When reselling a flat in a registered Cooperative Society, follow these steps to ensure a smooth transaction:
Obtain the following essential documents:
- Share Certificate
: The housing society’s share certificate bearing the seller’s name.
- Previous Chain of Conveyance/Sale Deeds
: These prove the property’s ownership history.
- Sub-Registrar’s Receipt
: Evidence of property registration.
- 37 (I) Clearance
: Required in certain cities.
- 230 A Certificate
: Obtainable from the Income Tax Authority.
- Original Stamped Receipts
: Proof of payments made to previous sellers.
- No Objection Certificate (NOC)
from the Society for transfer and sale of the flat.
- Last Receipts
: For outgoings and electricity bills.
- Society Transfer Forms
: Needed for ownership transfer.
- Certificate of Title
from an advocate.
- Share Certificate
Seller’s Responsibilities:
Ensure you have an
NOCfrom the Society.
The NOC confirms that the Society has no objection to transferring the share certificate to the buyer.
It also indicates that you have no outstanding payments to the Society.
The agreement for sale begins only after obtaining the NOC.
Buyer’s Priorities:
Verify the seller’s latest payment receipts to the Society.
Confirm that the property is not mortgaged.
Ensure the agreement states that the mortgage account is clear.
Additional Considerations:
If the Society is not registered or the property was originally allotted by a development authority:
Check the previous chain of agreements with past owners.
Obtain the original letter of allotment issued by the development authority.
Authors Of The Question
How to resale of flat in cooperative housing society, where society (not builder) has sold flat to individual owner?
sr
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8 months
2023-12-20T08:51:16+00:00 2023-12-20T08:51:16+00:00Comment
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