The Constitution of Nepal guarantees the legal right of every citizen to acquire, enjoy, and sell the property subject to the law. Even in real life, selling real estate can be a last resort, even if you have to spend a lot of money on medical treatment due to birth, death, marital rites, education, business, and sometimes a future accident.
In some cases, it may be necessary to sell the property at a lower price in a hurry to meet the immediate need. When you go to transfer or pass ownership according to the law by making promises, spending money in some cases, in the last case, your property is blocked by the employee.
Why is the property frozen?
No one’s property can be seized without official proof and reason. It does not mean that an unrelated and disenfranchised person can withhold someone’s property in retaliation for the purpose of causing misery with a wrong intention.
For that, the official proof is required from the concerned person and organization to the extent that it should be stopped. After submitting such evidence to the official body, the body may investigate and study and, if necessary, write to the concerned body for restraint.
A property foreclosure is usually caused by court order due to a civil or criminal case with a person or organization. Similarly, taking a loan from a bank or financial institution and keeping the house and land as collateral, the property is blocked with the consent of the rich.
Payment to government bodies as per law, government revenue to be remitted, a large number of tariffs, taxes, and other government obligations may have been withheld even by the order of the government body.
How does a court order seize property?
If a person or organization is found guilty of a criminal offense or criminal offense against the state in a civil offense including shareholding, transaction, etc., and the state has to collect the fine or compensation from him, the person is reluctant to pay or return the property. Can be blocked.
In most cases, real estate can be blocked, especially in the case of individuals. If someone has financial transactions, transactions, the person’s bank account, and if the person concerned has shares in a private company, even the shares equal to the share of the person concerned can be blocked through the office of the Registrar of Companies.
Formal restraint from banks and financial institutions
When taking a loan from a bank or financial institution for personal or business purposes, the assets pledged are secured only by the bank for security, so the property is blocked. As such restraint is done in agreement with the debtor, it is considered as formal restraint. There is a premonition of such a block.
Due to non-fulfillment of government obligations
What can be stopped?
In general, the real estate that can be withheld is real estate, especially real estate. If someone has financial transactions, transactions, the person’s bank account, and if the person concerned has shares in a private company, even the shares equal to the share of the person concerned can be blocked through the office of the Registrar of Companies.
In the institutional business of the company, the shares and bank accounts of the opposing company and sometimes even the personal accounts of the operators may be blocked depending on the situation.
How is Fukuwa?
Assets can be disbursed only after finding out the reasons and motives of the person or organization who withheld the payment and fulfill the obligation to pay as per the demand or change the account. For that, the consent of the blocking party is required.
In the initial case, when the property is withheld, the letter of the body from which the property has been withheld should be prepared and taken away along with it. Only after receiving such a letter will the concerned body dispose of the property.
It is important to know in advance whether any real estate transactions have been stopped or not. Banks and financial institutions can write off the loan immediately after repaying the loan.
The main purpose of foreclosure is to protect legal rights. It is believed that the problem or dispute should be resolved quickly and safely in case of pressure on the person or organization concerned.
Since the person concerned cannot do other work related to the sale of property and transfer of rights without resolving the dispute first, the law should have considered property restraint as a safe and best option.
You need to understand the condition of your property from time to time to avoid difficulties arising from property foreclosure. Some people have stopped for some reason that they should go to the concerned Land Revenue Office and get information.