• Transfer of shares inheritance

There are 2 names in share certificate. Husband & Wife . Wife expires. Husband alongwith his only 3 sons no other legal heirs applies to the society for transfer of shares in his wife name to his son vide indemnity bond and membership application form. Society transfers the name to husband and all three sons.  Later on after 2 years he expires and sons get the share certificate transferred in their names.The said is passed in AGM of the society. it has been almost 2 years now . We have published public notice in newspaper no claims or charges and we have got NOC from the society too . Is it advisable ??
Asked 1 month ago in Property Law from Mumbai, Maharashtra
Religion: Hindu
On father demise 3 sons would be legal heirs 

2) since father did not leave any nomination form on his demise society can transfer flat in name of 3 sons on issue of public notice and furnishing indemnity bond by the legal heirs 

3) the transfer should be approved by AGM 
Ajay Sethi
Advocate, Mumbai
23296 Answers
1220 Consultations
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You are in right direction.
It appears the society has not granted sahre certificate in the name of 3 sons as yet.
You may follow up with them or lodge complaint with the registrar of society.
In any event absence of sahre certificate does not cause any hindrance to your title in the proeprty and you can even sell the proeprty in absence of sahre certificate.
Devajyoti Barman
Advocate, Kolkata
5229 Answers
54 Consultations
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Are you the prospective buyer? If the answer is in affirmative then conduct a title search in the office of sub-registrar to ascertain if the title is free and marketable.
Ashish Davessar
Advocate, Jaipur
18167 Answers
449 Consultations
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1. What advice are you seeking?

2. What do you intend to do with the said flat? Do you intend to buy it?

3. The title of the legal heirs of the husband and wife who were the co-owners of the said flat is perfectly O.K. legally.

4. You can buy the said flat from the said three sons and the said purchase will have legal sanction.
Krishna Kishore Ganguly
Advocate, Kolkata
12123 Answers
232 Consultations
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Hi 
1) Since you have the NOC from society, the transfer is valid in eyes of law.

2) however as a matter of abundant caution and to prevent future disputes,  we advise that with the same set of documents namely NOC from society, News paper public notice, Death certificates of both parents, please also get a partition deed done amongst the 3 sons  at sub-registrar office by paying a minimal fee.

3) Also please get the names mutated in the names of 3 sons in government records(electricity, municipality etc)

Hope this information is useful
Rajgopalan Sripathi
Advocate, Hyderabad
868 Answers
43 Consultations
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1) transfer is valid as society has insisted on execution of indemnity bond and issue of public notice 

2) society could have advised legal heirs to obtain letters of administration from high court since seller  mother died intestate 

3) if previous agreement is not registered deed of confirmation can be executed  by the seller 
Ajay Sethi
Advocate, Mumbai
23296 Answers
1220 Consultations
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1. It is not mandatory that share certificates should have nomination.

2. The transfer of the shares has already taken place being approved by the AGM of the Society.

3. The said transfer of the flat and also its share certificates in the name of the sons is perfectly valid.

4.  Negotiate with the Bank that the sale deed will be registered and it can pay the sellers at the time of registration at the Office of the Registrar after collecting the registered title deed or the GR in lieu of it.
Krishna Kishore Ganguly
Advocate, Kolkata
12123 Answers
232 Consultations
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1. It seems that the procedure followed was correct to transfer the shares on the demise of father. If there is no will then the transfer has to be in accordance with Hindu Succession Act. 

2. The previous agreement may be cancelled mutually by the parties and a fresh agreement executed and registered as banks seek registration of the agreement to sell.
Ashish Davessar
Advocate, Jaipur
18167 Answers
449 Consultations
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Just transferring the share of the property shall not confer any rights towrds the title.
Proper mutation  as well transfer of all other revenue and taxation records are to be carried out immediately so that there does not arise any difficulty in the future on this.
T Kalaiselvan
Advocate, Vellore
14069 Answers
127 Consultations
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Since there is no nomination and will is the  transfers of shares valid ?

Yes it is very much valid as far as the shares in the society is concerned.



They had provided indemnity bond wherein father and all three sons had signed along with society membership application forms. 

That is the procedure.





At the time father expired they provided fathers death certificate society deleted fathers name and the same was approved in AGM. 
WE have adjudicated previous agreement due to shortfall of stamp duty but it is not registered bank is insisting that it has legal issues since it has not been registered?

Get it registered on three of your names. by producing the  original sale deed if it is  in your possession. 


T Kalaiselvan
Advocate, Vellore
14069 Answers
127 Consultations
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