Bipartite nomination agreement
Respected Sir,
I am buying a ownership flat (completed) which was allotted to someone else (not registered) and this deal has been approved by the developer. I am concerned about the use of term 'Bipartite nomination agreement' instead of sale deed and the content written in it. It will be extremely helpful if you will advice upon the completeness and sufficiency of this agreement for the purpose of recording this property deal (Purchase of ownership flat) which I am providing below.
BIPARTITE NOMINATION AGREEMENT
THIS AGREEMENT FOR NOMINATION made this the ____ day of ________’ Two Thousand Sixteen BETWEEN……………………, S/o………………………., residing at………………………………………….., hereinafter referred to as the ALLOTTEE (which term or expression shall unless excluded by or repugnant to the subject or context be deemed to mean and include his heirs legal representatives executors administrators and assigns) of the ONE PART.
AND
…………………, W/o, ……………….and Mr………………………., S/o,………………… both are residing at, …………………………………………, hereinafter referred to as the NOMINEE (which term or expression shall unless excluded by or repugnant to the subject or context be deemed to mean and include her heirs, legal representatives, executors, administrators and assigns) of the OTHER PART.
WHEREAS:
By a provisional letter of allotment dated …………..(hereinafter referred to as the said ALLOTMENT LETTER) read with the Standard Terms and Conditions (STC) annexed thereto and the General Terms and Conditions (GTC) of Sale issued by ………………Project LLP (hereinafter referred to as the DEVELOPER) and duly accepted by the ALLOTTEE, the ALLOTTEE had agreed to purchase and acquire on ownership basis ALL THAT the Flat No…………. on the …….. floor on of Block No. ….having a Super built up area of …… sq. ft. more or less in the Housing Complex known as ‘……………..’ situated at……………………………., and …………………………………………………………..more fully and particularly mentioned and described in the said Allotment letter and also the SCHEDULE hereunder written) TOGETHER WITH proportionate undivided variable indivisible share of land underneath the respective Block attributable to the respective Unit TOGETHER WITH right to use 1(One) Covered car parking space(s) hereinafter referred to as THE SAID COMPOSITE UNIT for the consideration amount of ……………/- (…………………………..) and on the terms and conditions contained and recorded in the said Allotment letter and the standard terms and conditions annexed thereto.
The Parties hereto have agreed that the Allottee shall transfer the said Composite Unit and/or allotment in respect thereof, in favour of the Transferee, for which the Allottee has obtained the in-principle approval of the Developer.
The parties hereto are desirous of recording in writing the terms of understanding arrived at between them, which they hereby do.
NOW THEREFORE THIS AGREEMENT WITNESSETH AND THIS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS :-
1. The NOMINEE shall pay to the ALLOTTEE the total amount of Rs. ……………………………………………..for this nomination out of which …………………………………………………………will be towards the amount of consideration and a balance amount of ………………………………………………………as Premium. On extra charges…………………………………………………………, on maintenance deposit ……………………………………………….and incidental charges paid by the allottee is…………………………………………... As extra charges of …………………………………………………with service tax as applicable is still due to vendor which nominee has to pay.
The amount of …………………. specified under various heads herein above, includes all fees to Allottee and other charges payable to the Developer and the Nominee shall not be liable to pay any further or other amounts to the Allottee.
2. Simultaneous with the execution of this nomination the Nomiee has paid the full sum of amount of ……………………………………………………………………. to Allottee.
3. The Allottee shall, simultaneously with the execution of this Agreement, sign and execute a letter of Nomination and a Nomination Agreement in the approved format of the Developer and forthwith file the same with the Developer and furnish proof thereof to the Transferee
4. The Allottee shall take all necessary steps and efforts to have the name of the Nominee substituted in place and stead of the Allottee in the records of the Developer and shall sign and execute all such papers, deed and documents and do all other acts and deeds and things as may be necessary for this purpose and he will provide copies of such documents to the Nominee from time to time. If required, the Allottee shall also sign the Deed of Conveyance in favour of the Transferee, as a Confirming Party, as and when called upon to do so.
5. Upon due fulfillment by both parties of their mutual obligations hereunder, the Allottee shall cease to have any right, title and interest in the said Composite Unit and/or the allotment thereof, and all rights of the Allottee in respect thereof shall stand extinguished and the Nominee shall stand substituted in place and stead of the Allottee for this purpose.
6. The Parties herein agree that in the event of failure by the Nomination to pay to the Allottee the balance amount of consideration within 30 days from the date hereof or the agreement shall automatically come to an end and the Allottee will be free to nominate any other person, after refunding the initial advance money of ……………….paid by the Nominee hereunder, after deducting necessary charges.
1. The Allottee represents and warrants that she has not entered into any other Agreement for Nomination or any other agreement with similar intent with any other party till date. The Allottee further represents and warrants that no liabilities and charges exist over the said Composite Unit and/or the allotment in respect thereof.