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Sale Of Residential Property In A C.H.S. By a Nominee

(Querist) 09 August 2017 This query is : Resolved 
Need opinion on process to be followed by a nominee of a residential property to sell the said property in a co-op hsg society. The flat was transferred intestate on the nominees name and additions made accordingly to the share certificate as well against affidavit and indemnity bond supplied by the nominee listing the legal heirs in both.
Ms.Usha Kapoor (Expert) 10 August 2017
As necessary changes are made in share certificate,affidavit and indemnity bond GIVEN IN EXCHANGE by the nominee for sale of residential property on behalf of legal heirs let him sell off the property and distribute the sale proceeds to legal heirs.Nominee HOLDS THE RESIDENTIAL PROPERTY share certificate IN TRUST FOR LEGAL HEIRS AND THEREFORE CHANGES IN SHAREHOLDER CERTIFICATE, affidavit AND INDEMNITY BOND TO lEGAL HEIRS EMPOWERING TO SELL THE PROPERTY FOR THE BENEFICIARIES OR LEGAL HEIRS WOULD AUTOMATICALLY BE IMPLIED.
Ms.Usha Kapoor (Expert) 10 August 2017
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Rajendra K Goyal (Expert) 10 August 2017
The property has been transferred in the name of the nominee, now he can sell the same.
Kumar Doab (Expert) 10 August 2017
'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.
Kumar Doab (Expert) 10 August 2017
Nomination in society is not a parallel route to succession.

The society can transfer the shares to Nominee per valid nomination on record and if all process and procedure is satisfied...............

If all legal heirs have relinquished their rights by a valid deed in favor of Nominee and thus Nominee has attained rights equal to that of owner then nominee may be able to sell...

Let your own local counsel examine all docs and opine..........

Dr J C Vashista (Expert) 10 August 2017
I could not follow the query, it is vague.
Kumar Doab (Expert) 12 August 2017
Further act in consultation with your own LOCAL very able senior counsel of unshakable repute and integrity specializing in such/civil matters and well versed with society matters and local rules and laws...
Hemant Agarwal (Expert) 12 August 2017
FOR Transfer /Sale /Purchase of a "Nominee" property, kindly prefer to read the following link, for answers to most of your questions:

http://www.lawyersclubindia.com/articles/Analysis-on-Nomination-in-housing-society-7787.asp

Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com


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