Need advice on auction sale property

NA

Dear All,

Recently we have attended for one auction sale and after becoming highest bidder, bank has issued sale letter and gave us the physical possession of the property. Subsequently Bank has helped to apply for trabsfer of ownership at Odisha State Housing Board (OSHB). During this procedure, in OSHB require one clarification from the bank that there is no Court Case / dispute pending against this property. Now we coem to know that there some case pending between the Bank and the borrowed (defaulter)... Now we are in between, Bank got their money, and we come to know that the loan borrower also received his portion. Reviewing the matter, now we are the sufferer after paying money..Is there any provision in SURFACI act 2002 that, bank can give us the physical possession when any court case is pending aganst the borrowers?

Query:

1. As bank has already given us the sale letter and physical possession of the house, can we start staying in the house? or we should shoft to the house after change of ownership only?

 

 
Reply   
 

Dear sunil,

Bank has already sold and issued physical possession to you so you can verywell shift in your house.

Regards,
 
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ha21@rediffmail.com Mumbai : 9820174108

1. Property purchased via Bank Auction and registration of Bank's Sale Certificate, under provision of Sarfasia Act, is legally final, conclusive and becomes irrevocable, after registration of Sale Certificate.

2. Once you have conducted the above, THEN nothing stops you legally from occupying the property, without any reference to anybody,including the Bank, Society, original borrower, whosoever ....  So occupy safely & securely.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

 
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