Please guide---Precautions in buying HUF flat
Atul
(Querist) 29 November 2010
This query is : Resolved
Dear Exterts,
I want to purchase a flat which is owned by a HUF. HUF karta is going to sign in selling of this property everywhere. This is not a encestor property. Owner is a builder who created HUF for his name and sons. They have HUF account and PAN number as well. They file return normally.
I will be issueing cheque in name of HUF which WILL GO TO HUF ACCOUNT. So I want to know what are the necessary steps I should take in purchasing this property so that none of HUF member create problem in future.
Still do I need to take NOC from all HUF members (all sons and daughters of HUF karta). And If need to take NOC then does it need to be on stamp paper signed by all HUF members which should mention that they do not have any problem with this and have complete consent for this sale with HUF karta.
Please guide me..
Mant thanks in advance..
Devajyoti Barman
(Expert) 29 November 2010
No separate NOC is required if they sign as witness in the sale deed.
Atul
(Querist) 30 November 2010
Thanks sir.. Does it mean that signs of all HUF members are necessary either on NOC or sale deed; even if money is being transfered to HUF ACCOUNT. I belive HUF account money belongs to all HUF members. Sorry I might be wrong here...I do not know any abc of property law... Thanks
adv. rajeev ( rajoo )
(Expert) 30 November 2010
In my opinion it is better to take no objections from the other members, because itz HUF property and every body has got share.
s.subramanian
(Expert) 30 November 2010
I agree with Mr.Barman since attestation of a document as witnesses by persons having tangible interest over the immovable property dealt with under that document would have a special legal effect and no separate NOC need be taken.
Atul
(Querist) 30 November 2010
Thanks a lot for valuable suggestions!!
We have registry date so I belive it will become hard to take all HUF members to become witness on sale deed in Registry office.
So I want to go for NOC. It will be great help if I could know, how it will be made.
Does it requires to be on 50/-rs stamp paper and signed by notary and HUF members.
Please suggest..
Atul
(Querist) 30 November 2010
My bank has denied given loan because of HUF and is asking for given documents:
1) Family certificate of HUF- This should mention mention members of HUF, who is major, minor and karta etc..This will be made by CA.
2) Income Tax Return file in name of HUF
3) Affedavit mentioning all names of HUF and signed by karta
4) Two Indemnity bond for both purchaser and seller signed by Karta and purchaser respectively
I would like to know about this differences in suggestions. Please guide about this. I hope its great platform wherein all expert lawyer can put their points to finalize my situation.
Advocate Bhartesh goyal
(Expert) 30 November 2010
Sale Deed executed by karta of HUF property is absolutely valid.Besides this you are paying the sale consideration amount through cheque in favour of HUF. So there is no need to take NOC of HUF members but for the sake of your satsfication you may take there signatures as witness on sale deed.Asking by bank for some documents does not mean that sale is invalid.That is requierment for sanctioning loan.
Atul
(Querist) 04 December 2010
Thanks !!!
