(1) In cases where a promoter sells, rents out or otherwise transfers the possessing right of an apartment, an agreement to that reflect shall be concluded with the individual or corporate body purchasing, renting or otherwise acquiring possessions right of such apartment.
(2) The following matters shall be clearly mentioned in an agreement concluded pursuant to sub-section (1):
(a) Names and addresses of the parties to the agreement,
(b) The location, ownership, area, Plot No. of the land and other particulars related to the land and the joint housing,
(c) Apartment No.; area of the apartment; the number of rooms in the apartment, facilities and other necessary particulars relating to the apartment,
(d) Particulars relating to the sale, rent or otherwise transfer the possessory right,
(e) In cases of sale, the price and the process of making payment thereof,
(f) In cases of renting out or transfering otherwise the possessons right of the apartment, the duration there of and particulars realting to the rent,
(g) The collective area and facilities to be enjoyed collectively in a proportional way by the apartment owner and particulars relating to restricted collected areas and facilities,
(h) Terms and conditions to be applied in utilizing the apartment and activities allowed to be done or not allowed to be done,
(i) Any collective expenses to be borne and liabilities for the maintenance, upkeep and care of collective areas and facilties,
(j) Matters relating to the rights, duties and liabilities of the apartment owner and promoter,
(k) Matters relating to the precentage of the area occupied by the apartment in the joint housing,
(l) Amount of insurance premium,
(m) Other pertaining matters.