Society has to transfer flat in your name by making endorsement in old share certificate
2) you will have to pay transfer charges of Rs 25000
3) since flat was purchased in auction signature of ex owner would not be required
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Transfer of share certificate of flat if sold via SARFAESI act
I have bought a flat auctioned by bank under SARFAESI act . i have duly registered the agreement with the registrar . Now i approached the society to transfer the share certificate in my name , but they are asking for transfer set . ( bank was not inducted the member of society as they didn't pay the due. , but i cleared the dues of the old flat owner ) Transfer set requires the sign of the member of the society ( in this case the old owner ) , but i dont know where to find him , and legally bank was the owner , so i dont think the old owner can sign . Now what should i do ? Society has to issue me new share certificate or transfer the name in old share certificate ? Should i give the society the transfer set without signatures.( but i find it risky )
Asked 6 years ago in Property Law
Religion: Hindu
15 Answers
1. In flat auctioned by bank under SARFAESI act, there is no need of the Seller parties signature of whatever. The Banks "slae certificate" is legally sufficient for all purposes, including Transfer of membership.
2. You have to submit Form no. 4, 21, 23 and Indemnity Bond (signed by you alone) and all the Relevant Transfer Fees to the Society, alongwith the copy of the Banks Sale Certificate.
3. IF the society refuses to transfer membership, THEN file appeal before the local ward cooperative registrar, wherein you are 1000% to get success.
you only need to submit the transfer forms which are to be signed by transferee
as the transferor was a defaulter and his flat was sold in public auction, he cannot now sign the transfer forms, nor will it be easy to trace him
so i suggest you make an application to the DRT making the bank and society as respondent parties and seek direction from court to the society to dispense with the requirement of submitting the transfer forms which are to be signed by the transferor
1. The owner was the old or the defaulter of loan and not hr bank.
2. now there must be a provision if a person buys a property from court auction.
3. So refer to the bye laws of the society. if it silent then produce the sale certificate issued by bank and apply for issuance of fresh share certificate.
4. Else lodge complaint with the Registrar of the society.
Dear Sir , Thank You for the answers . I have just a few doubts . Form No 21 will require the signature of old certificate holder . Should i leave the signature space as blank ? but is it risky to leave the signature as blank ? if any1 will sign it then i may be in problem ? secondly , the society is telling me to make a affidavit stating that the other forms like 20(1) , 20(2) i cannot submit because i have purchased from bank under SARFAESI . is it safe to give them a affidavit stating that ? any other documents i have to submit to the society ?
Asked 6 years ago
1. There is no need of form 20(1) & Form 20(2) in case of Auction Properties, more so since the Society had earlier already marked the mortgage /lien on the members share certificate.
2. The Bank's Sale Certificate is a irrefutable document and your affidavit has no value in front of the said sale certificate.
3. There is no risk in signing or not signing or blank forms from anybody, due to the bank sale certificate.
1) you can submit an affidavit that you cannot submit the forms
20(1) , 20(2) , 21 as flat was purchased in an auction
Dear Sir,
If the Sale Certificate issued as per SARFAESI Act , the certificate is the proper document as to your ownership over the Flat which you have purchased in Bank's auction. There is no need of any paper / document. You convince this to the society.
The society has resolved your problem by making such affidavit.
So do no complicate the things further and file the same.
its safe to submit the required affidavit requested by society
in form 21, above signature of transferor (old certificate holder), you can write - 'not traceable, please see affidavit dated ________'
Property was mortgage with the bank and on default by owner, bank auctioned the property, virtually bank is actual owner. so bank official signature will endorse. No question of actual arise here, since no direct purchased from him, and even you find him, why will he sign for you. So leave space blank or bank endowment.
Get it trasfer by anyhow, no effect o n your ownership.
You can approach the court or deputy registrar for the same. He will issue directions for the transfer to society
1. The Bank is required t issue you a sale certificate which is enough for you to ask for the share certificate from the Society.
2. The said certificate can be registered and produced before the socety while claiming the share certificate.
1. You are not buying the property from the earlier certificate holder.
2. His property which was mortgaged with the lending bank has been taken possession of and sold to you by the said bank following SARFAESI Act,2002.
3. the Society is right in asking you to submit an affidavit affirming that you had purchased the said mortgaged property from the Bank against the Sale Certificate issued to you as per SARFAESI Act,2002.
Since the bank has executed the registered sale deed to your name it becomes the vendor or the owner of the property you bought.
You can obtain a certificate from bank to this effect and also a letter from the bank stating that the property was sold under auction the signature of the original owner cannot be obtained since he lost his title once the property was acquired by bank as part of the recovery action.
This authentication should enable the society to transfer ther share certificate from the previous owner to your name.
If the society is not obliging after this also then you may approach cooperative court for direction to the society in this regard.
You can furnish any type of affidavit tht the society is asking you to furnish for this purpose.
The previous owner is no more a owner when the bank has taken over the possession of the property, hence you may leave the column blank or gt it signed by the bank