ANJAN (Sr. Accountant) 07 November 2011
I have purchased a propery from Indian Overseas Bank through Reputed Agent of auction Properties. The property is in symbolic possession with the bank. I had paid 25% of the total value through a cheque directly to a bank in favour of the owner bank account no. and remaing is still pending to pay, will the bank get the physical possession from the borrower and hand it over to me(buyer) after a balance payment ? is there still any possiblilities of claim by original owner.
Anjan
sridhar pasumarthy (ADVOCATE) 07 November 2011
Dear Anjan,
It is the duty of the auctioneer bank to issue sale certificate and to put you in possession of the property after payment of the balance sale proceeds.
At the same time, any third party including the defaulter may come with any legal claim, if they really has with respect to such property. Don't anticipate such type of things at this stage as you have already deposited 25% of the sale consideration. Be positive.
ANJAN (Sr. Accountant) 07 November 2011
Thx Mr. Sridher for Reply. They (as per Agent talk that Bank) will give us the proper sale agreement and they will come for Prop. Registration. Everything will be in legal manner. Only I m afraid that , if defaulter or any third party will not come for the claim again na. and If they do so then I can complaint for that ?
And 1 Question is that Is there any possiblities of problem is such type of Symbolic type of Bank properties
Rajeev Kumar (Lawyer/Advocate) 07 November 2011
ANJAN (Sr. Accountant) 08 November 2011
Thx Mr. Sridher for Reply. They (as per Agent talk that Bank) will give us the proper sale agreement and they will come for Prop. Registration. Everything will be in legal manner. Only I m afraid that , if defaulter or any third party will not come for the claim again na. and If they do so then I can complaint for that ?
And 1 Question is that Is there any possiblities of problem is such type of Symbolic type of Bank properties
After 1st Installment of 25% and before the balance payment any letter or document will bank will issue to me ?
ANJAN (Sr. Accountant) 08 November 2011
Sir can you give me reply .....
They (as per Agent talk that Bank) will give us the proper sale agreement and they will come for Prop. Registration. Everything will be in legal manner. Only I m afraid that , if defaulter or any third party will not come for the claim again na. and If they do so then I can complaint for that ?
And 1 Question is that Is there any possiblities of problem is such type of Symbolic type of Bank properties
After 1st Installment of 25% and before the balance payment any letter or document will bank will issue to me ?
ANJAN (Sr. Accountant) 08 November 2011
Thx Mr. Sridher for Reply. They (as per Agent talk that Bank) will give us the proper sale agreement and they will come for Prop. Registration. Everything will be in legal manner. Only I m afraid that , if defaulter or any third party will not come for the claim again na. and If they do so then I can complaint for that ?
And 1 Question is that Is there any possiblities of problem is such type of Symbolic type of Bank properties
After 1st Installment of 25% and before the balance payment any letter or document will bank will issue to me ?
sridhar pasumarthy (ADVOCATE) 08 November 2011
Dear Anjan,
I could not understand ur query. What do your mean by Symbolic type of Bank properties. What type of letter ur anticipating/expecting from bank.
You can resist a claim that may be made either by defaulter or by by any 3rd party.
Better u consult a local lawyer and seek his assistance and also get the title of the defaulter verified by him.
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