vijay pal tyagi (manager) 01 September 2012

Registration of property purchased though bidding

Sirs,

Me & my wife bought a flat from SBI through bidding. SBI got the rights to auction the property under SERFAESI Act.Full npayment has been made. Sale Certificate and possession have been handed over to us. Registration with Sub Registrar of Assurances is yet to done. We requested the Bank to permit us to register the property in the name of either of the purchasers OR jointly in their names OR in the names of their duly appointed nominee(s). We are prepared to execute proper consent letter/undertaking etc for the Bank. Expenses for registration will cost me around Rs 2 Lacs. We had purchased the flat as an investment and have found a buyer of the flat.

Bank finds it illegal and our request has been turned down. Can the Bank be forced the intervention of the court to register the sale of flat in the name of our nominated person.

I shall be grateful to receive the valued opinion of the fellow members

Thanks

Vijay Pal tyagi

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2 Replies

ramani (Director) 02 September 2012

U hv not indicated in whose name the sale certificate is issued. Is the bidder different fm u?Once the sale certificate is issued in a name ,the bank will not change the same. Normally the option is available to the bidder to use the nomination prior to issue of sale certificate.