Introduction
Content Table
Introduction | Information to Society | Compliance of Documentation by the transferor | Documentation by transferor & transferee | Transfer premium |Transfer of the shares
Transfer of flat in cooperative housing society
If you are going to purchase a resale flat from estate agent then he/she is supporting you to complete the document procedure. But if you are going to purchase by own then facing difficulty to complete the procedures of the society.
Information to the Society
Content Table
Introduction | Information to Society | Compliance of Documentation by the transferor | Documentation by transferor & transferee | Transfer premium |Transfer of the shares
- If you have already searched the transferee for your flat and financial activities has been completed, then first need to inform to the Managing Committee about your decision through the request letter.
- All dues and loan if any on the said flat should be clear by Transferor.
- Obtaining No Dues Certificate from the Society.
- The Transferee should be introduced to the Managing Committee.
Compliance of the Documentation by transferor
Content Table
Introduction | Information to Society | Compliance of Documentation by the transferor | Documentation by transferor & transferee | Transfer premium |Transfer of the shares
- Resignation in the prescribed form [as per Bye law no.27 (a) Appendix No.13]
- Notice of Intention Form 20(1) intention of member to transfer his shares & interest in the property to the Transferee and form no. 20(2) intention to Transferee to purchase the Shares and Interest in the said property, fourteen days in advance as per Bye Laws no. 38(a)
- Letter of consent of the proposed transferee in the prescribed form 20 (2) [under Bye law No. 38(a)]
Documentation by Transferor & Transferee
Content Table
Introduction | Information to Society | Compliance of Documentation by the transferor | Documentation by transferor & transferee | Transfer premium |Transfer of the shares
- Registered Agreement with stamp duty paid along with proof of the payment
- Certified True Copy of Registration Receipt
- Form of application for membership of the society by the proposed transferee (Being an individual) under the Bye law no. 38(e)(ii) – (Form No. Appendix -23)
- Undertaking to discharge all the liabilities to Society by transferor.
- Undertaking to be furnished by the prospective Member to use the flat for the purpose for which it is allotted. [(Form No. 4)]
- Copy of Possession Letter issued by the Transferor to the Transferee, that the Transferee has been put Peaceful, vacant & physical possession. (Possession Letter
- Hand over Original Share Certificate to the society to transfer the name
Transfer Premium
Content Table
Introduction | Information to Society | Compliance of Documentation by the transferor | Documentation by transferor & transferee | Transfer premium |Transfer of the shares
- Payment of the transfer amount Fee Rs. 500/-
- Payment of Entrance Fee Rs. 100/- (for member ship)
- Payment of amount transfer Form along with Transfer of Premium at the rate fixed by the general body meeting but within the limits as prescribed under the circular, issued by the Department of Co-operation/Government of Maharashtra from time to time.
Transfer of the Shares
Content Table
Introduction | Information to Society | Compliance of Documentation by the transferor | Documentation by transferor & transferee | Transfer premium |Transfer of the shares
- When you are going to enter in the new society and have paid amount of the transfer of the shares it is necessary to follow up to the Managing Committee to transfer the Share Certificate as immediate possible.
- If the property is being as mortgage in the bank then Original Share Certificate will be under the custody of the bank. In this case incoming member should give an application to the bank to complete the process. https://sahakarayukta.maharashtra.gov.in/SITE/PDF/Rules_Acts_Bylaws/Model_Bye_Laws_of_Coop_Housing_Society_New_Flatowner_Type_%282-9-14%29%20%281%29.pdf
