Parekh1984 (Manager) 20 November 2012

Share certificate & sale of property

Hi,

I have a property in a co-op housing society, society was incoporated in 2002 and i was not issued a share certificate for my premise but i have been considered as a member of the society since incorporation and i'm expected to pay the interest charges and maintenance dues till date...which i will be clearing shortly... post which i wish to sell my property, so do i need a share certificate to sell my property or can the housing society issue a share certificate directly to the new buyer?? Will i be able to sell the property without a share certificate?? only with the NOC i will receive from the society post clearing those oustanding dues.

Thanks in advance

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3 Replies

Nandagopal Rao (Retainer) 23 November 2012

As per Society bye-laws, member cannot transer the shares vis-a-vis the flat unless first obtaining NOC from the Society. Only then the member can enter into Agreement to Sell and/or Sale Deed with the buyer, subsequently apply to Society for transfer of shares in the name of the new buyer.

If Society has not yet issued Share Certificate, you can always submit the share transfer application duly signed but keeping the share numbers blank.

Parekh1984 (Manager) 24 November 2012

Thanks for your help...so if i've understood correcrtly once i've received the NOC from the society i can go ahead and sell my premise and if by the time society issues me the share certificate i manage to sell the property i can ask the society to transfer the shares to buyer's name??? But not having a share certificate currently (after obtaining NOC) will not be an issue in selling the property??

Thanks in advance

Nandagopal Rao (Retainer) 24 November 2012

Yes. Note that in the mean time if Society issues Share Certificate, still you have to obtained prior permission (NOC) from Society for sale of flat and transfer of shares.