Our society has come out with a Rule stating for Mortgage NOC required by bank of the buyer, the owner/seller has to first get into an agreement with buyer, get the agreement registered with sub registrar's office and with copies various other 10 documents submit to Society after which the Society will consider issuing NOC. The list of 10 documents are (1) Copy of first Sale Agreement with Builder and Chain of Agreement (2) Seller's earlier Loan repayment/closure letter (3) Copy of New Agreement (4) Copy of Possession Letter (5) Copy of Parking Allotment letter. (6) Original Share Certificate (7) KYC documents of buyer (8) Copy of Previous NOC issued, if any (9) Copy of Loan Sanction letter (10) Sample of NOC from buyers bank. Can Society ask agreement with buyer and registration mandatory. As I may want to first get full amount before Regisering the agreement. Is it legal? Is there any provision in the bye laws? Also this is not passed in any AGM or SGM. Please let me know Regards Krishnan
Dear Krishnan, Let financial Institution giving the loan to the buyer of the flat, let it decide buyer's capacity to pay the loan, before you enter Sale Deed with your buyer. Once above point is fixed, then you can make an agreement with the buyer, and get full amount of your flat.
Our Experts

Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee

AV Shenoy AV Shenoy hold degrees in both Mechanical and Electrical Engineering from VJTI, University of Bombay and a Post Graduate Diploma in Industrial Management from Jamnalal Bajaj Institute of Management Studies. Worked as a Design Engineer in Electrical Business Group of Larsen & Toubro Ltd. at Powai from October 1969 to September 2001 and retired as Dy. General Manager. Also worked as a Facilitator/Trainer for implementation of Total Quality Management (TQM) and ISO 9000 in the organization. Since r

Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.

Shailesh Gandhi Shailesh Gandhi is a former Central Information Commissioner for the Right to Information Act. He is a successful RTI activist and a regular speaker at Moneylife Foundation.

Dr Rajendra Ganatra Dr Rajendra M Ganatra, was a banker for two decades and is now a registered Insolvency Resolution Professional, restructuring consultant and visiting faculty for MBA. He has more three decades of experience in project finance, asset reconstruction and financial restructuring. He is a Registered Insolvency Professional and has been the former MD & CEO of India SME Asset Reconstruction Co. Limited

Samir Zaveri An extraordinary activist who has dedicated his life to the cause of railways, with a mission to help every rail commuter and accident victims, and improve Railway safety.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on legal, RTI, and consumer issues

Sucheta Dalal Trustee - Moneylife Foundation

NOTE
Please do not share in your query any personal details like name, mobile number, email ID, address, bank account or other account details.

To ask a question

Please
Sign Up or Sign In
with
than you