Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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sk (manager )     30 August 2010

points to take care while buying SARFAESI properties

Dear All, I am in the process of buying a property from ARC . This property was alotted by authority and later trfd by GPA to the 2nd party and then sale deed was executed fvg the builder by the 2nd buyer . The builder partially has built the 4 flats and have abandoned . The buyers are not traceable . The bank have already taken the possession of the same and have transferred to the ARC . Now ARC is in the process of selling the same .

What are the points I have to take care while buying this house?



Learning

 5 Replies

adv. rajeev ( rajoo ) (practicing advocate)     30 August 2010

It is lo be looked into whether proper procedure is followed by the banker or not.  Paper Publication, notice regarding taking the possession etc.

sk (manager )     30 August 2010

Thanks Rajeev Ji.

But as the banker is saying that the notices have been unserved and the borrowers are not traceable, What is the recourse available to me .

They have taken the oprder of the DM .

Can the borrower come in a future date to claim the ownership ?

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     30 August 2010

Let banker say any thing , he is not expert in law and procedures.

If borrower has some strength remaining he can create problems till eternity., since no law is perfect and so no procedure CAN BE  perfect.

LAWS ARE MADE BY MEN AND HENCE MEN FIND WAYS TO COME OUT OF  THEM.

NOTHING IS ABSOLUTE IN LAW.

sanjay mundada (legal advisor)     31 August 2010

follow guidlines and defination of bonafide purchaser of transfer of property act.

R.Ranganathan (Director)     02 September 2010

You can purchase the property after the bank has completed the usual formalities as per the acts and rules laid down. If any owner comes at a later date, it is for the owner and the bank to justify their positions. You are a bonafide purchaser and protected by the laws of the land. The owner cannot sleep for several years without paying his dues and then all of a sudden come out of the blue and claim his right. The Courts will not allow such things, provided all the formalities are followed by the bank before selling it to you.


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