Auction Property

Prachi Agarwala (Querist) 01 April 2011 This query is : Resolved
What checlists should be observed while purchasing an auctioned property from the bank?

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RAJU O.F., (Expert) 02 April 2011
-whether the mortgagor was the true owner of the property put to auction-
- whether original title documents are available with bank for verification-
-whether description mentioned in sale notice are correct on verification-
-whether any charge created with ROC on this property, if the owner is a company-
-whether pending arrears of PF dues, tax-IT & ST, property tax, electricity dues,etc.
-inspect the property to verify encroachments-
-whether any disputes or cases are pending on this property,in civil courts/DRT-
-in case of industrial properties, whether you can utilise it for any other purposes-
-whether value fixed as Reserve price is reasonable- etc.

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