Share certificate multiple name issue


Dear Team,

 

I have purchased a flat in Year 2013 from a person whose father was dead. The flat was in the name of his father. As per dew law process all legal heirs of the flat, like flat owners wife & his 5 childern have signed & sold me the flat. Process was quite smooth & overall I did not have any issues. However I planned to take a home/mortgage loan on the flat. For mortgage/home loan all the required were documents submitted to bank. But one document bank asking is share certificate. Here Bank is asking to provide the share certificate in a particular flow where (1st Row ) share certificate owner was FATHER, (2nd Row) then after share certificate should be transferred to his wife & 5 childeren and (3rd Row) then after share certificate should be transfered in my name. I asked my society to provide me the share certificate in the same format but society is saying that in 2nd Row of share certificate, all six names can not be put in and society can insert only one name. Overall society is refusing t insert all six names in the share certificate. This particular point have become hurdle for me & due to that my loan is stuck. Request your kind advise for this subject.

 

Thanks

Avesh

 
Reply   
 
FIN

'Buyer Beware' applies to property deals.

It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.

This may cost some FEE but can defend long term interest and hard earned monies.

 

 
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FIN

Go thru society bye laws framed in accordance with Model Bye laws.

Probably the society is trying to accomodate you.

If there was nomination then society might have transferred shares in favor of nominee.

Discuss with lender if it agrees with view of society and all legal heirs agree to sign as per view of society.  

 

 
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CEO

I wholly agree with Kumar Doab. Nothing more to say.

 
Reply   
 
Advocate

Share Certificate in the CHS is distict from the title to the flat in the Society. Try to get competent legal advice explaining this aspect.

 
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