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Home / Legal / Documentation / In a regd society two family head want registration of one 300sq ft flat, whose name will be in share certificate flat?
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In a regd society two family head want registration of one 300sq ft flat, whose name will be in share certificate flat?

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0 2024-05-30T15:28:48+00:00
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In a registered housing society, the share certificate is a crucial document that establishes ownership and represents a member’s share in the society. Let’s delve into the details:

  1. What is a Share Certificate?:

    • A

      share certificate

      is issued by the housing society to each member, confirming their ownership of shares in the society.

    • It provides legal proof of ownership and the member’s share in the cooperative housing society.

  2. Issuance of Share Certificates:

    • Share certificates are usually issued within

      six months

      after the formation and registration of the society.

    • Every member (including family heads) receives a share certificate, and this issuance is

      free of charge

      .

    • The

      total authorized share capital

      is determined by the registrar.

  3. Joint Ownership:

    • If the flat is jointly owned by two family heads, the share certificate can be issued in

      both their names

      .

    • In such cases, both parties hold equal rights to the share represented by the certificate.

  4. Share Certificate vs. Conveyance Deed:

    • While a share certificate certifies ownership within the society, a

      conveyance deed

      transfers ownership of the property from the builder or developer to the housing society.

    • The two serve different purposes: share certificates establish ownership within the society, while conveyance deeds relate to the property’s overall transfer.

Need help with property registration and document verification? Contact NoBroker Legal experts to get end to end assistance here

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Advocate Apurva

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