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dasd (student)     28 November 2009

cooperative society property

 I have been alloted a property in society for which they have taken transfer fees+allotment money (i don't know the terminology).but in transfer deed it is written that neither you,your spouse,minor children, can acquire any other property in any other society.till now i have not registered property in my name .

My QUESTTION IS WHEN I REGISTER PROPERTY IN MY NAME

  WHETHER  I WIL STILL REMAIN A MEMBER OF COOPERATIVE SOCIETY?(WHETHER AFTER REGISTRY I  WILL STILL BE CALLED AS MEMBER OF THAT SOCIETY OR PROPERTY WILL BE IN MY NAME AFTER PAYING STAMP DUTY?)

WHETHER  I WIL HAVE TO FOLLOW CONDITIONS IMPOSED ON ME AS TOLD ABOVE?



Learning

 1 Replies

Isaac Gabriel (Advocate)     29 November 2009

The bylaws of  housing cooperative societies would stipulate a minimum priod of 2 years to become eligible for exemption of stamp fees,and after that the documents would be registered without any registration fees.If you have paid the full cost of the house,there may npt be any difficulty in cancelling membership.


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