Property transfer

Querist : Anonymous (Querist) 04 March 2021 This query is : Resolved
I am successful bidder of auction property,bid done online by sale cum monitoring committee constituted by hon supreme court that means property under liquidation by order of supreme court on as is where is and whatever is there is basis and as it what is
After completing 25% EMD,it found that their was lien or loan of some co operative bank. Now 75% remaining amount is due, Now my question is what stand should SMC take for such Lien or loan before transfer to me, will they transfer after releasing lien by taking NOC from bank. What's is the procedure according to property trasfer act ?

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Quick Summary

If you've successfully bid on an auction property, especially one under Supreme Court liquidation, and discovered a bank lien after paying the EMD, it's crucial to understand the next steps. The Sale Cum Monitoring Committee should ideally clear the lien with an NOC from the bank before transferring the property to you. It's always recommended to conduct thorough title searches and consult with your legal counsel before participating in any auction to avoid such complications.

Guest (Expert) 04 March 2021
Before you could Bid you should have conducted an " Title Search "

Guest (Expert) 04 March 2021
Bidders should Check with the Auction Company to Ensure the Property has an Clear Title.

Guest (Expert) 04 March 2021
Now only your Advocate could properly Assist and Guide in this matter. Discuss with him Submitting all the details.

kavksatyanarayana (Expert) 04 March 2021
Any buyer/bidder shall check all the necessary documents/EC etc. before purchasing/in participating in an auction). Consult your own counsel.

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