Common use of Transfer to Third Party Clause in Contracts

Transfer to Third Party. (a) The Purchaser/s can transfer the said Residential Flat in favour of a third party after first paying the full Sale Consideration and Other Charges and after the Possession of the said Residential Flat is offered by the Promoter to the Purchasers. (b) It is hereby clarified that, if the Purchaser/s is a company-public or private limited, any change in ownership of majority shares shall be deemed to be transferred and in case of partnership firm any change in the constitution of the partners of such partnership shall deemed to be transferred and in case of any association of persons any change of constituents of such association shall be deemed to be a transfer, and in such situation, the provisions of sub-clause (a) shall apply. (c) It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Project shall equally be applicable to and enforceable against any subsequent Purchaser/s of the said Residential Flat, in case of a transfer, as the said obligations go along with the said Residential Flat for all intents and purposes.