Bank auctioned property - purchaser
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.
Asked 3 years ago in Civil Law from Visakhapatnam, Andhra Pradesh
If property get vacated completely including tenant portion with police force, purchaser going ahead with sale certificate and registration any problems later on with borrower or tenant since any other case is pending
Asked 3 years ago
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 .
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.