nitin 29 April 2016

Resale flat procedure query

Hello,

Im posting this query to get some clarity on the sale of our house.

My father bought this flat in Oct'2003 via a ICICI home loan.

The original documents, 2 sale agreements and share certificates were deposited with ICICI home finance then.

There started a bungling up of documentation. The society was supposed to make the transfer in favour of my father/mother on the share certificates and then submit it to the bank. They didnt and submitted the share certificate withhout appending my father/mothers name on it.

My father passed in 2008. We cleared out the pending home loan and got our documents back from the bank. Due to oversight, we failed to realize that a transfer on the share certificate was still pending.

I noticed the discreppancy in Feb 2015 and requested the society to do the needful. Society directed my to clear my pending dues and follow public notice procedure to get my mothers name appended on the Share certificates.

I cleared all dues to society and also submitted an affidavit + public notice copies to the society.

They appended my mother and fathers name on the share certificate and dated it March 2014.

Then they kept dillydallying for deleting my fathers name fro the share certificate and keeping just my mothers name.

In the meantime, due to massive repair work in society, a new big bill was raised for dues and i couldnt pay it immediately and cause of that they again held up adding my mothers singular name in the share certificate.

Now we have decided to sell the flat. I cleared out all my dues. But the secretary said, they will treat adding my mothers name as a "transfer" and due to society bye laws, another transfer in favour of the purchaser will be made only after one year.

I had submitted an application for making the transfer in my mothers name in March 2015 and cleared all dues till then. Yet they didnt make the transfer. Shouldnt there be a time frame for making it ?

Will this affect my ability to sell the flat ?

Society btw has agreed to give NOC for sale of flat and i should get it in a day or two. The secretary said that the NOC will be qualified to note that the transfer for the purchaser will be made only in a years time. my mothers name has still not been appended on the share certificate yet.

Would appreciate advice in this matter.

Regards.

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2 Replies

adv.bharat @ PUNE (Lawyer) 29 April 2016

1) First u read bye law of society. Cofirm that rule for transfer of name and ownership, share certificate etc.

2) As per the rule if name is incorporated with in one year then why ur mother name is not incororated in march 2016? Give application stating that fact. Aslo mentioned that u have cleared all due of ur society.

3) After clearing all due they don't have any reason to dely adding the name in society registrar. The time limit is also mentioned in the society manule itself.

4) As owner once u get NOC from society u can sell that flat.

Thanks

nitin 29 April 2016

Thank you for your response.

1. From what ive been told about the bye laws, a transfer cannot be made within one year of making a transfer.

So if they put my mothers name now, and treat it as transfer, then the purchaser of my flat will have to wait for one year to get it transferred in his name.

The issue is, I had applied in March 2015 to get my mothers name appended in the Share certificate and removal of my ddeceased fathers name. I did clear all my dues then.

Still the society added the joint name back dated, i.e. for 2014 and didnt append my mothers name. Had they done it in March 2015, i wouldnt have a problem. But since there was another big bill which i just cleared, secretary says, he will put this months meeting date for appending my mothers name and treat it as "transfer" and the purchaser will have to wait for aa year to get his name on the share certificate.

This waiting for a year to get name on share certificate is not acceptable to the purchaser and he might cancel the deal.

Hence my query.

Regards.