Agreement for exchange of immovable properties
(hereinafter called the first party)
___________________________________________________________________________ (hereinafter called the second party)
1. The said (First Party) is seized as an absolute owner in possession free from encumbrances, of all that (parcels) known as............ containing by estimation............ acres, or thereabouts, and situate at............ and now in the occupation of (tenant), and coloured (green) in the plan annexed hereto more fully described in the Schedule “A” hereto.
2. The said (Second Party) is similarly seized of several pieces of land containing by admeasurement............ acres, lying dispensedly in the............ and now in the several occupations of (tenants), and coloured (pink) in the plan annexed hereto, more fully described in the Schedule “B” hereto.
3. The parties hereto are desirous of exchanging their respective hereditaments upon and subject to the terms and conditions hereinafter mentioned.
NOW IT IS HEREBY AGREED as follows:
1. Each of the parties hereto will on the.............. day of.............. execute a proper assurance of his said hereditaments to the other of the said parties or as he shall direct.
2. Each party will, on or before the.............. day of.............. next, at his own expense, deliver to the other, abstract of his titles to the premises to be exchanged by him, and such titles respectively shall be deduced for a period of not less than.............. years. All questions, if any, in dispute relating to either title shall be referred to and determined by Mr.............. as counsel on behalf of both parties and if, in his opinion, such title is not and cannot be made marketable, this agreement shall become void, and the party to which such property belongs shall bear all the expenses incurred under or by virtue hereof.
3. Each party shall be entitled to an apportioned part of the rents and profits of the property so to be assured by him as aforesaid, up to the day fixed for completion of the said exchange, such part to be ascertained by valuation as hereinafter mentioned. And each party hereto shall defray all outgoings payable in respect of his property up to that day, and a proper proportion of the current rates, taxes and other outgoings charged thereon, or assessed and payable by the owner in respect thereof.
4. The value of the property exchanged by each party hereto and the proportions of the rents and profits thereof as aforesaid, and of the rates and taxes and other outgoings as aforesaid shall be ascertained and determined by (surveyor) of etc. and in case either property shall be found to exceed the value of the other, the party to whom the same shall be assured shall and will pay to the other of them, on the completion of the said exchange the amount of such excess by way of equality of exchange. The exchange shall be completed on the said............day of............ at the office of the solicitors of the said (First Party).
5. No errors in the description of either of the said properties shall vacate the contract but shall form the subject of compensation the amount whereof shall be determined by the said (Surveyor).
6. No loss or damage occasioned or arising from any intervening accidents whatever, nor any act occasioning a decrease in value, not being wilful on the part of the uninjured party, shall affect this contract, or entitle the other party to completion in respect thereof but all benefits and advantages arising from any increase in value of either property shall belong to the party entitled thereto according to the said exchange.
SCHEDULE “A” ABOVE REFERRED TO:
[Description of properties of the First Party]
SCHEDULE “B” ABOVE REFERRED TO:
[Description of properties of the Second Party]
IN WITNESS, etc.
[Signatures of both the parties]