The execution of the Agreement for Sale creates certain legal obligations and responsibilities between the Developers and the Buyer of an apartment inter se under the Flat Ownership Enactments. Likewise it also generates corresponding rights, interests and benefits in favour of the parties thereto.
Subsequent to the making of the Agreement for Sale but before the finalisation of the building project and prior to the Final Conveyance when the Developers are in the process of making all the compliances, the Buyer may, after he/she had made all the payments under the Agreement for Sale or with the consent of the Developers, transfer his/her rights to purchase and acquire flat to any other purchaser thereof for lawful value.
In such event the proper indenture is the Deed of Assignment of Contractual Rights whereby the first buyer sells and transfers for value all his/her entire contractual rights, benefits, profits, privileges, interest, title, etc; concerning, pertaining and relating to and in respect of the said flat with the right to obtain possession of the flat, in and under the Agreement for Sale vis-à-vis the Developers concerning inter alia the right to get transferred the final title in the flat, building and the property from the Developers in the form of Final Conveyance or any other legal instrument as per the relevant enactments alongwith the right to obtain the lawful and complete ownership and title in the flat.
By the Deed of Assignment of Contractual Rights the successive buyer of the flat steps into the shoes of the first buyer as if the successive buyer has himself/herself executed the Agreement for Sale and thus the Developers is bound to treat such successive buyer by honouring and carrying out all the terms and stipulations incorporated in the Agreement for Sale.
A range of enactments relating to Flat Ownership, Contract, Transfer of Property, Stamp Duty, Registration and all other relevant enactments govern the Deed of Assignment of Contractual Rights.