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Akshay Jain   14 March 2020

Bank auction

Hello experts, I want to buy an auction property. Please advise me through your SARFESI and DRT/DRAT practical knowledge.

BELOW ARE SOME QUESTION PLEASE DO YOUR NEEDFUL

1) WHICH TYPE OF PROPERTY IS SAFE IN AUCTION

2) WHAT ARE THE DOCUMENTS SHOULD I ASK FROM BANK BEFORE PARTICIPATING IN AUCTION

3)WHAT ARE THE DUE DILIGENCE AND LEGAL DUE DILIGENCE I SHOULD DO BEFORE BUYING

4)DOES SYMBOLIC POSSESSION IS SAFE TO PARTICIPATE

5)AFTER BANK SALE CERTIFICATE CAN DEFAULTER OF LOAN CAN CLAIM AUR FILE CASE AGAINST ME.

6) CAN BANK GIVE INDEMNITY BOND IF THERE IS SUCH ISSUE FROM DEFAULTER



Learning

 1 Replies

Adv Rohit Dalmia 9324538481 (Lawyer)     24 April 2020

Hello!

 

All the bank auction properties are on as is where is basis only. so risk element are there. you should check all the applicable dues such as electricity, society charges, municipal taxes any other demand notice, income tax attachment order, court cases etc. needs to be checked to understand the costings which might be incidentl to the purchase costs of the property.

 

Regards

Adv. Rohit Dalmia


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