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Resale of a flat in a registered co-operative society requires documentation specific to the nature of transaction. If you are looking to sell a flat in housing cooperative that has been owned by you, then there are documents you need to procure to ensure smooth transaction. The main documents pertaining to a resale flat in a registered cooperative society are mentioned below.
- Share certificate of the housing society bearing the name of the seller
- Previous chain of conveyance/sale deeds, along with sub-registrar’s receipt
- 37 (I) clearance (needs to be obtained in certain cities)
- 230 A certificate from the can be obtained from the concerned Income Tax Authority
- Original stamped receipts of payment made to previous Sellers
- No objection certificate (NOC) from the Society for transfer and sale of flat
- Last receipt for the out goings bill paid to the Society and electricity bill
- A set of Society transfer forms for transfer of ownership
- Certificate of Title from an advocate
The buyer would be likely to check all the documents relating to the house by his lawyer. Once verification is done, he may decide to proceed with the transaction. If you are the seller, make sure you have a ‘No Objection Certificate’ (NOC).
The NOC indicates to the buyer that the concerned society has no objection to transfer the share certificate in favour of the intended buyer. NOC also admits the concerned person/persons as member/s of the society. It also implies that the seller has no default/outstanding payments to be made to the society as of date. NOC is essential as only after obtaining this certificate, will the agreement for sale begin.
From the buyer’s point of view, you have to keep in mind few documents that are of top priority. You should check the latest payment receipt made by the seller to the society for the out goings. You must ascertain if the seller has paid all the dues to the society before going sealing the transaction.
As a buyer of the concerned property, you need to make sure that the agreement has a mention of the fact that the said property is not mortgaged to anyone. If it is mortgaged on or before the date of execution of the sale/conveyance deed, make sure that the agreement mentions that the mortgage account is clear.
Documents may slightly vary with respect to the following cases:
- Society has not been registered.
- Originally allotted by a development authority.
Check for the following documents in the above cases:
- Previous chain of agreements with past owners in original with original receipt of registration (if any)
- Original letter of allotment issued to the first owner by the development authority
- If the registration of latest agreement is pending, obtain the original receipt issued by the sublo-registrar acknowledging the pending registration needs to be taken along with a certified true copy of that agreement
- Original stamped receipts of payments issued to the previous and present owners by the builder/development authority/society
- Transfer permission from the respective authority (development authority/society)
- Copy of the approved plan and ‘Occupation Certificate’ (OC) issued by a competent authority like the Municipal Corporation, specifying the user permission of the premises