TRANSFER OF APARTMENT

Deed of Transfer of Apartment is a transitional indenture in the chain of subsequent transfers of a flat, initiating from the Societal Final Conveyance and constantly continuing to the succeeding purchasers and is one of the forms of Sale/Purchase Deed and is drawn and devised accordingly where the nature of the flat ownership is of Apartment Condominium.
The rights and benefits of the Buyer of a flat under the Builder’s Agreement once concluded in the Final Conveyance in the form of Apartment Deed in furtherance of Apartment Declaration all the transferable and inheritable title, ownership, rights, and interest in the flat/apartment, in the building in which the flat/apartment situates and in the land over which the building with the flat/apartment is constructed and in the common amenities and areas, vest in the Buyer who being a member of the Condominium of Apartment Owners now owns all the estate in the flat/apartment.
The buyer of a flat/apartment thus having become the first owner of the flat/apartment with the dominating ownership rights and control over the flat/apartment also enjoys the unequivocal right to transfer and sell the flat/apartment to the subsequent purchaser in accordance with the enactments and byelaws governing such Condominium of Apartment Owners.
For making all the subsequent transfers of the flat/apartment having Apartment Condominium ownership the Deed of Transfer of Apartment is the legal instrument which helps in the juridical and effectual passage of all the rights, title and interest in the flat/apartment to and favour of the successive taker thereof for value.
While drafting the Deed of Assignment a law firm is entrusted with the responsibility of ensuring in its strictest sense that all the pre-transfer and post-transfer compliances are made with a view to secure the interest of the successive purchaser in the flat/apartment. It is the duty of the law firm to make certain that the seller has made and completed all the formalities under the societal and property enactments, bye-laws, statutory procedures, etc. The law firm has to observe the same degree of care in the documentation of societal flat/apartment transfers as in case of Sale/Purchase Deed.
Deed of Transfer of Apartment is made subject to the enactments governing Apartment Ownership, Contract, Transfer of Property, Stamp duty, Registration and all other relevant enactments.

 
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