Bank auction property
Hardik Desai
(Querist) 01 November 2012
This query is : Resolved
Are bank auction property safe to buy? What are the necessary things that should be looked into while buying a bank auction property?
If i want to know that where all auctions are being done by which bank and for which property then from where can i get this information. Is there a official site for this ?
I had approached a broker for bank auction property and he said that initially there will be a MOU between him and me where in 70% will be in his name and 30% will be in my name and once I make the full payment to him he will transfer the property in my name
ajay sethi
(Expert) 01 November 2012
why go through a broker?
read advertisments in local newspapers for auction of property by DEBT Recovery Tribunal . submit your quotation before Recovery officer along with deposit . it should not be below the reserve price . all the bids would be opened by RO in front of bidders .if you are the highest bidder make full payment within time period . subseqenlty sale would be confirmed in your favour By DRT
Hardik Desai
(Querist) 01 November 2012
Dear Ajay Sir,
Is it safe to buy but? considering the legal aspects involved in relation to tittle of the property. I have heard that even though you purchase from the bank the previous owner can file a case against you and get back the property .
What documentation should be looked into while purchasing the property to ensure that there will be no litigation at future date ? Will it be tittle free in case i win at the auction and purchase it from the bank ?
ajay sethi
(Expert) 01 November 2012
it is necessary to consult a local alwyer before you buy any such property . if you are the highest bidder and DRT has confoiirmed sale in your favour and you have got the legal documentation in your favour you would be safe .
RAJU O.F.,
(Expert) 04 November 2012
Purchase of properties through bank auction is at your own risk and responsiblities. Illegal activities of Brokers and agents' syndicates, working with cooperation of bank officials involve further risks. In many cases, further disputes arise claiming share of ownerships, dues of property tax, water tax sewage dues, PF,ESI, gratuity, wages, dues, etc., in the case of industril units, subsequent mortgages/lease which do not reflect in EC, vacating occupants of the property, facing numerous cases preferred by borrowers and others, etc. If you are ready to tackle all these problems, it is left to you.
