A defining factor for most legal transactions is the amount of paperwork involved. If you have entered into any property transaction, then you know what we mean. Each document needs to be carefully checked, filed and submitted. Among these, an essential document is the share certificate.

When you decide to buy property in Thane, you also have to know the importance and role of a share certificate. For people looking at apartments in housing society this certificate is not just any piece of paper. It is a proof of ownership and a must-have in property transactions in India.

Here, we take a look at importance of share certificates when buying a property in Thane.

What is a Share Certificate?

A share certificate is an official document issued by a housing society to an individual who holds shares in that society. When you buy a flat in Thane, you do not just buy the flat, you buy shares in that society, which gives you the right to occupy and use the flat.

Need and Importance of Share Certificate

Proof of Ownership: The share certificate is legal proof that you are a member of the housing society and have rights over the property.

Transfer of Ownership: if you buy or transfer a property then it is important to update the share certificate to reflect the new owner’s name.

Get Society Amenities: Society amenities like water supply, parking, and common area maintenance are allotted to people who own the home. Without the certificate you may not receive these amenities.

Legal Compliance: Housing societies in Mumbai and Thane operate under cooperative society laws. Having a share certificate ensures your ownership is legal.

Home Loan Financing: if you opt for a home loan, your bank will also ask for the share certificate to process your loan.

Problems That Can Occur Without A Share Certificate

In case the share certificate is missing or not transferred properly, it can lead to several complications such as

  • Legal disputes regarding ownership.
  • Inability to access the society’s amenities or participate in society meetings.
  • Complications in reselling the flat
  • Home loan approvals.

Share Certificate Checklist for Homebuyers

  • You must always ask the seller for the original share certificate during the property transaction.
  • Be sure to verify that the share certificate is in the seller’s name and check if the same has been properly updated in the society records.
  • Check there are no pending dues on the property.
  • Consult legal experts or real estate professionals if you are unsure about the share certificate process.

In new constructions in Thane, developers often create a housing society once the project is complete. They then issue share certificates to buyers. Before final possession, confirm that your share certificate will be issued timely with the builder to avoid delays in ownership rights.

Conclusion

The share certificate is a key document in property ownership. As a buyer, understanding its importance protects you from legal hassles and gives you your right in the housing society.

When you decide to buy a flat in Thane, make sure the share certificate is part of your property documents and is transferred properly.