radhika (dwqdwq) 15 August 2014

Confirming party in sale deed registration of bank auctioned

I am interested in buying a flat through bank auction. The bank has physical possession of the property and original documents,

i asked the bank like this

Will the defaultor become CONFIRMING PARTY in sale certificate?-

they replied like

The flat is mortgaged to us. There is no question of the defaulter,s consent. We are the legal owners

1)so is it advisable now to buy that property when the defaulter doesn't sign as confirming party in sale deed.

could you please reply as the auction is in just 5 days and i have to pay EMD to participate in auction.

2) What are the documents i have to check before participating in auction?

3) is it safe to buy bank auctioned properties under SARFAESI ACT?

Thanks,

Radhika

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2 Replies

ahmed (document writer) 15 August 2014

dear sir

there is no need of confirming party b'cos the defaulter is no more owner of the said property and bank is having absolute right over the said property, and verify encumbrance and other document before buying

khalid masood (partner.) 19 August 2014

Radhika I would advice you to engage an advocate who has expertise in laws governing auction properties particularly lawyers who attend bank cases and DRTs. Never seek opinion in this forum in the matter of bank auctions. As most of the experts in this forum are ignorant on banking and SARFEASI laws they may tell u to proceed with purchase of that property and would tell you that there is no danger involved in it.