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Can we issue Nomination, Membership and Share certificate for flats
27-Jun-2023 (In Property Law)
I live in Sita Kunj CHS, Malad West. Our builder took a land from owner on development basis. He made agreement with owner that he will develop 7 floor building with 28 flats. Out of 28 flats he'll sell 14 flats and 14 flats will be given to owner. Now the 14 flats which builder sold has agreement. And out of 14 flats of owner, 8 flats have agreement but 6 flats doesn't have agreement. Can we issue Nomination, Membership and Share certificate to owner for those 6 flats. Please give us advice.
Is your building developed or not? And what form of society are you? Tenant society or co-operative society of owners? Sale Deed of a property is the evidence of title and you must verify the same before issuing any shre certificate. If the builder has not entered into any Agreement with respect to 6 flats, then your builder is the owner of the same as per the Agreement between the owner and the builder and share certificates can be issued in builders name.
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Adv. Rushil Aiya
Mumbai | 100+ Answers
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As per your query,
The precondition to issue a share certificate of the society is that, the prospective person should have to executed an Agreement for Sale for purchase of their respective flat. In the absence of the Agreement for Sale in their name they are not eligible to apply for Share certificate of the society, and the society also cannot issue the Share Certificate to ineligible person. Execution of Agreement for Sale is precondition to apply for Share Certificate, hence the society cannot issue the same.
Regards
The precondition to issue a share certificate of the society is that, the prospective person should have to executed an Agreement for Sale for purchase of their respective flat. In the absence of the Agreement for Sale in their name they are not eligible to apply for Share certificate of the society, and the society also cannot issue the Share Certificate to ineligible person. Execution of Agreement for Sale is precondition to apply for Share Certificate, hence the society cannot issue the same.
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Adv. Neelkanth Goswami
Thane | 200+ Answers
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