iam asking this question not related to any state or country , think of it as a general law question. I understand when i read some advertisment saying the property is offered on as is where is basis. The only thing i want to know is:-
Does as is where is basis means that the Auction Purchaser will get the property this property is on as is where is basis for the Auction Purchaser only that is the sentence as is where is basis is only for Auction Purchaser or any claim which comes after the Auction Purchaser purchase the property. I mean does as is where is basis means that no fresh claimants can claim for that property once it is sold.
I think iam not making my self clear..please bear with me for few seconds:-
1) Let say that you are the Auction Purchaser of a property sold on "As is Here is Basis"
2) Let say the property offered for Sale has 100 Shops..
3) According to the Enquiry Report present by official Liquidator says that entire property is for sale except Shop NO.1 on as is here is basis.
4) After Auction Purchaser paid the amount and got the property, out of 100 shops 60 shop claimants came forward in the High Court and said that they purchased these shops in "good-faith" from the previous owner and they had no idea about any liquidation process or advertsiments about this property liquidation...
5) The High Court entertain their claim and official give away these 60 shops on to these 60 claimants....
6) Now my question is being the Auction Purchaser what you will do?
7) Does "As is where is Basis" means that the documents of that property also becomes null-void after it is sold....and is it right that the Auction Puchaser got 99 Shops on "As is where is Basis" but after he got the property again the High Court entertain new claimants for that property? is there any official time limit ? speaking universially?
8) Is it not so that "As is where is basis" also means that all the documents of the property are given to the Auction Purchaser on as is where is basis and after he got the property the old documents have no value?