Deepak Parmar (Accounts Manager) 25 October 2010

Society Transfer Forms

Dear Sir,

We have purchased a Office, & have signed & registered all documents, the seller has also signed all the Transfer Forms for Society Transfer, He has also got the NOC from Society also when he was selling the Property to us.

Now When I am submitting all the papers to the society office, the society is also asking a Indenmidity Bond from us that we will pay all the dues, when it arise in future.

We have also signed a Indenmidity Bond with seller that if any dues till the date of possession will be paid by the seller, if it comes in future.

Now I have one query, we have signed all the forms as per bye laws of the society for Transfer of the Property in our name. does the bye law says we have to give an Indenmidity Bond also for transfer of the Property in our name.

Regards

Deepak

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2 Replies

V. VASUDEVAN (LEGAL COUNSEL) 25 October 2010

Some societies takes undertaking/indemnity so that any dues even it is arising out of the past duration should be honoured by the incoming member. It is to protect any differentials claims, taxes etc., as it may arise from the local authorities. While the indemnity/undertaking executed by the seller is for the benefit of the buyer, the buyer, who is becoming the member would be responsible to the society. In case of any past liabilities,(that is raised or come to be known after registration of the transaction,tthe incoming member has to pay to the society and claim from the seller.

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Deepak Parmar (Accounts Manager) 27 October 2010

What is we do not give the I.Bond, to the society, & only submit all the papers as per bye laws of the Society.