Is the share certificate issued by a Registered Co-operative society will be a valid title deed?
Question asked by Mr. Amarendra Paul from India:
I am a member of a Registered Co-operative Society who allotted a flat in my name. They issued a share certificate of Rs. 100/- along with allotment letter, possession certificate etc. I have taken a loan from a bank and bank is insisting for creation of Equitable Mortgage over the property by executing a registered sale deed. Now the question is whether sale deed is required for E.M. when a flat is allotted by a Regd. society. Is the share certificate is not a valid title deed for the purpose. What are the documents required for Equitable Mortgage in case of a flat allotted by the Regd. co-operative Society?
Thanks
Amarendra Paul
Veena Answers:
We are of the view that the in the event a society has allotted a flat in the name of its members by the issue of a share certificate, allotment letter and possession certificate, the same are considered to be documents of title. The same can be used for the creation of an equitable mortgage and there is no requirement for registration of a sale deed.
Join atOnePlace as a Agent. Be an associate and increase your business
Latest Residential Deals on Indian Property
Free Legal Advice for Indian Real Estate
Popularity: 5% [?]
Tell A Friend