Agreement For Sale Of Apartment Deed Format

Agreement For Sale Of Apartment

Agreement made at …………… this …………… day of ………. 2000 between Mr. V of ……………… hereinafter referred to as the vendor (which term shall include unless repugnant to the context his successors and assigns) of the one part and Mr. P of ……………… hereinafter referred to as the purchaser (which term shall include unless repugnant to the context his heirs and successors) of the other part.

Whereas the vendor is absolutely seized and possessed of the land and premises situate at………………and more particularly described in the Schedule hereunder written.

And whereas on the said land described in the First Schedule hereunder written there are certain buildings or structures.

And whereas the vendor proposes to develop the said land by demolishing the existing structures and by constructing a new building in their place, according to the Building Plans hereinafter mentioned and to sell the flats in the said Building on Apartment Ownership basis.

And whereas the vendor has obtained permission of the Competent Authority under the Urban Land (Ceiling and Regulation) Act 1976.

And whereas the purchaser has agreed to purchase one flat or apartment in the said building being Apartment No. 3 on the First Floor of the said building and having the specifications mentioned in the 2nd Schedule hereunder written at the price of Rs. 25 lakhs only but subject to the provisions herein contained.

And whereas the purchaser has examined the title of the vendor to the said land and has seen the documents of title in the Vendor’s  possession and is satisfied with the Vendor’s title to the said property.

And whereas the vendor declares that the said property is free from any encumbrances.

And whereas the vendor proposes to enter into an agreement for sale with the said purchaser pending the construction of the said building.

And whereas the purchaser has agreed to purchase and the vendor has agreed to sell on ownership basis the said Apartment No. 3 on the First Floor in the said building hereinafter referred to as “the Apartment” on the terms and conditions mentioned herein.

Now therefore these presents witnesseth and the parties agree as follows:

1. Unless prevented by any circumstances beyond his control, the vendor shall construct a building on the said plot of land more particularly described in the First Schedule hereunder written in accordance with the plans and specifications sanctioned by the Municipal Corporation. The purchaser agrees that the vendor shall be entitled to make such variations therein as the Government or the Municipal Corporation or other local body or authority may require and as may be necessary by the exigencies of the circumstances from time to time.

2. Inspection of the Plan and Title Deeds have been given to the purchaser and he has satisfied himself as to the title of the vendor to the said land and premises and accepts the same.

3. The vendor shall sell and the purchaser shall purchase the apartment being Apartment No. 3 having a carpet area of approximately 500 sq. ft. on the First Floor of the building to be constructed on the said property and delineated on the plan and thereon shown by red coloured boundary line at or for a lump-sum price of Rs. 25 lakhs (subject to what is provided hereinafter) and this lump-sum price shall (subject to aforesaid) be final and binding and shall be independent and irrespective of the actual carpet area of the Apartment on completion of the building. Out of the said amount a sum of Rs. 5 lakhs has been paid by the purchaser to the vendor on the execution of these presents and the balance will be paid by instalments as follows:

main object of company 23 - Agreement For Sale Of Apartment Deed Format

         (1)  Rs. 5 lakhs on or before………………

         (2)  Rs. 5 lakhs on or before………………

         (3)  Rs. 5 lakhs on or before………………

         (4)  Rs. 5 lakhs being the balance against delivery of possession of the Flat to the Purchaser.

The time will be of the essence of the contract in case of each instalment.

4. The purchaser shall be liable to pay interest at the rate of 12% p.a. on all the amounts due and payable by the purchaser under this Agreement if such amounts remain unpaid for more than 7 days after becoming due. This is without prejudice to the rights and remedies of the vendor under these presents and/or in law.

5. Possession of the Apartment shall be given to the purchaser after the said building is ready for occupation and the building occupation or completion certificate obtained from the Municipal Corporation or other concerned authority. The vendor shall give possession of the said Apartment to the purchaser on or before the ………… day of ………… The purchaser shall, within the seven days of the receipt by him of the written notice from the vendor that the said Apartment is ready for use and occupation and that the building completion certificate or occupation certificate has been obtained from the concerned authority, take possession of the said Apartment.

6. On the purchaser duly observing and performing all the obligations and stipulations contained in this Agreement and on his part to be observed and performed and on payment to vendor all amounts payable by him under this Agreement, the purchaser shall be entitled to the possession of the said Apartment.

7. The vendor shall not incur any liability if he is unable to deliver possession of the said Apartment on or before the…………day of……………or the completion of the said building is delayed by reason of non-availability of steel, cement or any other building material or on account of civil commotion, riot or any act of God or on account of any notice, order, rule, or notification of the Government and/or public body or authority or on account of withholding of or delay on the grant of the building completion or occupation certificate, water connection and/or any other necessary facilities, permission or sanctions by the Government, the Municipal Corporation and/or any such other or similar public body or authority or on account of any Order of any Court.

8. No act of the vendor shall be construed as a grant in law to the purchaser of the said plot and building to be constructed thereon or any part thereof until a formal Deed of Sale of Apartment or Conveyance is executed as hereinafter provided.

9. After the vendor informs the purchaser that the vendor obtained occupation Certificate or completion certificate from the Municipal Corporation, the purchaser shall not be entitled to refuse to take possession or delay taking possession thereof on the ground that in the opinion of the purchaser some work still remains to be done or completed in or in respect of the said Apartment or building. After 30 days of taking possession the purchaser shall have no claim against the vendor as to any item of work viz., construction, designs, finishing or any other items or quality of work in the said Apartment. On the delivery of possession it shall be the sole responsibility of the purchaser to maintain the Apartment in good and tenantable repairs in all respects.

10. The purchaser shall have no claim save and except in respect of the said Apartment hereby agreed to be purchased by him. All the other structures of the said land, open spaces, parking places, lobbies, staircases, lifts, terrace etc. will remain the property of the vendor until all the Apartments are sold and transferred to the purchasers thereof and the Declaration and Deeds of Apartment are executed and the association is formed as provided in the West Bengal Apartment Ownership Act 1972 (West Bengal Act XVI of 1972).

11. Notwithstanding anything herein contained, upon notice in writing from the vendor calling upon the purchaser to take possession of the said Apartment, the purchaser shall be liable to contribute a monthly sum equivalent to 10% of all outgoings in respect of the said property such as all rates, taxes, assessment, dues, duties and impositions of any kind or nature whatsoever in respect of the said land and/or the building thereon or any part thereof as may be charged or imposed by Government, Municipality and/or any other competent authority and wages of watchmen, malee, and sweeper and other expenses of common benefit irrespective of the fact whether or not the purchaser has actually taken possession of the Apartment upon notice as aforesaid and until such time all the flats to be constructed are sold to the buyers thereof. Thereafter the purchasers shall also continue to be liable to contribute to all such common expenses as aforementioned during all the time he would be entitled to the said apartment and his contribution shall be in proportion to the area of the Apartment and as the Association of Apartment Owners shall from time to time decide.

12. The purchasers of all the flats and the premises in the said building including the purchaser herein shall join and form an Association and the purchaser agrees to join such association or society. On completion of the building and receipt by the vendor of the full price of all the flats/car parking places and other premises in the said building under this and similar agreements in respect thereof and all other charges and deposits payable by each purchaser to the vendor under this Agreement and similar agreements with other Purchasers in respect of each Apartment the vendor shall convey and/or cause to be conveyed to each purchaser including the purchaser herein title to the respective Apartment free from all encumbrances. However, the vendor will not be obliged to execute the Deed of Apartment till such time as all the flats and premises are sold. The purchaser shall be liable to contribute to and at the time of execution of this Agreement and deposit and keep deposited with the vendor a sum of Rs. 50,000 towards legal costs (exclusive of stamp duty and registration charges of the Deed of Apartment) in connection with the execution of this and other documents required to be executed. All the legal expenses including the expenses of Stamp Duty and Registration charges will be borne by the purchaser alone.

13. The costs charges and expenses of preparing, engrossing, stamping and registering all the Agreements, Conveyances, Deeds or any other document or documents required to be executed by the vendor or by the purchaser as well as the entire professional costs of the advocates of the vendor in preparing and approving all such documents shall be borne by the purchaser in proportion to the area which the flat agreed to be sold bears to the total built up area of the building.

14. Vendor will prepare the draft Deed of Apartment to be executed in favour of the purchaser. The form will be common to all the flat purchasers in the said building. The vendor will furnish a copy of such draft Deed of Apartment and after approval the purchaser shall get the same engrossed and stamped and the vendor will sign the same. It will be the responsibility of the purchaser to lodge the same for registration.

15. Without prejudicing the rights of the purchaser under the Deed the vendor will be at liberty to sell, assign or otherwise deal with his own interest in the said land and building or any part thereof.

16. No delay or indulgence by the vendor in enforcing any of the terms of this Agreement or any forbearance or giving of time to the purchaser shall be construed as a waiver on the part of the vendor. Any breach or non-compliance of any term or condition of this Agreement by the purchaser shall not in any manner prejudice the right of the vendor.

17. Until transfer of the said Apartment to the purchaser and all dues payable to vendor have been paid and without previous written consent of the vendor the purchaser shall not agree to or let, transfer or assign or give on Leave and Licence the said Apartment. The consent shall not however be unreasonably withheld.

18. Upon the purchaser paying the vendor’s dues and performing the terms and stipulations of this Agreement the purchaser shall peacefully hold and enjoy the Apartment for ever without any interference by the vendor or any person claiming under him.

19. The purchaser on getting possession of the said Apartment shall not demolish or cause to be demolished any construction work in or about the said apartment nor at any time make or cause to be made any new construction or work of whatsoever nature in or about the said Apartment nor will he make any additions or alterations in the said Apartment without the previous consent in writing of the vendor or in contravention of any Municipal Rules and Regulations nor without such consent or in such contravention as aforesaid, close lounges and any balcony, effect any alteration in the elevation or change the colour scheme of the exposed walls of the various lounges or external walls.

20. The purchaser covenants to do all acts, and things and sign and execute all other documents and papers as shall be incidental to the due carrying out the performance of the terms of this Agreement and for safeguarding the interests of the vendor and other purchasers of apartments in the said building as the vendor may require him to do and execute from time to time at the costs and expenses of the vendor.

21. The purchaser covenants to observe and perform all the Rules and Regulations which the Association of Apartment Owners may adopt at its inception and from time to time and at all times for fully and effectively vesting the management in the Association and otherwise to observe all stipulations and conditions in respect of the use and occupation of the particular flats by particular members and to ensure regular and punctual payment of contributions and charges. The purchaser shall observe all the rules and regulations which the vendor may frame and bring into force including rules and regulations regarding parking of cars, storing of materials and goods outside the Apartments, playing games likely to cause damages, injury, nuisance and other similar matters during the interim period until all the apartments are sold and building is completed and the Association is formed.

22. The vendor shall pay the balance if any of the deposits paid by the purchaser to the vendor under clauses 11 and 12 above after defraying the expenses mentioned in the said clauses and after transfer of the property is complete shall be paid to the respective flat owners. The said deposits shall not carry any interest.

23. Service of all letters, receipts and notices by the vendor shall be under certificate of posting to the address given by the purchaser. Such despatch will be sufficient proof of receipt of the same by the purchaser.

24. The purchaser shall not use or permit to be used the said Apartment for any purpose other than residential purpose or for a purpose approved by the Association. The purchaser shall not cause or permit to be caused any nuisance or annoyance to the occupiers of other flats and Apartments in the said building. The purchaser shall not be entitled to use any parking or other space in the compound of the building for parking vehicles, except any parking space he may have agreed to purchase, and his right to park the vehicle will be subject to the rules and policy of the Association.

25. Subject to the other provisions of this Agreement the sale of the said Apartment will be completed within 6 weeks from the date of completion of the building and the occupation certificate being issued by the Municipal Corporation and notice whereof is given by the vendor to the purchaser.

26. All the outgoings including ground rent, taxes, etc. pertaining to the property up to the date of the occupation certificate of the flat payable and paid by the vendor may be apportioned between the vendor on the one hand and the purchaser and the other purchasers of the other Apartments on the other.

27. The vendor and all other necessary parties interested in the said property shall make and execute the Deed of Apartment (Deed of Conveyance) in terms of the draft to be prepared by the vendor.

28. It is declared by the vendor that no notice had been issued by the Government or Municipal Corporation or any other Public Body for carrying out repairs to the said property and if such notice is issued prior to the completion of the sale the vendor shall comply with the same at his expenses.

29. Before completion of the sale of the said Apartment to the purchaser if the whole building including the said flat is notified by the Government or any other authority for acquisition or requisition the purchaser will not be entitled to cancel the Agreement but will be entitled to refund of the amount paid by him to the vendor or a proportionate part thereof in case the compensation awarded for the property is less than the cost incurred by the vendor in the construction of the building including the price of the land, out of the compensation if and when awarded and paid by the Government or other authority. In the case of requisition of the said Apartment the purchaser will be entitled to the compensation that will be awarded by the requisitioning authority and save as aforesaid all his liabilities under this Agreement and subsequently as the owner of the said Apartment will continue to subsist.

30. The said and other Apartments shall be subject to the provisions of West Bengal Apartment Ownership Act 1972 and the Rules made thereunder and execute or join in executing a Declaration to the effect that he or they submits his Apartment or their Apartments to the provisions of the West Bengal Apartment Ownership Act 1972, in the form prescribed by or under the said Act and will abide by the terms thereof.

31. On the purchaser’s failure to complete the purchase of the said Apartment in terms of this Agreement within the time stipulated herein the purchaser shall forfeit the said earnest money and will be liable to pay proportionate costs, charges and expenses and damages incurred by the vendor.

32. On the vendor’s failure to complete the sale within the stipulated time he shall be liable to refund to the purchaser the amount of earnest money and all other moneys with interest at 12% p.a. till repayment and all costs, charges and expenses incidental to this agreement and incurred by the  purchaser.

33. The original Apartment Agreement given to the purchaser will be lodged for registration under the Registration Act 1908 within 4 weeks from the date of delivery of possession of the Apartment by the vendor to the purchaser and the vendor will admit execution before the Registering Authority (Sub-Registrar) on receiving intimation that this agreement is so lodged.

34. All disputes and differences whatsoever arising between the parties hereto or persons claiming under them touching this Agreement or any matter or things contained or the construction thereof or as to any matter in any way connected therewith or arising thereout or the operation thereof or the rights and liabilities of either of the parties shall be referred to arbitration and such arbitration shall be governed by and be subject to the provisions of the Arbitration and Conciliation Act 1996 as modified from time to time or re-enactment thereof for the time being in force.

In witness whereof the parties hereto have hereunto put their respective hands on the day, month and year first above-written.

The Schedules above referred to

I

II

Signed and delivered by the within named vendor ………………………. in the presence of:

1.

2.

Signed and delivered by the within named purchaser …………………… in the presence of:

1.

2.

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