Want to know the issues raised from current owner of propert

Ved Prakash Mittal (Querist) 02 August 2017 This query is : Resolved
Hello Team,
Please help me to know issues. If I will buy property in bank auction which sealed by lender bank via notice u/s 13(4) Sarfaesi act 2002 because it's secured mortgage property against business loan taken by owner of property and due to non payment of bank's loan bank took possession of such property. Therefore lender bank is going auction this property to recover their loan amount.

Kindly suggest me about that after buying this property, can I face any legal issues from current owner.

Regards,
CMA Ved Prakash Mittal

Follow Query

Report Abuse

J K Agrawal (Expert) 03 August 2017
Dear Team Leader
You may face trouble.
because you want to purchase a property at 50% without trouble is not at equilibrium.

Rajendra K Goyal (Expert) 03 August 2017
You can proceed after getting all related documents checked by your lawyer before auction.

Kumar Doab (Expert) 03 August 2017
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.

Kumar Doab (Expert) 03 August 2017
The post is with full agreement with Mr. J.K.Agarwal, Mr. Rajendra K Goyal.

krishna mohan (Expert) 04 August 2017
Property if mortgaged as collateral will appear in the EC. You can check. If true and the lender bank gives NOC assuming other properties are good enough to set off loans by means of the seller approaching their Bank , releasing the mortgage deed, you may proceed after getting a legal opinion from legal expert specialization on property matters of your area.

Kumar Doab (Expert) 04 August 2017
Take proper legal opinion as suggested or you may pay and borrow litigation's from bank.

Guest (Expert) 04 August 2017
Normally it is the duty of the Bank to confirm that concerned property is vacant before auction.other wise they would mention it as " as is where as basis " condition where the burden of vacating the premises would be your problem .Also you should verify the taxes due/outstanding on the property which would be also your responsibility..Discuss with local good advocate.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now