DEED OF EXCHANGE IN THE NATURE OF PARTITION

 

Date.__________________________________________________________________ (hereinafter referred to as the Party of the First Part) of ONE PART

AND

_______________________________________________________________________ (hereinafter referred to as the Party of the Second Part) of the OTHER PART  as follows.

 

WHEREAS

1.      The Party of the First Part and the Party of the Second Part are the joint owners in equal shares of an immoveable property consisting of land and building and more particularly described in the First Schedule hereunder written.

2.      The Party of the Second Part is the sole owner of an immoveable property consisting of an open buildable plot situated at __________ and more particularly described in the Second Schedule hereunder.

3.      The Party of the Second Part is not interested-in developing the said plot of land by constructing a building or bungalow thereon but the Party of the First Part desires to construct his own bungalow.

4.      It is therefore proposed between the Parties that the Party of the First should transfer and convey his one half undivided share in the property described in the First Schedule hereunder written to the Party of the Second Part in exchange of the Party of the Second Part transferring and conveying the said plot of land described in the second Schedule hereunder written to the party of the first Part absolutely so that the Party of the Second Part will be the full or sole owner of the property described in the First Schedule and the Party of the First Part will be the full or sole owner of the said plot of land described in the Second Schedule hereunder written.

5.      As per the valuation report obtained the market price of the half share in the property described in the First Schedule is equal to the market value of the said plot of land described in the Second Schedule hereunder and is estimated at Rs. ___________.

6.      The parties have therefore proposed to execute these presents to effect the exchange.

NOW THIS DEED WITNESSETH that in pursuance of the aforesaid agreement and in consideration of the Party of the Second Part conveying to the Party of the First Part the land and premises situate at ___________ and more particularly described in the Second Schedule hereunder written, He the Party of the First Part doth hereby grant and convey by way of exchange unto the Party of the Second Part absolutely and forever all his undivided half share right, title and interest in ALL that piece of land and premises situate, lying and being at ____________ and more particularly described in the First Schedule hereunder written together with all and singular the buildings, and structures, thereon and all other things permanently attached thereto or standing thereon and all the liberties easements, profits, privileges, advantages, rights, members and appurtenances whatsoever to the said piece of land and premises belonging or in anywise appurtaining to or with the same or any part thereof and now or at any time heretofore usually held, used, occupied or enjoyed or reputed or as part or member thereof or be appurtenant thereto AND ALSO together with all the deeds, documents, writings, vouchers and other evidences of title relating to the said piece of land and premises or any part thereof AND ALL the estate, right, title, interest, use possession, benefit, claim and demand whatsoever at law or otherwise of the Party of the First Part in, to, out of or upon the said piece of land and other premises or any part thereof TO HAVE AND TO HOLD the said piece of land and all the singular and other the premises hereby granted and conveyed by way of exchange or intended so to be with their and every of their rights, members and appurtenance UNTO and to the use and benefit of the Party hereto of the Second Part absolutely forever and free from the share, right title and interest of the Party of the First Part therein but SUBJECT to payment of all rents, taxes, assessments, rates, duties now chargeable upon the same or which may hereafter become payable in respect thereof to the Government or the Municipal Corporation or any other Local Authority.

AND THIS DEED FURTHER WITNESSETH that in pursuance of the aforesaid agreement and in consideration of the Party of the First Part having conveyed to the Party hereto of the Second Part, his undivided half share right, title and interest in the land, and premises situate at _________ and more particularly described in the First Schedule hereunder written unto and to the use of the Party of the Second Part ME the Party of the Second Part doth hereby grant and convey by way of exchange unto the Party of the First Part absolutely forever ALL that piece of land and premises situate, lying and being at ________ and more particularly described in the Second Schedule hereunder written together with all and singular the things permanently attached thereto or standing thereon and all the liberties, easements profits, privileges, advantages, rights, members and appurtenances whatsoever to the said piece of land and premises belonging or in anywise appurtaining to or with the same or any part thereof now or at any time heretofore usually held, used, occupied or enjoyed or reputed or known as part or member thereof or be appurtenant thereto AND also together with all the deeds, documents, writings, vouchers and other evidences of title relating to the said piece of land and premises or any part thereof AND ALL the estate, right, title, interest, use, possession, benefit, claim and demand whatsoever at law and or otherwise of the Party hereto of the Second Part in, to, out of or upon the said piece of land and premises or any part thereof TO HAVE AND TO HOLD the said piece of land and all and singular and other the premises hereby granted, and conveyed by way of exchange or intended so to be with their and every of their rights, members and appurtenances UNTO and to the use and benefit of the Party hereto of the First Part absolutely forever SUBJECT to payment of all rents, taxes, assessments, rates, duties, now chargeable upon the same to the Government or the Municipal Corporation or to any other Local Authority. And each of the Parties of the First and Second Part mutually covenant with the other that.

He has now in himself, good right, full power and absolute authority to grant and assure the land and premises hereby granted, or assured or intended so to be by him unto and to the use of the other party in manner aforesaid

That the other party shall and may at all times hereafter peaceably and quietly enter upon, have occupy, possess and enjoy the land, and premises conveyed to him and receive the rents, issues and profits thereof and of every part thereof to and for his own use and benefit without, any suit, eviction, interruption, claim or demand whatsoever from or by him the covenanting party or his heirs, or any of them or any person or persons lawfully or equitably claiming or to claim by from under or in trust for them or any of them.

The said land and premises are free and clear and freely, clearly and absolutely acquitted, exonerated and forever discharged or otherwise by each of them well and sufficiently saved, defended and kept harmless and indemnified of, from and against all former and other estates title charges and encumbrances whatsoever made, executed occasioned or suffered by him the covenanting party or by any other person or persons lawfully or equitably claiming or to claim by, from, under or in trust for him, them or any of them.

 

He the covenanting party and all persons having or lawfully claiming any estate or interest whatsoever in the said land and premises conveyed by him or any part thereof shall and will from time to time and at all times hereafter at the request and costs of the other of them do and execute or cause to be done and executed such further and other acts, deeds, things, conveyances and assurances in law required whatsoever for the better and more perfectly assuring the said land and premises conveyed to him by the other and every part thereof unto and to the use of the party to whom it is conveyed in manner aforesaid as by him, his heirs, executors, administrators and assigns shall be reasonably required.

 

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written.

 

FIRST SCHEDULE ABOVE REFERRED TO

 

SECOND SCHEDULE ABOVE REFERRED TO

 

 

Signed and delivered by the within-named Party of the First Part Mr. ____________  in presence of;

 

Signed and delivered by the within-named Party of the Second Part Mr. ____________ in the presence of;