Posted on 25 Feb 2023
There are a variety of instances in which the owner of the property seeks to pass property rights to another party. This could be due to the current owner's severe sickness, retirement programs, the property being passed on to successors, or sold property. The right legal process must be followed in all of these instances to show the transfer of property.
Transfer of Property Process
After applying for transfer of property to the housing society board, they will investigate and decide after reviewing all of the data. The Management Board determines whether or not a representative can move in according to the guidelines for the transfer of property.
The committee guarantees that all applications received by the society's secretary are processed within 3 months. The application is approved, and the new member is approved if the society does not react within 3 months. It is critical to understand that the committee can only prevent a flat from being sold if the member has persistently broken the regulations, such as non-payment of dues, illegal activities, etc.
Transfer of Property Documents Required
The housing society requires two pieces of paperwork for the transfer of property: one from the buyer or transferee and one from the seller or transferer.
1. Required documents from the seller or transferer:
- Appendix- A notice indicating a member's intention to sell their shares, comprising their stake in the housing society's estate. The causes for the transfer of property should be explained in this statement.
- Appendix - 21: The transferor's application for transferring shares and involvement in the housing society's estate.
- This application will be discussed at the next Management Committee hearing. The member's qualification to sell his ownership and interest in society will then be determined. If the committee deems the member is ineligible because their apartment still owes the money, the homeowner must settle off the arrears first.
- Appendix 13: Resignation notice to notify society of departure.
Buyer or transferee approval letter expressing acceptance of the transaction
- Certificate of No Objection from a third-party financial agency.
2. Required documents from the buyer or transferee:
- Cover letter notifying the housing society of the sale or transfer of property.
- Appendix- 20 (2): Approval letter from the transferor to the transferee for the transfer of ownership and interest.
- Appendix - 23: Application form for suggested transferee's membership in the society, with an entrance fee.
- Appendix 3: The potential member must sign an undertaking form promising to use the flat only for specified purposes.
- Appendix 14: Nomination form in three copies
- A transfer document and a transfer fee are included.
- The original share certificate
- Transfer premium: The amount set at the annual general body meeting. It can't be anything beyond what the State Legislature or the Ministry of Cooperation says.
- Any other disclosure necessary by the group's rules or specific requirements
- An agreement to perform all of the obligations and liabilities of the housing society
The housing society is protected by an indemnity bond.
- Agreement with proper stamp duty and a letter of consent by the bank or any other authority if applicable.
- Evidence of payment of stamp duty.
- Ownership NOC from the society if the member or buyer needs it. Letter from the transferer to the transferee.
- If the society fails to submit the NOC, the buyer may request that three committee members or the Registrar investigate. The housing society should also provide both participants with a No Dues Certificate to demonstrate that everything was done correctly when transferring membership.
- A note to the Electricity Department requesting that the identity on the electric meter be changed after the transfer of property.
You must complete transaction-specific documents to transfer property to a registered housing association. Based on the standards for the transfer of property, the Managing Committee decides whether or not a member may move in. Members of housing societies have a pricing and reputation advantage over individuals who buy or sell property in other ways. As a result, whether purchasing or selling property, ensure you have all the necessary paperwork. To get good real estate options in housing societies in Indore, you can consult DCNPL Hills Vistaa.