Chs - single nomination form executed by joint holders

Pointwise replies are as follows:

1. Yes
2. Yes, and you need to inform the CHS with Death Certificate/s and get the Share Certificate transferred to you as the sole nominee.
3. When both the Joint Owners are no more.
4. To the extent of ownership and passing on of the property to you, there is nothing special to be followed as OCI. However, if and when you wish to sell the property, you need to credit the sale proceeds to your NRO account. And, if you wish to repatriate the funds so credited to NRO account, there is a limitation of USD 1.00 million per annum (1st Apr to 31st Mar). Such remittance within USD 1.00 Million is subject to your submission form 15CA and 15CB to the bank where you have an NRO account and through which you are repatriating the funds. Relating to the submission of 15CA and 15CB, you may contact a local Chartered Accountant in case you need to repatriate the sale proceeds (within the limit of USD 1.00 million per annum).

The nominee is not a titleholder.  You have to get either a will registered or get a gift deed in your favour to become the absolute owner legally.

Nominee is only a trustee holding the property in trust for the legal beneficiaries. The legal beneficiaries have to approach the Hon. Mumbai High Court for a probate on the WILL of the owner or Letters of Administration in absence of a WILL to become absoute owners.

Thank you for the detailed point wise responses. A follow up:

Since it is likely the holders will pass away at different times, does the death certificate need to be filed with the CHS each time a holder passes away? Or can the nominee wait and file both death certificate(s) together at the time of requesting transfer of share certificate after both holders pass away?

The nomination comes into effect only after the death of both the joint holders.  The living has to produce a death certificate for deletion of the other person that passed away, the books must show a single holder as surviving.  After the death of survived also, nomination steps in.  The nomination can be canceled at any time and another person can be nominated during the survival of true owners.

Well analysed, opined and advised by experts I endorse the same.

Nomination shall come to effect after death of both the owners of the subject property

Yes, this has been a very helpful discussion.

I have one more follow up question:

Since each of the joint holders has separate wills, which of the two wills does the nominee need to get probated/registered at the Mumbai High Court in order to become an absolute owner legally? Is it the will of the person who passes away last?

ARTICLE:  NOMINEE DOES "NOT" BECOME OWNER OF FLAT
https://chshelpforum.com/nomination-in-chs

B o t h wills to be registered.

Both the WILLS need to be probated as they relate to the ownership of their respective shares in the property.

The posting suggests deeper issues. Are you the only legal heir to the parents? Have the parents executed a Will in your favour in addition to the Nomination?

Probation of will is compulsory in Maharashtra.