The Agreement For Sale Of Flat In Co-operative Housing Society is a crucial legal document used in Indian real estate transactions involving cooperative housing properties. This agreement is essential when transferring ownership of a flat along with the associated society membership rights in a cooperative housing structure, which is a common form of residential property ownership in urban India. The document becomes necessary when a member of a cooperative housing society wishes to sell their flat, requiring compliance with both property transfer laws and cooperative society regulations. It includes comprehensive details about the property, parties involved, payment terms, society membership transfer procedures, and various statutory compliances. The agreement must conform to state-specific cooperative society acts, the Transfer of Property Act, and local real estate regulations, making it distinct from regular property sale agreements. It's particularly important in states like Maharashtra, where cooperative housing societies are prevalent.
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1. Parties: Details of the Seller and Purchaser including names, addresses, and legal capacity
2. Background: Context of the sale, including society details, seller's ownership history, and reason for sale
3. Definitions: Definitions of key terms used in the agreement
4. Property Description: Detailed description of the flat, including carpet area, built-up area, floor, wing number etc.
5. Consideration: Purchase price, payment schedule, and mode of payment
6. Title and Ownership: Seller's declarations regarding clear title and authority to sell
7. Society Membership: Terms regarding transfer of society membership to the purchaser
8. Possession: Terms and timeline for handling over possession
9. Representations and Warranties: Declarations and guarantees by both parties
10. Statutory Compliance: Compliance with registration, stamp duty, and other legal requirements
11. Costs and Expenses: Distribution of transaction costs between parties
12. Indemnification: Mutual indemnification clauses
13. Notices: Method and addresses for serving notices
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
15. Dispute Resolution: Process for resolving disputes between parties
1. Construction Status: For under-construction properties, including completion timeline and specifications
2. Loan and Encumbrance: If the property is mortgaged or purchaser is taking a loan
3. Parking Space: If dedicated parking space is included in the sale
4. Existing Tenancy: If the flat is currently tenanted, terms regarding vacancy
5. Society Dues: Special provisions regarding pending society dues or upcoming major repairs
6. Amenities and Facilities: Special terms regarding use of society amenities
7. Force Majeure: Provisions for unforeseen circumstances affecting completion
8. GST Provisions: If applicable, especially for under-construction properties
1. Schedule A - Property Description: Detailed technical description of the flat and building
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and timelines
3. Schedule C - List of Documents: List of title and other documents in seller's possession
4. Schedule D - Society Documents: Copies of relevant society documents and permissions
5. Schedule E - Amenities and Specifications: List of included amenities and flat specifications
6. Appendix 1 - Floor Plan: Detailed floor plan of the flat
7. Appendix 2 - Society Membership Documents: Forms and documents for society membership transfer
8. Appendix 3 - NOC Format: Format of No Objection Certificate from the society
9. Appendix 4 - Previous Title Documents: Copies of chain of title documents
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Housing & Property Development
Banking & Financial Services
Legal Services
Property Management
Construction
Urban Development
Cooperative Housing
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Housing Operations
Customer Relations
Transaction Processing
Title Research
Risk Management
Relevant Roles
Real Estate Lawyer
Property Manager
Legal Counsel
Real Estate Agent
Housing Society Manager
Compliance Officer
Property Documentation Specialist
Real Estate Transaction Manager
Society Secretary
Property Conveyance Officer
Legal Documentation Executive
Real Estate Relationship Manager
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