Name on society share certificate
Darshan
(Querist) 02 October 2017
This query is : Open
I looked a property for purchase in Navi Mumbai (Old panvel). I have query on that property.
Flat is purchased by 1st owner in 2007 from builder and sold to 2nd owner in 2008. Society is formed in 2009 and issue share certificate on 2nd owner name. 1st owner name is missing on share certificate, but chain agreements had 1st owner name.
Is it right or wrong?
If wrong, please give me path forward on this and legal clause number, so that I can convince society members.
Guest
(Expert) 02 October 2017
Discuss your own problem, if you actually face, rather than any third person, as member of the society.
Darshan
(Querist) 02 October 2017
I am facing this problem as a buyer.
My question is that if the documentation as mentioned above is correct then I will go for buying. I want to avoid any legal issues afterwards.
Please guide.
Darshan
(Querist) 02 October 2017
I am facing this problem as a buyer.
My question is that if the documentation as mentioned above is correct then I will go for buying. I want to avoid any legal issues afterwards.
Please guide.
Kumar Doab
(Expert) 02 October 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) 02 October 2017
Apparently as per your post the 1st owner was not member hence share certificate is not issued and you have chain of title documents.
Rest obtain proper legal opinion as suggested above.
Kumar Doab
(Expert) 02 October 2017
There is NO restriction or Bar at LCI for anyone to post and ask any query.
The 1st post after query i.e. 2nd post in the thread is meaningless and good for nothing, as usual.
Guest
(Expert) 02 October 2017
If nothing is apparent, Mr. Kumar Doab assumes that to be apparent.
Kumar Doab seems to have the expertise in making only absolutely vague multiple posts, as he made 3 posts. This is the sample of his expertise.
Guest
(Expert) 02 October 2017
@Kumar Doab,
Are you really a legal expert, if so with what legal qualifications?
Hemant Agarwal
(Expert) 03 October 2017
1. Society SHALL issue "share certificate & membership" only to those Flat-Owners, who were on record on date of registration. HERE 2nd Owner of 2008 is on record WHEN Society was registered in 2009 and builder must have given the 2nd Owners name, list in 2009. This happens when "investors" put money for the builders.
2. Society CANNOT record 1st Owners name in its Register of Members, since the List of Flat-Owners of 2009 WOULD BE including the 2nd Owners name .AND. WOULD NOT include the 1st owners name. It would be illegal for the Society to record the 1st owners-name in its Register of Members. For the Society, the BUILDERS List of Flat-Owners of 2009, SHALL be final for all legitimate purposes.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Darshan
(Querist) 03 October 2017
Thanks Hemant Sir!!!
Rajendra K Goyal
(Expert) 03 October 2017
Well advised, agree with the expert Hemant Agarwal.
Darshan
(Querist) 13 October 2017
First of all thanks everybody for giving me help on this subject. I have one more query.
Share certificate have second owner name on front page and I purchased a flat in old panvel
Home loan procedure is going on from HDFC. HDFC pointed out a mistake in share certificate that is scratch on backside of share certificate. Old society has mistakenly write first owner name on backside of share certificate and scratch it. HDFC want me to rectify this.
Now new society is formed. How to correct this. Please guide me.
