Sale of old house property

Anantharaman Iyer (Querist) 15 September 2023 This query is : Resolved
I am having a Tenament in a co-op housing society. I am intending to sell the property. The purchaser has availed a housing loan from a financial institution. I have provided all the documents to the intending purchaser except Allotment letter of society. He says bank is insisting for Allotment letter and certificate showing my bona fide from the Society for disbursement of the loan. I have submitted possession letter of 1988 and share certificate to the bank. Kindly inform me the legal solution.

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When selling a co-op tenement, the purchaser's bank may require an allotment letter, even if you've provided a possession letter and share certificate. This letter is vital for proving your title to the property. If you're not the original allottee, you'll need to obtain it from your vendor. The society typically won't provide it directly, as it's usually issued by the builder at the time of the initial registration.

kavksatyanarayana (Expert) 15 September 2023
Now, the purchaser shall obtain a possession letter from you and the society for bank purposes. After registration of the flat, the society will levy a transfer fee and the purchaser shall pay the transfer charges.

T. Kalaiselvan, Advocate (Expert) 16 September 2023
What about the allotment letter?
Do you have it or not?
The society will not give you the allotment letter, it should have been given to your vendor by the builder at the time registering the flat to his name?
You ask the vendor about it and obtain that.

Dr. J C Vashista (Expert) 18 September 2023
The allotment letter is an essential document to ascertain your title over the property under sale, hence it has to be provided by you to purchaser.
There is no excuse / pretext to avoid handing over allotment letter.

P. Venu (Expert) 30 September 2023
How have you acquired title to the property? Are you the original allottee or the subsequent purchaser?

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