Dear Sir I am the Secretary of a Society in Kalyan East, Thane District, Maharashtra. There is a member who has purchased 2 Flats in our Society more than 10 years back, but not transferred these Flats in their names. 1 Flat is purchased by a male member and the other Flat is purchased in the name of his mother. The Seller of the 1st Flat is a woman. Both the Sellers are not traceable. The buyer has got 1 Flats Share Certificate with him. But the problem is in the Transfer forms seller's signatures are not there. How do I transfer the Share Certificate in the name of the present buyer without the Seller's signature? The Seller of the 2nd Flat is the 1st Flats woman's Mother. The 2nd Flats Share Certificate is not available with the buyer. The share Certificate of this Flat is lost. Can the present buyer file a police complaint stating that the Share Certificate of this Flat is lost. I need a Police complaint copy to make a Duplicate Share Certificate for this Flat. On what basis do I make a Duplicate Share Certificate for this Flat ? After making a Duplicate Share certificate, how do I transfer the Flat in the name of the present buyer whose Share Certificate is lost and the seller's signatures are not there on the Transfer Forms ? Please provide the solutions for both Flats. Thanks and Regards. Sincerely. Francis
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you need seller signature on transfer form for transfer of flat
2) ask buyer to obtain court orders to transfer flat in his name
3) mother has to file police complaint about loss of share certificate
4) if mother ie seller had delivered share certificate to buyer he can file police complaint about loss of share certificate
5) public notice has to be issued about loss of share certificate . take indemnity bond
Ist flat - if sale purchase documents are intact and are duly executed and registered then only because in your internal paper the signature of seller is missing is not a valid reason to refuse transfer of share in the name of purchaser. Transform is an internal document of your society.
2nd flat - if origional certificate is lost then police complaint must lodged repirting loss of origional and public notice must also be given before issuance of duplicate certificate. An affidavit to this effect should also be taken.
it seems the 2 flats were sold by registered agreements
just the share transfer forms were not signed by the seller
the society can dispense with that requirement and admit the buyer as its member by entering his/her name in the share certificate
for the lost share certificate the buyer can lodge a FIR and issue a public notice in local newspaper
the FIR copy and public notice cut out can then be attached to an application to be signed by the buyer and the committee can agree to issue a duplicate share certificate and mutate the name of the buyer on it
the society is not disputing that the 2 flats were sold to the 2 buyers
so why keep them hanging unnecessarily ?
tracing the seller will be a task for the buyers. so please consider and relax the requirement of the share transfer forms.
take adequate indemnities from the buyers to protect the society against any legal claims in future. that should suffice in my view
admit the new buyers and make them participants in the society's affairs. that would indeed serve the 'co-operative' movement under the societies act
The share certificate is not a title document to confirm the ownership of the proeprty to the owner.
The share certificate is just recognise the owner as a member of the RWA.
There is no such bylaw forbidding the new owner to become a member with an application for membership without the signature of the seller.
The sellers might have sold the property and absconded to avoid payment of transfer fee to the society.
The registrar has not insisted on NOC from the society to register the sale deed in favor of the buyer to purchase the property.
All these indicate that these are not mandatory requirement as per law, hence the society can use its discretion as an conceptional case to issue the transfer certificate in favor of the buyer without the signature of the seller.
If the previous original share certificate has been reported to have been lost, then the formalities like a police complaint, a public notice in a local newspaper and an indemnity bond from the member may be obtained to protect the future the interests of the society.
It is discretionary and not mandatory, hence you can take a decision after a meeting with the MC members about this in case you feel that your individual decision may put you in trouble at a later stage.
Dear Client,
Sure, here are the rewritten sentences:
First flat:
Second flat:
The share certificate serves as recognition of the owner as a member of the RWA and does not act as a title document confirming property ownership. As there are no bylaws prohibiting a new owner from becoming a member without the seller's signature, the absence of the sellers may be due to their intention to evade transfer fees. The Registrar did not insist on an NOC from the society for the sale deed registration, suggesting that these requirements are not mandatory as per the law. Thus, the society may exercise its discretion to issue the transfer certificate to the buyer without the seller's signature. If the original share certificate is reported lost, the society can follow formalities like filing a police complaint, publishing a public notice, and obtaining an indemnity bond from the member to safeguard the society's interests. This decision can be taken collectively by the MC members during a meeting to avoid potential future complications.
You can do the transfer if there is a registered sale deed and by talking indemnity bond by him and news paper publication
Can the present buyer file a police complaint for the Share Certificate lost by the previous owner who is not traceable ?
The person who has lost the share certificate has to file complaint
buyer cannot file complaint
the flat is already sold to the buyer
so all the title documents including original share certificate were required to be handed over to the buyer by the seller
as the seller had lost the share certificate, the same could not be handed over to the buyer
further as the seller is not traceable, the buyer can certainly file such a police complaint for the lost share certificate since the flat is already sold to him and which the society does not dispute
No. Present buyer can only report loss of share certificate but present buyer cannot file a police complaint for loss of share certificate which was lost by previous owner who is not traceable.
The present buyer is no where responsible for the loss of the share certificate, neither he has any rights over it, hence it is the responsibility of the person who lost it to take action to retrieve it of give a complaint to police
Yes he can file a police complaint and apply from society vide news paper publication