jam (executive) 01 October 2012

Buying bank auction flats

I wish to buy a house from a realty firm which is said to be a Bank Auction Flat

Please help me understand what precautions are to be taken?

What all documents should be asked for if i were to demand to the firm?

How could i know the firm is a legitimate?

PLease help me understand the entire procedure

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2 Replies

K.K.Ganguly (Advocate) 01 October 2012

Bank Auction Flat is bought from Bank only. How come you are buying Bank Auction Flat from some Realty Firm? Is it that they had purchased the Flat through Bank Auction? If so, the Flat you are buying is directly from Realty Firm only & not a Bank Auction Flat.

In the aboce case, get the sale certificate/documents searched. Ensure that there is no case or claim pending against the ownership of the Flat. Ensure clear title deed & possession.

Ajit Singh Cheema (practising Advocate) 01 October 2012

First of all you should contact the Authorised Officer , for knowing about the latest position of the account and further position of the litigation if any going on. Secondly donot forget to contact the original owner to know about the latest position of the property. Thirdly you should also try to get information about latest valuation of the property and the at which it is available to you.