No objection cert. for transfer in a cooperative
Nirav Vora
(Querist) 30 October 2012
This query is : Resolved
I am planning to buy a flat in a cooperative society in Kolkata, West Bengal. As i understand the rules regarding cooperative vary from state to state. My queries are -
1)Is it required to get a permission granted by the Registrar of Cooperatives to transfer the property and the shares in my name or a No Objection Cert. from the Cooperative society will suffice ?
2)If the permission is to be granted by the Registrar, who should approach the Registrar- the Cooperative society, the seller or the buyer ?
I have approached 2 renowned lawyers for this matter and both have different and conflicting views on this.
While one says that the Registrar's permission is mandatory the other says that the Cooperative Society's Board's N.O.C. will suffice.
Any help will greatly appreciated
Thanks in advance
ajay sethi
(Expert) 30 October 2012
your cooperative society must have adopted byelaws . visit your society offce and ask for copy of bye laws . it would contain detailed provisions as to trnasfer . generally registrar permission is not required at least in mahrashtra .
scoiety NOC should suffice if you want a bank loan for purchase of flat
Raj Kumar Makkad
(Expert) 30 October 2012
Generally no need arises to get the NOC of registrar in such change of owneeship/transfer of share yet for safer side it shall be better to go through the bue-laws of the society concerned so as to be safer side.
While for preparation of title search report in such matters, the lawyers do require the following documents and you can also take help of this list for your purpose:
Direct flat purchase from a Co-operative Society where private land has been acquired for construction :
- Copy of the bye-laws of the society
- Copy of the Society registration certificate
- Copy of the Land owner’s deed (Original must be verified)
- Copy of the Prior deed (Originals must be verified)
- Non Encumbrance Certificate (NEC) for 13 years from an Advocate based on searches in the office of the sub and district registrar along with fees payment receipts to the sub and district registrar offices. The suggested format of the NEC is attached (Draft 1 attached)
- Copy of the latest tax receipt if property has already been assessed or khajna receipt.
- Certified Extract from the record of rights also called Porcha (CS, RS or LR) or JLRO/BLRO Mutation
OR
Certificate of Information from the LA Collectorate (Land Assessment Collectorate) (These could either be originals or photocopies as the case might be)
- Copy of sanctioned plan from Calcutta Municipal Corporation or as applicable.
- Society letter (Draft 3 attached)
- Original allotment letter of the client with flat number mentioned
- Original Share Certificate in our customer’s name
- Copy of the list of original members of the society containing our customer’s name
- Own Contribution Receipts – Original stamped receipts for the payments made to the builder / seller for the total cost of the property less ICICI BANK’s loan.
Nirav Vora
(Querist) 31 October 2012
Thanks Mr. Sethi and Mr. Makkad.
