Selling of shop (form of share) purchase from co-operative society
I have purchased a shop in form of share from co-operative housing service society limited in 2000. There are two partners of Co-operative society. One partner went to foreign and handed over power of attorney to second partner. Other shops under the same co-operative society have made forged documents from second partner. First partner came after few years and gave noticed to second partner for breach of power of attorney and case filed in court against second partner. I have the share certificate for my shop. I wanted to sell my shop.
It is requested to advice regarding selling of my shop legally. How can sell? what are the procedures? If i sell it right now, what will be consequences?
Awaiting for your positive and prompt reply.
Asked 1 year ago in Property Law from Nadiad, Gujarat
1) I presume that you have purchased shop by registered sale deed being executed in your favour by the service society
2) I presume sale deed was executed by second partner on basis of valid POA being executed by first partner
3) if said POA is forged and first partner has moved court then all transactions entered into would be called in question
4) you can sell your shop if you have clear and marketable title to shop
5) execute sale deed in favour of purchaser have it duly stamped and regd
What do you mean by saying that you have purchased the shop in the form of share from cooperative society.
Do you refer to the purchase of the shop by a registered sale deed executed in your favor by the GPA on behalf of his principal as well as on his own behalf as a partner. If the other partner has filed a case against the GPA for his alleged misdeeds, it is question of law. If you have not been restricted by court to sell the property, you can very well sell the property provided you have marketable title to sell the same.
1. The authority of the second partner flows from POA executed in his favour. If the POA authorized the second partner to sell the shop to you then your title is free and marketable. The acts performed by the agent, in pursuance of and within the ambit of the POA executed in his favour by the principal, bind the principal. It is deemed as if the acts are done by the principal himself.
2. Unless there is a stay order issued by the court you are at liberty to sell the shop.