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Indian Real Estate News
Essential documents for transferring a property in a housing society
Source: Times Property in The Times of India, Pune Mar 20, 2012
A member who desires to transfer his/her/their flat in a co-operative housing society has to give 15 days' notice to the secretary of the society mentioning the intention for doing so.

This notice shall be placed before the next managing committee meeting. It will then be decided whether the member is eligible to transfer his shares and interest in the society. If the committee finds that the member is not eligible to do so, the committee shall direct the secretary to inform the member about the same, sighting the reasons.

Documents required for transfer of a flat in a co-operative housing society:

DOCUMENTS REQUIRED FROM THE TRANSFEROR (SELLER)

 Appendix  20 (1): A form of notice of intention of a member to transfer his/her/their shares and interest in the capital /property of the society.
 Appendix  21: A form of application for transfer of shares and interest in the capital /property of the society by the transferor.
 Appexdix  13: A form of notice of resignation of membership of the society by a seller member (in case of surrendering the flat to the society).
 Submission of N.O.C: From financing agency, if any.
 Declaration: In support of handing over the possession.

DOCUMENTS REQUIRED FROM THE TRANSFEREE (BUYER)

 Appendix  20 (2): A form of letter of consent of the proposed transferee for the transfer of the shares and interest of the member - transferor to transferee.
 Appendix  23: A form of application for membership of the society by the proposed transferee.
 Appendix  4: A form of undertaking to be furnished by the prospective member to use the flat for the purpose for which it is allotted.
 Stamp duty paid agreement copy.
 Payment of transfer fee: Rs.500/- payable by the proposed transferee.
 Premium amount of Rs. 25, 000/-: The payment of premium is not applicable in case the flat has been transferred to a member of his family or to his nominee or his heir / legal representative after his death and in case of mutual exchange of flats amongst the members.
 Undertaking / declaration: In accordance with the provisions of any law for the time being in force, in such form as it is prescribed under these bye-laws.
 Covering letter to the society: From transferor and transferee informing the society about the sale / purchase of shares of the society.
 Indemnity bond: indemnifying the society by the transferee.

The committee or the general body, as the case may be, shall consider the applications at the meeting and take decisions after going through all the details. The committee has to ensure that the applications received by the secretary of the society are considered and disposed off within three months of the date of the receipt.

Tag: Indian real estate, property in india, indian properties
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