Shashank (Committee member) 23 October 2011

Exchange of names

Hello,

One family in our co-operative housing society (say A), in Mumbai, has got two flats (one in our society and another in a nearby society - say B).

The flat in our society is in the names of Father, Mother & Son1 where as the flat in another society is in the names of Mother, Father & Son2.

They wish to get the names of their sons exchanged, i.e. they wish to have Father, Mother & Son2 in society A whereas Mother, Father & Son1 in society B.

What is the exact legal procedure do achieve this? Can affidavit/indemnity of all holders to replace the name of last holder by some new holder, suffice the purpose and society may do this? or any other official way exists?

Please guide.

regards

Shashank

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4 Replies

Advocate Vishnu (Advocate) 23 October 2011

shashank,

In the present case, son1 can execute a registered settlement deed with the required stamp fee to son2 and vice versa.

Bharatkumar (ADVOCATE ) 24 October 2011

MY OPINION IS U REGISTRATION A DEED AND PAY ACTUAL STAMP AS PER REAUIRE FOR THAT AND TRANSFER NAME IN BOTH SOCIETY.

sridhar pasumarthy (ADVOCATE) 24 October 2011

Dear Shashank,

It can be done by way of executing a registered exchange deeds between son1 and son2.

Shashank (Committee member) 24 October 2011

Dear Sridhar,

Thanks.. If I am not wrong, you mean to say is to create a MOU between those two sons and that MOU needs to be registered. Correct?

Is any stamp duty/fees applicable to this sort of deeds/MOU.. ? Also, can Societies accept these deeds to alter the share certificates and to change the names?