Housing Society - Cidco transfer noc
Fpchsltd
(Querist) 28 April 2018
This query is : Resolved
Hi,
I'm from managing committee of housing society. During a recent sale of flat, the owner has requested society noc set for Cidco transfer after submitting only part agreement.
Usually our society was giving NOC for Cidco mortgage procedure and not for membership transfer before final agreement.
What are the noc that society has to issue to members who are selling flats and at what stages?
thanks and regards.
M V Gupta
(Expert) 28 April 2018
Bye law 38 (d) of the model bye laws provides that NOC of the Society is not necessary for transfer of the shares and interest of the Transferor (i.e., Member) to the Tranasfee (i.e., buyer of the flat).However if the the transferor or the transferee requires such certificate the Society may consider such application on merits within one month. In the case of flats which are subject to mortgage to any financing agency or any other authority then the transferor shall obtain NOC of such financing agency or other authority as the case may be. ( vide bye law 38 (e) (x) ).and submit it to the Society for effecting the transfer of the flat. The member has to submit the registered agreement to the Society along with the NOC of the agency. In the light of the above bye laws your Society may issue the NOC to the Member even if the agreement is not yet executed and registered. But the NOC must state that the certificate is subject to the mortgage or charge of the CIDCO being cleared and that the member will have to produce all the documents specified in bye law 38 (e) while applying for the final transfer of the flat and the shares in the Society..
