Can an individual buy land from charitable society which has got the land with its own fund and had no govt aid other than exempt in stamp fee.
John (mgr) 08 February 2014
Can an individual buy land from charitable society which has got the land with its own fund and had no govt aid other than exempt in stamp fee.
Prasad (PARTNER) 08 February 2014
There are quite a few factors you need to consider before doing this. What is the legal status of the entity? Whether it is an incorporated charity, as the charity can come into existence in many forms, like a society under societies act, trust,company,co-op society, as the power to transfer an immovable property may be governed by the act, and constitution or memorandum of the entity as well. Also you need to consider what is the present status of charity, like existing or inactive. And also why they are proposing to sell it.
John (mgr) 08 February 2014
Thanks for the info shared.
Its a charitable society formed under Travancore Cochin sociites act. Society is currently active and disposing the property based on its annual meeting approval to authorising chairman to settle debt.
Prasad (PARTNER) 08 February 2014
Go through the concerned societies act and ensure that sale of property is not restricted by this act(For example, for selling a property under a coop societies act, needs a prior approval from registrar of societies). Take a certified copy of bye-laws, to ensure that any sale is not prohibited. Also ensure that there are no encumbrances. Also, take see link docs etc..
BAALASUBRAMANNYAMM (Advocate) 08 February 2014
Mr.Prasad has elaborately given his opinion. After getting all the documents from your Vendor, better to take a legal opinion from any one of your local advocate for further clarifications about the legality of the property.
T. Kalaiselvan, Advocate (Advocate) 08 February 2014
I agree with Mr. Prasad's detailed opinion in this aspect. Procure all the documents, produce them before a prudent Civil law practicing advocate, obtain his opinion, in case of any further doubt, you may go for second opinion too and then decide about purchasing the property. Apply 'Buyer beware' policy.