Is a Share Certificate Proof of Ownership?

When it comes to document and record-keeping accuracy, I have seen that many societies are stringent. It is the primary responsibility of a housing society's managing committees to ensure that all property sales documents are issued correctly. Some time back, I had the same question as you, “is a share certificate proof of ownership?” I asked the committee members of my society and they told me that similar to a sale deed, a share certificate is valid evidence that the property's rightful owner must possess. Let me tell you about it in detail.

Share certificate proof of ownership property

In the event of a property-related issue, housing society members may overlook or forget to issue these share certificates to their members. While the sale deed is evidence that you are the legal owner of the property, a share certificate is required as legal proof as well. The overseeing board should guarantee you have this. However, in the event that you don't have one, you can acquire one easily.

While your sale deed is a verification that the property has been legitimately moved in your name, a share certificate is a piece of lawful evidence that you actually own the society's portions. After performing due diligence, the managing committee is responsible for issuing share certificates. In accordance with the rules governing society share certificates, the transferee must receive their share certificates within one month of receiving the property.

Procedure for issuing a society share certificate checklist

• The member must personally collect the share certificate from the society.

• The society must have possession of the builder's conveyance deed.

• Each housing society share certificate should have the mark of the general public and be endorsed by the Administrator, the Secretary and one individual from the council, and approved by the panel prior to being given by the Secretary.

• The name and the request for names (for essential/partner parts) ought to show up precisely for all intents and purposes on the first deal understanding between the part and the manufacturer.

• The member must pay any outstanding dues to the society, complete any paperwork, and indemnify the society against any loans made in its name.

• The society must also ensure that the member provides an indemnity bond stating that he has not created a charge or mortgage on the share certificate in favour of any bank, employer, person, or finance agency, nor has he transferred the share certificate to anyone else.

• When collecting the housing society share certificate, the member must present the original sale agreement.

I hope my answer helps you understand is a share certificate proof of ownership or not.