Hello i have a building it has two shops and my residence. i will be selling two shops one after another . my questions are as follows a) i am told i will require to form an apartment owners association and register it. within what time should i form it and register it after sale of the shops b) any specific clauses to be put in sale deed regarding formation of apartment owners association thanks
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
You have to form a cooperative housing society of all flat owners and shop owners
2) flats are sold as per the Maharashtra Ownership Flats Act,1963 [MOFA] then it is the duty of the Builder / Developer to form society and hand over the Account + Documents to Provisional Working Committee [PWC]
I own the whole property We are only three of us My residence, two shops presently on rent,will be selling both of them
There is no such requirement of forming an apartment owners association for selling your shops
I am surprised somebody told you that
We will be three of us only and not minimum 7 as stated Regards
With 3 members you cannot form apartment owner’s association
Before sale no such formation of association is mandatory.
After sale,we will be three people in the building who own different blocks. Within how many days formation of the association is mandatory Regards
With 3 members you cannot register apartment association
If you are owning a flat and two shops in an apartments complex and if there is no association functioning then it can be presumed that the builder has not handed over the complex to anyone, therefore you can gather the other owners of the complex and seven members can join together and form the association with the bylaws as per the housing society rules
After that you can proceed with the sale of property observing the bylaws of the society besides the registration formalities.
If you own the whole building then there is no necessity to form an association for the property owned just by three alone.
If your own house and the two shop are properly demarcated and registered individually then you can proceed with the sale of property independently.
If there are only three owners then you cannot form an association, better do not listen to rumour mongers, instead proceed as decided by you.
There is no necessity to form an association, you have been misguided about forming an association with only three members in the building.
Just ignore the misguidance in this regard
Dear Clients,
a) Form a landlords association and register as soon as you sell the stores. There is usually no strict deadline, but it is best to do so early to ensure compliance with local laws and to maintain the property properly
b) Include specific information in the sales deed stating that: there is a need to form a building owners association. - It is the responsibility of all owners to participate in the association.
- A timetable for the formation of the association (e.g. within 30 days after the sale of the second store). Instead of just three owners, at least seven can form a partnership to oversee common areas and maintenance. Ideally, the formation of the association should be completed within 30 days after the sale of the stores to ensure proper management and asset management.
If your apartment or place fits into then provisions of apartment act then only you can form the same
- According to the Societies Registration Act , a Society may be formed by seven or more individuals.
- Since the said building having only one residential flat and two shops and no other owners occupying any portion of the building then an association cannot be formed individually.
- Further, being the owner of the entire portion of the building , you have legal right to sell the shops without following the procedure of forming association.
