Sale Certificate is issued under Rule 9(6) of SARFAESI Act, after confirming the sale,
2) The Certificate of Sale does not require registration.
3) however it is avdisable to regsiter the sale certifcate
Sarfaesi Act property registration
Kindly suggest on documents to be taken or executed by a bank for purchase of property in auction acquired under the sarfaesi act ?? Is the sale certificate a valid title document if not registered?? Is a sale deed separately to be executed by the auctioning bank ??
Asked 7 years ago in Property Law
Religion: Hindu
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4 Answers
Is the buyer as in the sale certificate competent to further sell and get registered the property in the name of subsequent buyers without the involvement of the bank ??
Asked 7 years ago
succesful bidder in whose favour sale certifcate is issued is competent to sell the property by registered sale deed without the involvement of bank
The bank has to execute a registered sale deed in your favor besides handing over the sale certificate.
It has to hand over the title deeds held in its deposit.
The bank has to handover physical possession too.
You can discuss with your advocate about other documents that the bank is has to comply with.
Is the buyer as in the sale certificate competent to further sell and get registered the property in the name of subsequent buyers without the involvement of the bank ??
Sale certificate is not a title document. The buyer cannot claim title to the property just merely based on the sale certificate.
He has to get the property registered on his name by the execution of sale deed in his name.
After that he can have marketable title to sell the property to the prospective buyer.