When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing nor both things being money only, the transaction is called an Exchange. A transfer of property in completion of an exchange can be made only in the manner provided for the transfer of such property by sale. The difference between a sale and an exchange is that in a sale the price is paid in money while in an exchange it is paid in another property by way of barter. Sale is always for a price, which means money or the current coin of the realm while no price is paid in an exchange, there being only a transfer of one specific property for another.
EXCHANGE DEED
(Simple deed of exchange where the value of properties are of the same value)
This deed of Exchange is executed on the day of 20 by Sri./Smt. , S/o./W/o. , and aged years, residing at hereinafter referred to as the PARTY OF THE FIRST PART.
And
Sri./Smt. S/o./W/o. , aged years, residing at hereinafter referred to as the PARTY OF
THE SECOND PART.
Whereas, the term the First Party and the Second Party unless repugnant to the context shall mean and include their representatives heirs, successors, executors, administrators, trustees, legal representatives and assigns.
Whereas, the First Party herein, is the sole and absolute owner of immovable property bearing No. situated at more fully described in the First Schedule hereunder written and hereinafter called the First Schedule property.
Whereas, the First Party is the absolute owner, having acquired the property, by
and since then the First Party has been in possession and enjoyment of the First Schedule property and paying taxes and levies thereon, as sole and absolute owner thereof.
Whereas, the Second Party herein, is the sole and absolute owner of immovable property bearing No. situated at more fully described in the Second Schedule hereunder written and hereinafter called the Second Schedule property.
Whereas, the Second Party is the absolute owner, having acquired the property, by and since then the Second Party has been in possession and enjoyment of the Second Schedule property and paying taxes and levies thereon, as sole and absolute owner thereof.
Whereas it has been agreed between the parties hereto to exchange their respective properties viz. First scheduled property written hereunder unto and to the use of the Second Party in consideration of the Second Scheduled property here under written unto the use of First Party.
Whereas the market value of the First Schedule property is assessed at Rs. . Whereas the market value of the Second Schedule property is assessed at Rs. Whereas the parties hereto have now agreed to execute this deed of 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 Second Schedule property hereunder written and Second Party hereby grant and convey by way of exchange unto the party of the First Part absolutely and forever all that piece and parcel of the property described in the Second Schedule together with all the liabilities, easements, profits, privileges, advantages, rights, members and appurtenances whatsoever of the said Second Schedule property and also together with all the deeds, documents, writings and other evidences of title relating to the said Second Schedule property and all the estate, right, title, interest, use, possession, benefit, claim and demand whatsoever, both at law and in equity of the party of the First Part TO HAVE AND TO HOLD the said Second Scheduled property hereby granted and conveyed by way of exchange unto and to the use and benefit of the party hereto of the First Part subject to payment of all rents, taxes, assessments, rates, duties, now chargeable upon the same or which may herein after become payable in respect thereof to the local authority.
NOW THIS DEED WITNESSETH that in pursuance of the aforesaid agreement and in consideration of the party of the First Part conveying to the party of the Second Part the First Schedule property hereunder written and First Party hereby grant and convey by way of exchange unto the party of the Second Part absolutely and forever all that piece and parcel of the property described in the First Schedule together with all the liabilities, easements, profits, privileges, advantages, rights, members and appurtenances whatsoever of the said First Schedule property and also together with all the deeds, documents, writings and other evidences of title relating to the said First Schedule property and all the estate, right, title, interest, use, possession, benefit, claim and demand whatsoever, both at law and in equity of the party of the Second Part TO HAVE AND TO HOLD the said First Schedule property hereby granted and conveyed by way of exchange unto and to the use and benefit of the party hereto of the Second Part subject to payment of all rents, taxes, assessments, rates, duties, now chargeable upon the same or which may herein after become payable in respect thereof to the local authority.
Whereas each of the parties of the First and the Second Part mutually covenants with the other
that;
- He has now in himself, absolute right, full power and absolute authority to grant the scheduled
- property hereby granted or assured or intended 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 peacefully and quietly enter upon have occupy, possess and enjoy the schedule property conveyed to him and receive the profits thereof 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 persons lawfully or equitably claiming or to claim by from under or in trust for them or any of them.
- The said schedule property is free from all encumbrances, claim, and attachment of whatsoever in nature.
- He the covenanting party and all the persons having or lawfully claiming any estate or interest whatsoever in the scheduled property is conveyed by him shall and will from time to time and at all times hereinafter at the request and cost of the other of them do and execute or caused to be done and execute such further and other acts deeds, things, conveyances and assurances in the law 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 the manner aforesaid as by him his heirs, executors, administrators and assigns shall be reasonably require.
FIRST SCHEDULE
(Property belongs to First Party exchanged to the Second Party) All the piece and parcel of immovable property bearing No. Measuring
Bounded by:-
On the East:
On the West:
On the South:
On the North:
Market value of the property under this deed is Rs. (Rupees
only).
SECOND SCHEDULE
(Property belongs to Second Party exchanged to the First Party) All the piece and parcel of immovable property bearing No.
Measuring
Bounded by:-
On the East:
On the West:
On the South:
On the North:
Market value of the property under this deed is Rs. (Rupees only).
The Stamp duty is paid on the market value as stated above.
IN WITNESS WHEREOF the First Party as well as the Second Party have put their respective hands the day and year first herein above written.
FIRST PARTY SECOND PARTY
WITNESSES: 1.
2.