Rohit Goel (Business) 21 September 2011

Share certificate in case of a joint flat

Hello,

I have couple of questions :

1. If a flat is owned by 3 people in Delhi with the share ratios of 34,33 and 33% respectively, in whose name the share certificate of the flat would be issued. And also if the flat is owned by 3 people , can one person be the member of society or all 3 would be the members?

2. Also what laws does a group housing society follow while giving share certificate.Can you please elaborate here

Thanks

Rohit

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2 Replies

Kanaksinh P.Boda (Educationist/Lawyer) 21 September 2011

All three names will appear in share in the same order in which they are in the agreement of sale. Only one can be a member. The Society may admit joint members provided they make declaration in writing that the peson shose name stands first in the share certificate shall have the right to vote and all the liabilities will be borne jointly and severally by them under the bye-laws of the society.

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Rohit Goel (Business) 21 September 2011

Thanks,

One more question :

Suppose my father is having membership of a society.If I and my mother decide to buy a new flat in same society, Can I apply for membership of the society