Indemnity bond of co-owner of residence flat
Querist :
Anonymous
(Querist) 14 October 2011
This query is : Resolved
Mrs.A & Mr.B are the co-owners of Flat, Mr.B has no more(sad dismissal), Mrs.A has applied for sole ownership of flat alonwith no objections (duly noterised) of nominees, copy of death certificate of Mr.B. Now society has insist for Indemnity Bond from Mrs.A (first name in share certificate). Kindly advice is it necessary / mandatory to give Indemnity Bond even Mrs.A is first name holder in co-ownership ? if yes kindly provide the draft of said bond.
Shonee Kapoor
(Expert) 14 October 2011
Yes, it is a must to protect society from litigation.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Sailesh Kumar Shah
(Expert) 14 October 2011
1.There is no harm to give indemnity bond.
2.You can check bye-laws of society, it should be written about bond.
3.For draft, visit file section of this site or www.vakilno1.com
Sankaranarayanan
(Expert) 14 October 2011
yes it is must and it useful and protect from litigation.. Better to consult your nearer lawyer to do the same. they will guide you well.
ajay sethi
(Expert) 14 October 2011
yes it is a must . if society transfer 50 %of share in your name and tomorrow legal heirs create a problem society will be in trouble .
generally society insist on indemnity bond . in your case there is an added complication . MR B has nominated some one else for flat .
society is perfectly justifed in asking for indemnity bond
prabhakar singh
(Expert) 14 October 2011
Some one who agrees to acknowledge your rights with out a court's succession certificate,he would be justified in getting himself protected from all possible claims that may be made against him.
Guest
(Expert) 14 October 2011
The society would definitely need indemnity to protect itself against any future claim by any person on the 50% share of 'B' whose share would go to 'A' merely on no objection of a nominee.
About indemnity bond, you may have to ask for the same from the society itself, so that the society may not raise any objection or points out any deficiency later in your own prepared indemity bond.
