If the value of any property so ascertained is more than the other, the difference will be paid by the party whose property is valued more to the other party whose property is valued less for equalisation of value and the said amount will be paid at the time of execution of the Deed of Exchange. The valuation report of Mr. ................. Architect will be accepted as final and binding on the parties.
6. Each party will pay all outgoings by way of Municipal and other taxes etc. upto the execution of the Deed of Exchange.
7. With the execution of the Deed of Exchange each party will give to the other possession of his property exchanged by attorning tenant to the other party as owner thereof and by delivering vacant possession of such part thereof as will be vacant. Each party shall also hand over the title deeds of his property to the other.
8. The stamp duty and registration charges in respect of the Deed of Exchange and any other document if required to be executed will be borne and paid by the parties hereto in equal shares. Each party will bear and pay his own Advocate's fees.
9. Each party declares that he has not received any notice from the Govt. or Municipal Corporation or any other authority for acquisition or requisition of his property or any part thereof or for structural or major repairs or otherwise howsoever. If any such notice is received before completion of exchange, the other party will have the option to cancel this agreement by giving .............. days' prior notice to the other to that effect.
10. If any party hereto fails to make out a marketable title to his property free from encumbrances and reasonable doubts, the other party will have the option to cancel this agreement by giving ............. days' prior notice to that effect to the other party.
IN WITNESS WHEREOF the parties have put their respective hands the day and year first hereinabove written.
THE A SCHEDULE
THE B SCHEDULE
Signed by the within named )
Party of the One Part )
Mr. .................... )
in the presence of ...............)
Signed by the within named )
Party of the Other Part )
Mr. ..................... )
in the presence of )