Transfer of shares to nominee/associate member name after death of owner who is not a legal heir
ajay kumar
(Querist) 22 August 2013
This query is : Resolved
History of Flat:
Mr.X has got allotment of a collector land for government employees in mumbai, as he is not interested he asked his best friend Mr.Y who is also government employee....he agreed to pay the installments as required and he got the receipts for the same in both their names.
Construction of the apartment is completed and society is formed and allotment of shares is completed, Mr .X as primary member and Mr. Y as associate member.
Mr.Y has got Power of attorney which is not registered form Mr.X on the said flat and Mr.X is not interested in the flat also.
Due to lack of knowledge and laxity, the name of primary flat owner name is not changed to Mr.Y, as they are close friends Mr.Y has not taken interest in that.
But after 30 years Mr. X has died....
Mr.X family members are also not aware of the flat and they have no documents.
In these circumstances, what should be the procedure for transfer of shares on Mr.Y's name.....what will be problems...whether the family of Mr.X to be informed etc....
kindly please advice
ajay sethi
(Expert) 22 August 2013
Mr X 50%share would be inherited by his wife and legal heirs . shares cannot be transferred in Y name
ajay kumar
(Querist) 22 August 2013
Dear Mr. Ajay Sethi,
What about the other 50% share?...(as you have mentioned that Mr.X 50%share would be inherited by his wife and legal heirs)
whether through power of attorney the shares can be transferred to Mr.Y?
Even the family members of Mr.X, don't know about the flat. The entire amount is paid by Mr.Y only, Flat proceedings and society meetings are attended by Mr.Y only.
If NOC from Mr. X family member's is taken then whether shares can be transferred?
Please clarify
regards
ajay sethi
(Expert) 22 August 2013
power of attorney ceases on death of X . contact the family of X . obtain relinquishment deed or tomorrow they will make a claim
Raj Kumar Makkad
(Expert) 24 August 2013
GPA has expired on the expiry of testator and now the property vests in the legal heirs of the deceased. If those legal heirs do decide to transfer that property in your name then gift deed is the best option. Relinquishment deed cannot be executed in your favour in the changed circumstances.
