Upgrad LLM

Society share certificate

Scientist/Engineer

What do you mean by Society not giving you the share certificate?  You should have got the share certificate from the transferor and you should submit it along with other documents to the Society to get your name endorsed at the back of the same.How did the share certificate get into the hands of the Society?  Byelaw No.38 of the new Model Byelaws gives the procedure for transfer of interest in Capital and Property of the Society by a member. If you have followed that,  the Society has to transfer the flat and shares to your name. No police verification or any such thing is required. I was Secretary of a Society in Mumbai for 20 years. I know all the procedures and requirements for transfer

 
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Scientist/Engineer

In whose name is the share certificate now? Is it in the name of the tranferor?  If so how did the Society admit him as member when he was not holding a registered conveyance? The Society should have raised these questions at the time of admitting the previous member who sold the flat to you.

 
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Scientist/Engineer

Your case is slightly complicated now. You are saying that the previuos owner paid stamp duty but did not register it. It may be that he may not have paid adequate stamp duty and that was the reason that he did not register it.  Has he handed over to you his conveyance deed? You can find out from the registrar's office what was the ready reckoner value of the flat on the date of purchase of the previous owner and whether it matches with the value mentioned in the document and the corresponding stamp duty?   From whom did he purchase the flat?  Was it from the builder or from previous owner? If from previous owner is there the conveyance deed under which the previous owner purchased?  If the seller has handed over to you (he should have) his purchase deed,  you can take it to the registration office and try to get it registered. You will have to make up for the inadequate stamp duty paid and also pay a heavy penalty. Actually your seller is liable to pay because it was his fault. But the registrar "may' accept if you offer to pay. Alternatively you can ask the seller to pay.

The Society was right in not handing over the share certificate to your seller. Now the seller has taken you for a ride. If you file a suit now against the seller for the share certificate, it will be a long drawn process. Instead you pay the stamp duty and penalty and get the share certificate from the Society . You file a suit against the seller to recover the amount which  you paid. You take the Society into confidence before doing all these, so that they do not give you further problem.

 
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Thanks for advice..mr.ramani, Yes, previous owner paid collector stamp duty under the amnesty scheme but agreement wasn't register by registrar deptt. (Previous owner told me after paying collector stamp duty in under amnesty scheme its not necessary to do register agreement so previous owner didn't register the agreement).
 
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CEO

All sale documents of landed properties HAVE to be mandatorily registered.
 
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Thanks mr.kishor, Then please let me know how the registrar deptt has register my new agreement when the previous owner agreement was not register only the stamp duty has paid ??? and now i am the fully legal owner of flat i have register agreement i paid stamp duty now how can be society refused for to give me share certificate?
 
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CEO

The Registrar has no legal authority to verify the antecedents of the ownership of a property, he simply verifies the amount of stamp duty paid on the document presented & necessary registration charges and the veracity of the parties presenting a document for registration. It is the duty of the purchasers to verify the criteria of the seller in his own interests.
 
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Now how can i register previous owner agreement without him and he purchased flat from builder and builder has expired year ago. ? Its there any legal to register agreement of previous owner with the previous owner pls?
 
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Now how can i register previous owner agreement without him and he purchased flat from builder and builder has expired year ago. ? Its there any legal way to register agreement of previous owner without the previous owner pls?
 
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CEO

If you are in Maharashtra you can approach the District Dy. Registrar of CHS of your zone for help.
 
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