Comment on Co-operative Society cannot refuse to give NOC by Ankush Shetty.

I am selling my flat and the buyer who has purchased wants to take a bank loan .Agreement, Registration has been done for the property .Since the property needs to be mortgaged to the bank by the buyer ,buyer needs a NOC to mortgage the property .But society is first asking to submit the transfer documents from seller to buyer and then they will issue the NOC of mortgaging the property to the bank.Normally the transfer is initiated once the seller receives the complete amount but my society is insisting first to transfer the property in the name of buyer and they they will give NOC. Request your help in this.

Recent Comments by Ankush Shetty

Society adamant in giving NOC
I am selling my flat and the buyer who has purchased wants to take a bank loan .Agreement, registration has been done for the property .Since the property needs to be mortgaged to the bank by the buyer ,buyer needs a NOC to mortgage the property .But society is first asking to submit the transfer documents from seller to buyer and then they will issue the NOC of mortgaging the property to the bank.Normally the transfer is initiated once the seller receives the complete amount but my society is insisting first to transfer the property in the name of buyer and they they will give NOC. Request your help in this and let me know what is the exact rule and how should i go about it as without NOC Bank loan will get stuck.


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