How to transfer share certificate of housing society?

How to Transfer Share Certificate of Housing Society?

Transferring the share certificate of a housing society is a fairly straightforward process. Whether you are selling your apartment or transferring ownership to another family member, the share certificate needs to be transferred to the new owner. In this article, we will guide you through the steps involved in transferring the share certificate of a housing society.

1. What is a share certificate?

A share certificate represents ownership in a cooperative housing society. It is a legal document that proves your membership and shareholding in the society.

2. Why is it important to transfer the share certificate?

Transferring the share certificate ensures that the new owner becomes the legal member of the housing society and can enjoy all the rights and privileges associated with it.

3. Obtain a no-objection certificate (NOC)

Before transferring the share certificate, you need to obtain a no-objection certificate from the housing society. This document states that the society has no objection to the transfer of ownership.

4. Prepare the necessary documents

Next, gather the required documents such as the share certificate, application for transfer, copy of the sale deed or gift deed (if applicable), and the NOC obtained from the society.

5. Get the application form for share transfer

You can obtain the application form for share transfer from the housing society office or download it from their website, if available.

6. Fill out the application form

Complete the application form with accurate details, including your personal information, details of the buyer or transferee, details of the property, and relevant share certificate details.

7. Submit the application and necessary documents

Once the application form is filled out, submit it along with the necessary documents to the housing society office. Make sure to keep copies of all the documents for your own records.

8. Pay the transfer fee

The housing society may charge a nominal transfer fee for processing the share certificate transfer. Pay the fee as per their guidelines.

9. Publish a public notice

Publish a public notice about the transfer of the share certificate in at least two local newspapers, including one in the regional language.

10. Obtain an objection certificate

After the public notice is published, wait for a specific period (usually 14 days) for any objections. If there are no objections received within the stipulated time, you need to obtain an objection certificate from the society stating the same.

11. Submit objection certificate

Once you have obtained the objection certificate, submit it along with any other requested documents to the housing society office.

12. Collect the new share certificate

Lastly, collect the new share certificate from the housing society office. This certificate will now bear the new owner’s name, completing the transfer process.

Transferring the share certificate of a housing society is not a complex process. By following the steps mentioned above and ensuring that you have all the necessary documents, you can smoothly transfer the ownership and shareholding rights to the new owner. Remember to follow the guidelines provided by your housing society and seek assistance from their office if required.

FAQs:

1. Can I transfer the share certificate without obtaining NOC?

No, obtaining a no-objection certificate (NOC) from the housing society is a mandatory step in transferring the share certificate.

2. Is there any specific format for the application form?

The housing society provides a specific format for the application form, which you can obtain from their office or website.

3. Can I transfer the share certificate without publishing a public notice?

No, publishing a public notice is a necessary step to inform others and give them an opportunity to raise objections, if any.

4. How long does the transfer process take?

The timeline for completing the transfer process may vary from one society to another. It usually takes a few weeks to a couple of months.

5. Can I transfer the share certificate if there is an ongoing loan on the property?

Yes, it is possible to transfer the share certificate even if there is an ongoing loan. However, you may need to fulfill certain additional requirements set by the society or the lending institution.

6. Is it necessary to pay the transfer fee?

Yes, the housing society may charge a nominal transfer fee for processing the share certificate transfer.

7. Can I transfer the share certificate if there is a pending legal case?

Transferring the share certificate might be affected if there is a pending legal case related to the property. It is advisable to consult a legal expert in such cases.

8. What if someone raises an objection during the notice period?

If an objection is raised during the notice period, it will be resolved as per the rules and regulations of the housing society and applicable laws.

9. Can I transfer the share certificate if there are pending dues to the society?

Usually, pending dues to the society must be cleared before transferring the share certificate. However, this may vary based on the society’s rules and regulations.

10. Can the share certificate be transferred to a non-family member?

Yes, the share certificate can be transferred to a non-family member, subject to the housing society’s rules and regulations.

11. Can I transfer the share certificate on behalf of a deceased owner?

Yes, it is possible to transfer the share certificate on behalf of a deceased owner. The process may involve additional documentation and legal procedures.

12. Can the share certificate be transferred before completion of the property sale?

Yes, it is possible to transfer the share certificate before the completion of the property sale. However, it is advisable to consult with legal experts for guidance in such cases.

Dive into the world of luxury with this video!