Documents required for transfer of a flat
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: form of application for transfer of shares and interest in the capital / property of the society by the transferor Appexdix - 13: the form of notice of resignation of membership of the society by a seller member Submission of 'noc' From financing agency, if any. Declaration in support of handing over the possession.
Documents required from the transferee
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: form of application for membership of the society by the proposed transferee Appendix - 4: the 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.
Fee levied on flat transfer
Payment of transfer fee of 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.
Inform the co-operative housing society
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 eneral body, as the case may be, shall consider the applications at the meeting and take decisions after going through all 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 receipt.
Check if the occupation certificate is obtained
Inspect the flat before making any commitments for leakages during monsoon, temperature duing the day time, water supply position, brightness in the flat without electricity etc. Check about total price payable ie Total purchase consideration, stamp duty payable, document registration fees, garage charges, brokerage or any other incidental expenses involved. Get clarification as to the actual carpet area.
Take search of the land on which the building stands. Once decided to buy the flat, obtain a clear-cut idea as regards to the parking place. Meet the office-bearers of the society and ask about transfer fee charged by the society (legally not more than Rs 25,000- as on date), if any donation to be paid ( though illegal), whether society will issue NOC, when asked for. Must inspect the chain of agreements along with stamp duty paid receipts, original share certificate, society's last paid maintanance bill, paid bills of electricity , gas connection, telephone etc.
Take an affidavit from the seller that he is holding the flat in his personal capacity and not as nominee or a trustee (who are not legal heirs). The affidavit should also mention that no legal notice of any nature whatsoever, related to the flat has ever been served on him.
What if flat owner has expired?
Ask for probate if the legal heirs' signatures cannot be obtained, in case the flat owner has expired. Advisable to issue public notice through a lawyer about your intention to purchase the flat.
Take another affidavit from the seller that all the past liabilities, if any, will be borne and paid by him. If the flat is in joint name, obtain consent letter from the other share holders .
Take power of attorney from the seller There are special provisions if the flat is in the name of a minor or a NRI. Check with your chartered accontant / lawyer about tax deductions in such cases. It is advisable to take a loan from a bank even if you don't need ifinance. By applying for a loan, your bank will ensure that the title is clear, thus increasing your safety. Make the transfer / sale / purchase document only through a recognised lawyer to safe guard your hard-earned money.