• Bank auctioned property - purchaser

Dear Sir,

Bank auctioned property on 8-1-2014 “AS IS WHERE IS’ and ‘AS IS WHAT IS BASIS’.  Obtained registration department certified copy of sale deed and Encumberance certificate.  Found it is in order.  Proceeded for an auction and I am the successful bidder.  In the auction sale advertisement or personnal discussion with the bank it was not told DRT and civil court there is a dispute  pending with the borrower.  Orally it was assured that it is the bank responsibility to give a peaceful possession at the time of final payment.  Final payment day possession is not vacated by borrower and I have not made final payment which is due on 23-1-2014.   Now the bank is threatening me forfeit the initial payment of 25%, since I have not made the final payment.  How do I get the bank and borrower court dispute information before I participate in the auction.

Request your advice on this.

Thanks
Raju VS
9885079984
Asked 3 years ago in Civil Law from Visakhapatnam, Andhra Pradesh
you have purchased property on as is where is basis . you ought to have done due diligence before purchase of property . if you have failed to make payment as per terms and conditions of auction bank will be justified in for feiting token money advanced by you . it is advisable for you to contact a local lawyer . take extension of time to make payment .
Ajay Sethi
Advocate, Mumbai
23103 Answers
1212 Consultations
5.0 on 5.0
You failed to carry out the due diligence test through your lawyer prior to purchasing the property. Till the time the possession was not vacated you should not have purchased the property. An arrangement arrived at orally among the parties does not have any backing of the law. It is a nullity and incapable of enforcement through the court. The bank will now be legally justified in asking you for forfeiture of token money. Contact a lawyer for vetting all the documents related to the property including whereby and whereunder the auction took place so that he may chart out the further legal recourse for you.
Ashish Davessar
Advocate, Jaipur
18057 Answers
445 Consultations
5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Civil Lawyers

T Kalaiselvan
Advocate, Vellore
13910 Answers
127 Consultations
5.0 on 5.0
Ajay Sethi
Advocate, Mumbai
23103 Answers
1212 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
18057 Answers
445 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
12042 Answers
227 Consultations
5.0 on 5.0
Nadeem Qureshi
Advocate, New Delhi
3517 Answers
129 Consultations
4.9 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
868 Answers
43 Consultations
5.0 on 5.0
Atulay Nehra
Advocate, Noida
424 Answers
15 Consultations
4.7 on 5.0
Ajay N S
Advocate, Ernakulam
1905 Answers
19 Consultations
5.0 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
2718 Answers
41 Consultations
4.9 on 5.0
Thresiamma G. Mathew
Advocate, Mumbai
1316 Answers
85 Consultations
5.0 on 5.0