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June 30, 2000
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Documents involved in transfer
Jyoti Dialani
When submitting your application to the secretary of the co-operative housing society in the event of selling your apartment (or transferring it to another person), make sure you have all the documents in order.
Here is a list documents which the transferor/transferee must verify and submit alongwith the application.
- Notice of Intention of a member to transfer his shares and interest in the capital/property of the society
Rule 24 of the Maharashtra Co-operative Societies Rules, 1961 states that the member has to give a 15-days notice in writing, addressed to the secretary of the society stating his intention to transfer the flat/shop/office in the society to the proposed transferee. This notice has to be written in the prescribed form, containing the name of the transferee and also the consideration for sale.
- Letter of Consent of the proposed transferee for the transfer of the shares and interest in the capital/property of the society from the transferor to him.
According to Rule 24 (1)(b) of the Maharashtra Co-operative Societies Rules 1961, the proposed transferee has to give a letter to the secretary of the society giving his consent to the proposed transfer of the shares and interest of the transferor member of the society to him.
- Application for transfer of shares and interest in the capital/property of the society, to be given by the proposed transferor (being an individual).
Bye-Law No 40(d)(i) requires the proposed transferor to make an application to the secretary of the society in the prescribed form, for transfer of the shares. Details such as share certificate number, the distinctive numbers of the shares held by him, the flat number and area should be included. This letter has to state that the liabilities due to the society by the tranferor have been fully paid and that he will discharge any other liabilities that may become due until the transfer is approved.
In this letter the transferor is required to state reasons for the transfer and he is also required to state that the shares/interest in the society have been held by him for a period of not less than one year.
- Declaration by the transferor for not holding an immovable property exceeding 500 sq metres in any urban agglomeration.
Bye-Law No 40(d)(ix) imposes upon the transferor of the flat/shop/office in a society to submit a declaration on Rs 20 stamp paper stating that he does not hold any land, whether vacant or otherwise exceeding 500 sq metres in area, anywhere in any urban agglomeration, mentioned in the Urban land (Ceiling and Regulation) Act, 1976. It must also contain details like names of the transferor and transferee, flat number and area of the flat intended to be transferred.
- Declaration by the transferee for not holding an immovable property exceeding 500 sq metres in any urban agglomeration.
Under Model Bye-Law No 19(viii), the proposed transferee, who is an individual has to submit to the society, a declaration on Rs 20 stamp paper stating that he does not hold any land, whether vacant or otherwise exceeding 500 sq metres in area, anywhere in any urban agglomeration, mentioned in the Urban Land (Ceiling and Regulation) Act, 1976.
- Undertaking by the proposed transferee to use the flat for the purpose for which it is purchased.
Under Bye-Law No 19(iv), the proposed transferee has to submit an undertaking on a Rs 20 stamp paper to use the flat to be purchased by him for the purposes mentioned in the letter of allotment issued to him under Bye-Law No 78(a). The purpose as mentioned in the letter of allotment may be specified as residential, commercial etc.
- Undertaking by the proposed transferee or by any of his family members, who is owning any plot/house/flat in thearea of operation of the society, to dispose off the same
Under Bye-Law No 19 (vi), the proposed transferee has to furnish an undertaking on a Rs 20 stamp paper to dispose off the house,plot or flat, already owned by him or by any of the members of his family, and located in the area of operation of the society.
This undertaking must also state that he shall dispose off the said plot/flat/house within a period of six months from the date of transfer of the flat in the society to him.
- Undertaking by a prospecture member having no independent source of income (if applicable).
If the proposed transferee is a non-earning person (he has no independent source of income), he is required under Bye-Law 19(v), to submit an undertaking on a Rs 20 stamp paper to discharge the liabilities to the society.
- Certified copy of the agreement
A certified copy of the sale agreement executed by the parties to the transaction in respect of the flat, on a Rs 20 stamp paper has to be submitted.
- Share certificate in original
Original share certificate in the name of the Transfer or has to be submitted.
- Copy of stamp duty receipt
Proof of payment of stamp duty in the form of copy of receipt issued by the stamp authorities.
- Copy of Registration Receipt
Certified true copy of registration receipt evidencing payment of Registration fees, issued by the Sub-Registrar of Assurances within whose jurisdiction the Society falls.
- Copy of possession letter
A copy of the letter issued by the transferor to the transferee, stating that the transferee has been put in vacant, peaceful and physical possession of the flat, has to be submitted.
- Letter to the electricity department of the body governing electricity supply
A letter written by the transferor to the electricity department giving information about the proposed transfer. This letter contains details such as the consumer number, the meter number, the address of the flat and a request to transfer the meter and electricity connection and deposits in respect of the flat to the name of the transferee.
- Letter to the society in respect of the donation given by the transferor
If the transferor is giving a certain donation or voluntary contribution to the society, he has to submit a letter to the secretary of the society that he is giving the amount of donation as a voluntary contribution towards the Common Amenities Fund and also that he has instructed his accountant to effect the same as a voluntary contribution in his books of account.
- Certified copy of the Power of Attorney
A certified copy of the Power of Attorney on Rs 100 stamp paper by the transferor to the transferee, empowering the latter with certain authorities to act, argue or to represent the transferor and also to sign letters, documents etc. related to transferring the ownership of the flat in the name of the transferee.
- Indemnity Bond-cum-Affidavit by the transferee
The transferee has to submit an indemnity bond-cum-affidavit on a Rs 100 stamp paper giving certain declarations that the he shall abide by the society's rules and bye-laws and to regularly pay the bills of the society, not cause any nuisance/annoyance to the neighbouring flats, not to use the flat for commercial purposes and not to give the flat on a leave and license basis. The purchaser also undertakes not to carry out any illegal changes/alterations/ structural modifications in the flat purchased by him.
The flat purchaser is also advised at the time of transfer, to submit a nomination form as required under Bye-Law No 34. This nomination form should carry details such as the share certificate number and distinctive numbers of the shares held by him, the flat number and the area of the flat.
By submitting this form, the member nominates a person/persons, to whom the shares and interest in the society held by him, shall be transferred in the event of his death.
Please note that there are different formats of nomination forms in respect a case of single nominee and that of more than one nominees. Also the nomination form has to be attested by two witnesses.
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