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Sale certificate

(Querist) 17 March 2015 This query is : Resolved 
Hi, I am going to purchase a property from a promoter. The property was sold through auction two years back to the promoter. Bank has issued a sale certificate to the promoter. I have all the document along with the sell certificate, where promoter name mentioned and defaulters name mentioned. Kindly advice me how to proceed with this deal and also suggest me whether sell certificate is sufficient for registration this property under my name.
kindly advice..
Devajyoti Barman (Expert) 17 March 2015
Yes, sale certificate if properly issued by bank and the sale is not set aside by the court of law is safe to be purchased.
saikat (Querist) 17 March 2015
Kindly suggest me what are the verification to be done from my end, as property is property is not registered with the promoter name.
Devajyoti Barman (Expert) 17 March 2015
make court searches to find out whether the borrower has challenged the auction sale in court of law or not.
Rajendra K Goyal (Expert) 17 March 2015
Entrust the work to your lawyer to have proper search.
M/s. Y-not legal services (Expert) 17 March 2015
Better you may get legal opinion from an advocate. It's may avoid so many problems in future.
Sri Vijayan.A (Expert) 17 March 2015
For first question, the sale certificate is enough and it has to be registered in a sub registrar office.

For second question, consult a local lawyer, produce all the papers. Get his advice.
T. Kalaiselvan, Advocate (Expert) 18 March 2015
If the promoter has been issued with the sale certificate by the bank, why not his name is not therein the said certificate, you should consult a local lawyer, produce all relevant papers before him, take his opinion and then decide about purchasing the property.
K.K.Ganguly (Expert) 22 March 2015
1.Bank being secured creditor of mortgaged property issues sale certificate to auction purchaser. This is perfectly valid,

2. Collect all other follow up documents from the selling Bank inconnection with Demand and Possession Notices, proof of taking physical possession of the property through DMs order, SARFAESI Application if filed by the borrower and the final order of the DRT hearing the said application,

3. Also enquire from the Bank if there is any claim or case filed before any court of law (High Court) challenging the SARFAESI Proceeding initiated by the Bank since the title of the property does not stand in the name of the mortgagor,

4. Make sure that the buyer is not getting rid of the future problem by selling the property to you,

5. However, you are required to register the sale deed in your favour.


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