Agreement For Sale Of Flat Between Original Buyer And New Purchaser Deeds Property 1885 - Legal Draft

.........day of .......... between Mr. A of ........... hereinafter referred to as the 'Transferor' of the One Part and Mr. B of ............hereinafter referred to as 'the Transferee' of the Other Part.
WHEREAS :

1. By an agreement dated the ........ day of .......... made between M/s. XYZ & Co. therein and hereinafter referred to as The Developers' of the One Part and the Transferor therein referred to as the Flat Purchaser, of the Other Part the Developers have agreed to sell and the Transferor has agreed to purchase one Flat bearing No .........on the ...floor in the building which is being constructed by the Developers on the piece of land situate at .......... and more particularly described in the 1st Schedule to the said agreement being the same as described in the Schedule hereund e r written.
2. The Developers are constructing the said building on flat-ownership basis under an agreement of development dated ........... entered into between the owner of the said land and the Developers.
3. The said agreement between the Developers and the Transferor is duly registered (or lodged for registration) under the Registration Act, 1908 as required by the Maharashtra Ownership Flats Act, 1963.
4. The Transferor has paid all the moneys towards the price of the said flat and towards deposits under the said agreement to the Developers-
5. As the Transferor is not now interested in purchasing the flat, the Transferee has offered to purchase the same and the Transferor has agreed to assign all his rights and benefits under the said agreement to the Transferee on the terms and conditions hereinafter mentioned and agreed to between the parties hereto,
6. The said Developers have given their consent to the transfer of the said agreement by the Transferor to the Transferee.

NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:
1. The Transferor agrees to assign to the Transferee and the latter agrees to take over all his rights and benefits to acquire by purchase the said Flat No ............ on the .... floor in the building under construction on the piece of land described in the Schedule hereunder written, under the Flat-Purchase Agreement dated ......... between the said
Developers and the Transferor hereinbefore mentioned (hereinafter referred to as the said Agreement),
2. In consideration of the said agreement the Transferee had agreed to pay and has paid to the Transferee a sum of Rs ........... on the execution of this agreement (receipt whereof the Transferor doth hereby admit ) .
3. The Transferor agrees and declares that all his rights and benefits under the said agreement belonging to or available to the Transferor to purchase and occupy the said flat will hereafter belong to and be available to the Transferee as if the said agreement was entered into by and between the said Developers and the Transferee, in place of the Transferor as Flat- Purchaser.
4. The Transferee will be entitled to take possession of the flat when it is ready for occupation from the said Developers and he will also be entitled to the amounts deposited by the Transferor with the Developers under the said Agreement or to the refund of any amount therefrom, if any recoverable.
5. The Transferor now claims no interest in the said agreement and in the flat to be acquired pursuant thereto.
6. The Transferee has taken inspection of the said agreement and made inquiries about the title of the owner of the said land and of the developers to develop the same and also taken inspection of the building plans including that of the said flat and he is satisfied about the same, and he will not raise any objection as against the Transferor on that account and the Transferor will not be bound to refund any amount paid to him by the Transferee on account of any dispute arising between the owner and the Developers or as between the Developers and the Flat Purchasers in the said buildings including the Transferee or on account of default committed by the Developers of any term or condition of the said agreement.
7. The Transferee agrees and undertakes to take over and be bound by all the obligations undertaken or agreed to by the Transferor under the said agreement including the obligations to join and become a member of the proposed co-operative housing society that will be formed by or on behalf of the flat purchasers in the said building and to sign all forms and papers in connection therewith.
8. The Transferor declares that the said agreement is valid and subsisting and he has not assigned the benefit of the said agreement to anybody else by way of security or otherwise.
9. The Transferor agrees to sign any document, if required, as and by way of confirmation of this agreement or of the right of the Transferee to purchase the said flat under the terms of the said agreement,
IN WITNESS WHEREOF the parties hereto have put their respective hands the day and year first hereinabove written.

.........
in the presence of ....................
Signed and delivered by the withinnamed
Transferee Mr ........................
in the presence of .....................