Know the Details of the Co-Operative Housing Society Before Buying a House
Buying a home is a onetime transaction in a life time and when your buy your dream house, one of the factors you take in to consideration is if the property is located in a registered functioning society.
When you purchase a property in a society it is important to check if the society is duly registered with the registrar of co-operative societies and if the managing committee members are responsible and answerable to the flat holders.
In some cases, if there are disputes or legal litigations, and if the society is not registered and active, the flat owner land up in a great mess. Also with no society in existence there is no maintenance of the society in terms of security, cleanliness, housekeeping, water supply, leakages, parking issues, living becomes a night mare in these buildings.
There is a provision in law that if the co-operative society is not functioning and addressing the grievances of the flat owners, the registrar of the cop operative society has every right to take over the control of the society and run its day to day business.
It is mandatory for all co-operative societies to maintain all books of accounts duly audited, arrange annul general meetings on time, pass resolutions in a prescribed format with a declaration that members proposing or opposing the resolution are aware of the legal implications of the resolution.
All cooperative societies must regularly collect their dues and taxes from its flat owners to run the society in an efficient and organised member.