register the property in the nominee name taken in public auction

Querist : Anonymous (Querist) 03 June 2011 This query is : Resolved
Sir

I've taken a house property in the SARFAESI ACT public auction conducted by a bank. Now i want to register the property directly into my nominee name due to insufficient of funds. He is ready to pay the total sum and ready to register.

Is there any possibility to do like this and if so, kindly let me know the SARFAESI ACT section details.

Thanks & regards

Satish.

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R.Ramachandran (Expert) 04 June 2011
To say that you do not have sufficient funds may be a story you may like to say, though I do not believe. If you do not have funds, you would not have BID for that sum in the first place. Therefore, keep that story to yourself.

The reality is that you have a ready buyer, and in the process you see immediate profit for yourself, and you also want to avoid payment of stamp duty twice etc. etc.

Normally there should not be any difficulty in getting the property registered in the name of person being nominated by the auction purchaser. One has to see whether there are any conditions to the contrary in the bid document.

But the matter needs to be handled in a very very tactful manner.

bhagwat patil (Expert) 04 June 2011
first of all u registered the property in your name then sale to another. dont play such tricks with SARFAESI matters only one application of borrower will put your transaction in trouble and no bank comes forward to help you as soon as they get the amount.

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