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sumit (     15 July 2013

Absence of share certificate and registered agreement

I want to buy a flat in resale from a seller A. There is a story behind the property that A is possessing.


A had some land in this area. A has given this land to a builder to construct a building. The builder has constructed the building and allotted 4 flats to Mr. A, with a notarized agreement on 100 Rs stamp paper in 2010, but there is no where it is mentioned that the builder is giving the flats to Mr. A for the land he has got from Mr. A.


Now, Mr. A did not register the flats to save stamp duty fees etc. Mr. does not have the share certificate as well and society is not issuing the Share certificate as the property is not registered.


I want to buy this flat with home loan.  Bank is asking me to for the original share certificate along with registered agreement between Mr. A and builder and one indemnity bond from me, stating that any loss happened in the transaction will be boned by me.


Mr. A is suggesting for getting the agreement registered between him and me and later getting the Share certificate issues to my name.


Mr. A is claiming that he has the following documents.


1)      Clear title certificate of the property

2)      Property tax receipts which are on builder’s name.

3)      Copy of sanctioned plan.

4)      Copy of NA certificate.

5)      NOC from society

6)      Allotment letter from society


Request you to please suggest if there can be any issue to the bank in providing me loan and if there could be any problem in the future.



 I stay in Pune, Maharshtra.


Thanks in advance.


 3 Replies

2BHelpfull (Other)     16 July 2013

there must be Separate  agreement with the builder and Mr A which show the Flat is Alloted to MrA




if Mr A is not the registered owner of the flat then how he can sell the property .


at first place the Agreement with u and mr A will not be registered

agreement with Mr A and you , even if registered,  it will not be of any used as property is not registered in Mr A name.


if the property is not trf in Mr A name then how he can Trf the property to U

sumit (     16 July 2013

Dear Sir,

Thanks for the reply.

There is an notarized agreement on 100 Rs stamp paper between builder and Mr.A. On the basis of that, he is selling the property to me.

The builder is saying that he has handed over the property to society and hence, he cannot take any amount of any transaction done in society. So, he is not agreeing to come in any deal with me.

At the same time, builder has told that he will issue me a NOC, where by he will mention that he has no issue in Selling this property to me by Mr A.

Bank has suggested me to go for registered agreement to sell with Mr A and then again with Register sale with Mr A.

Request you to please suggest if this is a viable option.

Thanks in advance.

ron mumbai (a)     12 November 2014

Hello Sumit, Your case is quite similar to mine. Were you able to procure bank loan and how did you go about it. Pls give me your feedback. Bank insists share certificate, so how can one go about it in absence of it. Was there any alternative. Pls revert.

Thanks in advance...

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