Response

Transfer Fees Not payable to society in case of Transfer to Relatives. The Model bye-laws states that a transfer fee of Rs 500 is payable on transfer of shares and interest in the capitalproperty of the society. Further, the maximum premium that can be charged by the society is Rs 25,000. Society cannot charge trf fees from father or son, if trf. 2012 If there exist any provision in bye laws, the society can charge. … 2012 society does not charge transfer charges for transfers within family . The society can collect transfer charges at 2.5% of the difference between the book value of the flat and the price realised by the transferor on the transfer of the flat, or a maximum of Rs 25,000, whichever is lesser. Transfer fees are paid to a transferring attorney, appointed by the property’s seller to transfer ownership to you. This cost varies, depending on the purchase price and comprise the conveyancer’s fees plus VAT, and the transfer duty payable to SARS. The owner has to pay an amount of around Rs 200 to Rs 1,000 per square foot as Transfer fee so as to get the NOC, thus taking the amount payable to the builder up to as high as Rs 15 lakh, in some cases. Transfer fee is being charged by cooperative societies and service societies as well.

Reference: Transfer Of Property Act, 1882

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LAWAYZ-2023-469