Flat Ownership Agreement

This Agreement is made on this the ______ day of ______ 2007 at Delhi
BETWEEN
Mr. ______, S/o ______ aged about ______ years R/o ______, (hereinafter referred to the
“purchaser” which expression shall, unless the context otherwise requires, include his/her
successors, legal heirs, executors, administrators and assignees) of the First Part.
AND
Mr. ______, S/o______ aged about ______ years R/o ______, (hereinafter referred to the “Seller”
which expression shall, unless the context otherwise requires, include his/her successors,
legal heirs, executors, administrators and assignees) of the Second Part.
Whereas the Seller had entered into an agreement dated ______ for acquiring
ownership rights and possession in flat no. ______ on the ground floor in the building
known as “______” at ______ with Mr. ______ referred to as the “Transferor” in the said
agreement.
Whereas the said Mr. ______ had entered into an agreement dated ______ for acquiring
the ownership rights and possession in flat no. ______ on the ground floor in the building
known as “______” at ______ with Mr. ______ referred to as the “Builders” in the said
agreement and Mr. ______ referred to as the “Confirming Party” in the said agreement.
Whereas the Seller has been allotted Flat No ______ admeasuring ______ square feet at
______, a society registered under the provisions of The Delhi Co-operative Societies Act,
having Registration Number ______ and having its registered office at ______ (hereinafter
called the “Society”) and holding ______ fully paid shares of Rupees ______ each in the said
society bearing distinctive numbers ______ to ______ (Both Inclusive) represented by Share
Certificate Number ______ issued to the Seller by the Society as a tenant in common.
Whereas the Seller as such member is in possession and occupation of Flat No. ______
admeasuring ______ square feet in the aforesaid society (hereinafter called the “Flat”).
Whereas the Seller has agreed to sell the said shares and the entire interest in the said
flat to the Purchaser and the Purchaser has agreed to purchase the said shares and the
shares, rights, title, and interests of the Seller in the said flat and the rights of the Seller in
the amount standing to the credit of the Seller in the Books of Accounts of the said
Society for a total consideration of Rs ______ (Rupees ______ Only).
WHEREAS both the parties to this agreement are desirous of reducing the terms and
conditions of this agreement in writing as follows:

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NOW THIS AGREEMENT IS WITNESSETH AND IS HEREBY AGREED BY AND BETWEEN THE
PARTIES AS UNDER:
1. The Seller has agreed to sell to the Purchaser and the Purchaser has agreed to
purchase from the Seller the said Flat ______and the underlying shares in the said
Society for a total consideration of Rs ______ (Rupees ______ Only).
2. The Purchaser has agreed to pay in all a sum of Rs ______ (Rupees______ Only) to
the Seller towards the aforesaid consideration on the execution of this
agreement.
3. The Seller has agreed to hand over peaceful vacant possession of the said Flat to
the Purchaser on the execution of this agreement.
4. The said Flat and the said shares are being sold by the Seller to the Purchaser
along with all the privileges as part and parcel of sale of the said premises
including all the rights, title, interest and benefit of every nature and kind in
respect of the said Flat, shares and membership of the said Society that accrued
to and vested absolutely in the transferor in pursuance of the agreement dated
______ mentioned earlier in this agreement.
5. The Seller hereby declares that the said Flat and the said shares agreed to be sold
are free from encumbrances of whatsoever nature and that the Seller has full
right, absolute authority and power to sell the said Flat situated at ______, as also
the said shares.
6. The Seller shall pay all the taxes and other payments including all dues payable to
the aforesaid society in respect of the said Flat till the date of this agreement and
after the date of this agreement, the Purchaser shall be responsible for making
such payments.
7. The Seller shall get the said premises and all the shares standing in his name
transferred to the name of the Purchaser and will execute and deliver to the
Purchaser all the documents that may be necessary for the completion of this
sale. The transfer fees and/or any other charges payable to the society or such
transfer shall be borne and paid by the Purchaser.
8. The Seller hereby declares that the Purchaser shall on and from the date of this
agreement peacefully possess, occupy and enjoy the said Flat without any
hindrance, claim, demand, interruption or eviction of the Seller or any other
person or persons lawfully or equitably claiming through, under or in trust for the
Seller.
9. The Purchaser shall on and from the date of this agreement be entitled:
To have and hold the possession and occupation of the said Flat and to
hold the same and to the use and benefit of the Purchaser and his successors

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 To assign in any manner, whether conditionally or without any claim,
charge, right, interest, demand or lien of the Seller.
10. The Seller declares that:
i) The Title of the Seller to the said Flat is unconditional and absolute and that
he is entitled and competent to transfer or dispose of the said Flat and the
said shares to the Purchaser.
ii) The Seller is the lawful owner of the shares in the aforesaid society bearing
distinctive numbers ______ to ______ (both Inclusive) represented by Share
Certificate Number ______ issued to the Seller by the Society.
iii) The Seller is in exclusive possession of the said Flat and no other person has
any right to possession of the said premises or any right to the said
possession thereof.
iv) The said Flat was acquired by the Seller from and out of his funds to which
he was legally entitled and in the circumstances he is the sole and absolute
owner thereof.
v) The said Flat is free from all encumbrances, lien, charge or mortgage and in
any case the Seller has not created any encumbrance on the said Flat and
there is no statutory, commercial or personal liability to any private, public
or revenue authority for payment on the said Flat.
vi) To the best of the knowledge and information with the Seller, there is no
litigation or other proceedings pending in respect of the said Flat and there
is no attachment levied in respect of the said Flat nor has any competent
authority issued any order prohibiting the sale, transfer or assignment of the
said Flat, or the benefits of the agreement for acquiring the same
vii) The Seller has not committed any breach nor has he been guilty of any
breach or non-compliance with any of the terms and conditions of the
agreement dated ______ as mentioned earlier in this agreement and that the
said agreement is valid and subsisting at law till the date of execution of
these presents.
viii) There is no other factor or circumstances within his knowledge preventing
or any manner obstructing the aforesaid transfer of the said Flat and the
said shares.
11. The Seller is aware that the Purchaser has agreed to acquire the said Flat and pay
the consideration of the same relying on the correctness of the representations
made by the Seller and the Seller repeats and confirms that the said
representation and statements made hereinabove are true and correct. In the
event of Purchase if the purchaser suffers from any prejudice or loss whatsoever
on account of the negligence or misrepresentation by the Seller or by any other

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 person on his behalf, the Seller shall indemnify and keep indemnified the
Purchaser in respect of all such expenses, costs, liabilities or obligations as the
Purchaser may incur on such account. The Seller has agreed to indemnify the
Purchaser for any costs, expenses or other liability which the Purchaser or any
person claiming under the Purchaser may incur for discharge of any charge,
encumbrance or other liability in respect of the said Flat.
12. The Seller further agrees that the Seller and/or any other person claiming through
him shall from the date of this agreement, at all times thereafter, whenever called
upon by the Purchaser, to do and execute or cause to do done and executed all
such acts, deeds and things whatsoever for more perfectly securing the interest of
the Purchaser in the said Flat. The purchaser has agreed to bear reasonable costs
incurred by the Seller in this behalf.
13. The Seller acknowledges the receipt of the aforesaid amount as full and total
consideration for the sale amounting to Rs ______ (Rupees ______ Only) and the
Purchaser acknowledges obtaining absolute possession of the aforesaid Flat.
14. The Seller has agreed to hand over to the Purchaser the necessary transfer forms
and other papers relating to the aforesaid transfer including the agreements
dated ______ and ______ mentioned earlier in this agreement in respect of the said
Flat.
15. The Purchaser hereto undertakes to abide with and follow the rules and
regulations of the said Society as governed by its bye-laws.
16. This agreement constitutes the entire agreement between the parties and
supersedes any oral or written agreement made earlier to the date of this
agreement. Any variations/modifications to this agreement shall not have any
effect unless the same is in writing and executed by both the parties.
17. In the event of any difference of opinion or dispute between the Parties on any
matter pertaining to this agreement and the aforesaid transfer, it shall be referred
to the arbitral tribunal as per the following terms and condition:
a) Each party shall appoint one arbitrator.
b) The arbitrator appointed by each party shall be a practicing CA and a
member of ICAI.
c) English shall be used as the language for all the arbitration proceedings and
the award of Arbitration.
d) The Arbitration proceedings shall take place at ______, Delhi.
e) The Arbitral Tribunal shall enter upon the reference and decide the aforesaid
matters. The Arbitral Tribunal shall make their award within three months
after entering upon the reference or after having been called on to act by
notice in writing from any party to the submission, or on or before any later

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 day to which the Arbitral Tribunal by any writing signed by them may from
time to time enlarge the time in making the award.
f) The Arbitral Tribunal shall to record the proceedings of the hearing by way of
minutes and get it signed by both the parties.
g) The Arbitral Tribunal may proceed ex parte in case either party fails to appear
after reasonable notice.
h) This agreement shall remain effective and enforceable against the legal
representatives of either party in case of death.
i) The Arbitral Tribunal may appoint an accountant for examining the account
of the party if they think necessary and the remuneration of the accountant
as determined by the arbitrators shall be the costs in the reference to be paid
by the parties as the arbitrators may direct in their award.
j) In case the Arbitral Tribunal awards that any sum is due from one party to the
other, then the party to whom the said sum is awarded may apply to the
court for having a decree passed in terms of the award and may realise the
amount in execution of the decree from the other party.
k) The provisions of the Indian Arbitration and Conciliation Act, 1996, shall apply
to this reference.
l) The parties would cooperate and lead evidence, etc. with the arbitral tribunal
and if one of the parties does not cooperate or remains absent at the
reference, the tribunal would be at liberty to proceed with the reference ex-
parte.
m) The fees of the reference to Arbitral Tribunal shall be Rs. ______ which shall be
inclusive of costs of all the proceedings before the tribunal and shall be
borne by both the parties equally.
n) The Arbitral Tribunal shall make their award, with reasons for the decision,
within three months from the date of entering upon the reference.
a) o) The award of the Arbitral Tribunal, shall be final, conclusive and
binding on the parties and shall not be challenged on any ground except
collusion, fraud or an error apparent on the face of the award.
p) This reference to arbitration shall be deemed to be a reference within the
meaning of the Arbitration and Conciliation Act, 1996 or any statutory
modification thereof.
q) No action can be taken under this agreement for the enforcement of any
right without resorting to arbitration under this clause.

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IN WITNESS WHEREOF the parties hereto have set their signatures and executed this
agreement on this the ______ day of ______ 2007 at Delhi.

Executed by the said Mr. ______.

Witness:
1.

2.

Executed by the said Mr______.

Witness:
1.

2.

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