We have a immovable property (a shop) in a cooperative society. It was in my mothers name. Bought during her lifetime. She was the share holder.
My borther was the nominee of the shop. My parents have expired.
As per our family arrangement between us siblings, the shop should come to me.
When we asked the the society to transfer the shop in my name based on an oral family agreement, indemnity bond and NOC.
They said that they can transfer the shop in my brothers name on providing an indemnity bond. He will only be the trustee of the shop.Subsequently he has to provide a succession certificate to get full rights.
My brother provided an indemnity bond and affadavit from all the siblings to the society. They transferred the shop in my brothers name, who now holds the shares of the shop as a trustee.
He however can neither gift it to me nor has rights to sell.
There is no dispute amongst us siblings that the shop should come to me.
Is the succession then necessary. Can the transfer not be done through a registered release deed or gift deed.
If succession certificate is indeed necessary, what is the cost & time.
I would to like know any lawyer who can do it for me. The shop is located in mumbai.
