I am planning to buy a residential premise as a second sale property. The said flat was purchased by the current owner in dec 2010. He had a power of attorney to the said property and he has purchased it on a joint name with his wife. However, till date the society has not transferred the flat on his name and have not issued him a share certificate in his name. He says that the chairman and secretary had vested interests in the said flat and hence have not completed the transfer formalities although the society has already encashed the transfer fees.
The sale agreements and power of attorney seems to be ok and the registration fee is paid by him at the sub registrars office.
I intend to purchase this flat. However i want all documentation to be in place. But he is in a hurry to finish the deal. We have finalized the deal and i have paid him 50,000 Rs as earnest money and signed a MOU to that effect.
The society's AGM will be held on 15th Aug wherein he says that the transfer will be completed on his name.
He has not obtained a NOC from society for the same.
I want to know if i shud go into the deal before he procures his share certificate and whether it is mandatory for him to get the NOC from the society. Can the society trouble me if we complete the sale without the society's NOC.
Thanks.
