THIS AGREEMENT is made at………………..on
this………………..day of…………20…between A son
of B resident of(hereinafter called "the First Party") of the ONE
PART and C son of D resident of ……………(hereinafter called"the Second
Party") of the OTHER PART.
WHEREAS
(1)
The first party is the owner of the property
described in the First Schedule hereto and the second party is the owner of the
property described in the Second Schedule hereto.
(2)
The parties are willing to exchange their
properties and the parties desire that each party should furnish an abstract of
title of his respective property aforementioned to the other party.
(3)
The parties have also agreed that the value
of each such property be assessed by Shri ………………. Chartered Engineer, so that
the party whose property is less valuable than that of the other, he should pay
a sum of money to the other party to equalize the value of the respective
properties agreed to be exchanged
NOW IT IS MUTUALLY AGREED AS FOLLOWS
(1)The parties hereto agree to exchange
their properties so that the property described in the First Schedule hereunder
written will be transferred by the first party to the second party and the
property described in the Second Schedule hereunder written will be transferred
by the second party to the first party, subject to terms and conditions
hereinafter provided.
(2)
Each party shall within……………….days from the
date hereof furnish an abstract of his title to his property at his own expense
and each party shall deliver his objections and requisitions (if any) in
respect of the title to the other party within………………. days from the delivery of
the abstract of the title of the party. If any party is unwilling to remove or
comply with any objection or requisition of the other party, the party making objection
or requisition may by notice in writing rescind this agreement and in that case
each party shall return to the other party all papers delivered to him by other
party.
(3)
The parties or any of them shall request Shri
.......................... Chartered Engineer to assess the value of the
respective properties aforementioned within one month hereof and each party
will pay the charges for assessment of the value of his property. The parties
agree that the party whose property is of less value than that of the other,
will pay the difference in cash to the other party at the time of execution of
exchange deed
(4)
The exchange shall be completed by execution
and registration of the deed of exchange within three months of the date hereof
(5)With the execution of deed of
exchange, each party will give to the other, vacant possession of his property
exchanged as owner thereof. Each party shall also deliver the title deeds of
his property to the other
(6)The cost of and incidental to this
agreement and deed of exchange and its registration shall be borne by the
parties hereto in equal shares. Each party will bear and pay his own
Solicitor's /Advocate's fees
(7)
The possession of the properties shall be
delivered to the other party on execution and before registration of exchange
deed. .
(8)
On actual completion of the exchange, each
party shall be entitled to the rents and profits of the properties agreed to be
taken by him and shall be liable to pay all taxes, revenue, cess, charges or
other sums payable to Government and local authority in respect of the same
IN WITNESS WHEREOF, the parties have
executed this agreement on the day and year first above written
The
First Schedule above referred to
(Description
of property to be given by First Party)
The Second Schedule above referred to
(Description
of property to be given by Second Party)
WITNESSES
1 Signed and delivered by the within named First Party
2. Signed and delivered by the within named Second Party
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