I am looking to buy a property in Mumbai. The seller has purchased the same on 14/8/2013, however the share certificate has been transferred only on 24/12/2013. Now if I am buying the property now i.e. on 10/4/2014, can i transfer the share certificate in my name? If not, then will there be any kind of problems in regard to purchase of property.
Also if I wait till Dec'14 to get shares transfrred in my name, do I need to get any more documents from seller? Will they sale agreement registered by me , be a valid document to prove ownership of said flat?
Yes , you can transfer the share certificates on the very same day the sale deed is executed. Just inquire with the society as to the procedures they follow. The sale agreement will not prove your ownership title. Only a SALE DEED will prove your ownership title.Best Wishes.
First get executed the registered sale deed in your name and then apply for transfer of share on your name by complying with the necessary formalities meant for the purpose. Before buying the property, get legal opinion from a knowledgeable lawyer and then proceed with the purchase.