Sunny (Assistant Manager) 22 August 2013
Hi
We are to bid for a property through an auction conducted by the high court. However there are multiple loans taken on the said property, and only few banks are who had loaded are aware of it.
In case we buy the property and after that any of the bank come to us stating that they had provided loan on this property, are there any issues we would face.
This is the first time we are going to bid for a property auction conducted by high court.
Kindly assist.
A.SUMATHY 9380902017 (LAWYER) 22 August 2013
Yes. If you bought through auction. You are all the responsible for previous loan and other encumbrances against the said property.
Sunny (Assistant Manager) 23 August 2013
hi
I was told by one of the agents that whenever property has been auctioned by high court, there will not be any issues, so incase any banks come at a later point of time to claim the said property , they cannot do so, as they should have come at the time when the paper notice was issued. Hence we can show them the documents that we will receive from the high court.
Please help if the above is correct.
thanks for reply.
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