We have the agreement share certificate
6 months ago
I have a flat in mumbai. We have the agreement share certificate n now soc says anyone wanting to sell the flat loan is possible. Says conveyance deed in process. Is it illegal then pls advice will we get market rate or less..
A.Dear Client,
A conveyance deed is an important legal document used to transfer ownership of a property from the builder or developer to the society or individual flat owners. It's possible that your society is in the process of obtaining the conveyance deed for the entire building or complex. This is a positive step, as it establishes clear ownership rights for individual flat owners. Once the conveyance deed is obtained, individual flat owners generally have the right to sell their flats. However, it's important to review the society's bylaws and any specific rules or regulations they have in place regarding the sale of flats. Some housing societies in India have a right of first refusal, which means that before you sell your flat to an external buyer, you may need to offer it to the society or its members first. They have the option to purchase it at the market rate before you can sell it to someone else. Check your society's bylaws to see if such a provision exists. Whether you will receive the market rate for your flat depends on various factors, including the current real estate market conditions, the location of your flat, and the condition of your property. It's advisable to get your property appraised and consult with local real estate agents to determine a competitive selling price.
A conveyance deed is an important legal document used to transfer ownership of a property from the builder or developer to the society or individual flat owners. It's possible that your society is in the process of obtaining the conveyance deed for the entire building or complex. This is a positive step, as it establishes clear ownership rights for individual flat owners. Once the conveyance deed is obtained, individual flat owners generally have the right to sell their flats. However, it's important to review the society's bylaws and any specific rules or regulations they have in place regarding the sale of flats. Some housing societies in India have a right of first refusal, which means that before you sell your flat to an external buyer, you may need to offer it to the society or its members first. They have the option to purchase it at the market rate before you can sell it to someone else. Check your society's bylaws to see if such a provision exists. Whether you will receive the market rate for your flat depends on various factors, including the current real estate market conditions, the location of your flat, and the condition of your property. It's advisable to get your property appraised and consult with local real estate agents to determine a competitive selling price.
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