Issuance of share certificate for resale flat
Bhooshan
(Querist) 22 August 2012
This query is : Resolved
Hello, I purchased a resale flat in Thane. I am the 4th purchaser of the said flat including the original purchaser. I have taken loan for same flat from LIC. I submitted the original shares certificate to society to transfer on my name. As the certificate was with full of space (already 2 transfers on it) , society gave me the new certificate (which mentions 1st purchaser name on it and directly my name after him which do not shows names of 2 other purchasers before me of flat). Also they have mentioned "Duplicate" on the header of certificate. Now when I submitted this certificate to LIC, the officer told me that it should not be Duplicate and should mentioned names of all the purchasers on it. So I went back to society and asked them about the same. Now they are telling me the original certificate is with society and just because its full of space they have given me this, also they already have original they have mentioned it as duplicate but it should be treated as original only. I am worried as LIC person told me this may become problem if I go to sale the said flat. Can I know the correct procedure/rule in this case? Thanks in advance.
ajay sethi
(Expert) 22 August 2012
the society should return the original certifcate to you . delete the word duplicate in sc issued to you as it is continuation of earlier transfers
Bhooshan
(Querist) 22 August 2012
Ok. Thanks for the quick response first of all. As mentioned I already talked about it with society but they are telling me all the way different story. Is there any rule somewhere which I can show them and get the things resolved? Also if I get both certificates with me, should I submit both of them to LIC? Thanks once again..
ajay sethi
(Expert) 22 August 2012
yes you have to submit both to LIC . it shows the name of the transferors from the date of issueof share certifcate
