Overview
When a flat changes hands, the society records the new owner as a member and updates its register and share records. The exact process comes from your bye-laws and local rules, so treat this as a general checklist.
Steps
- The seller informs the society in writing and applies for a NOC.
- The society checks the member's dues and any dispute against the flat.
- The society issues a NOC or no dues certificate if all is in order.
- The buyer applies for membership with the required documents.
- The committee considers the application and passes a resolution.
- The share certificate is transferred or reissued and the member register is updated.
- The society collects the transfer fee or premium only if its bye-laws or a valid resolution allow it.
Documents usually asked for
- Copy of the registered agreement for sale or transfer deed.
- Identity and address proof of the buyer.
- Share certificate and the seller's membership details.
- No dues certificate from the society.
- Passport photographs and the application form.