Friday, May 20, 2011

Answer To The Query regarding The Property Card

It is property card which needs to be updated with the legal
heirs of the Deceased and not 7/12 extract. After the names are shown
in the property card then get the conveyance done from the legal heirs
of the Deceased owner. Kindly go through the earlier documents between
the owner and the builders. In case of Further Assistance Kindly Feel free To Call Adv.Madhuri Gaikwad On  9819111678

Tuesday, May 17, 2011

Indemnity BonD


INDEMINITY BOND

Further, it is learnt that in many Societies, the Managing Committees, who execute the documents with the Developers, do not possess any legal holding as they have never filed/nor aware of filing the Indemnity Bond in Form M-20 on a Stamp required under Section 73(1AB) and Rule 58A of the Maharashtra Cooperative Societies Act 1960.
The members who fail to execute such Bonds within the specific period are deemed to have vacated his office as a member of the committee and no legal effects can be given to the documents executed by them with the Developers.