Sir, the bank auctions a property under SARFASI act,..you will be the benificiary buyer from bank.. Any claim from the applicant will not be maintainable..
Documents needed before I finalize my purchase of auctioned property
Hello What are the essential documents needed or to be demanded from the bank while I am buying an auctioned property? Once the complete payment is done, The Bank will issue me a sale deed, true, but what else do I have to possess such that I have an ironclad ownership of this property and that I may not face future disputes from the initial defaulter/borrower's family. To give a background, The defaulter / actual borrower is deceased and his family ie. Wife, daughter and his parents all lay a claim to the property but because of their own internal disputes they never paid the dues before. Should I be concerned with this squabble over who's going to or how the money will be divided once the sale is done? Or Who's going to dispute the ownership of the property once the auction is complete? What are the future, possible outcomes to look out for and how can I mitigate them?
Asked 8 years ago in Property Law
Religion: Hindu
6 Answers
1) ask bank for inspection of original documents of title
2) check whether original chain of title documents are available
3) check whether society dues are paid .
4) check whether property tax bills are paid till date
5)you are not concerned with internal squabbles of seller family
6) check whether it is self acquired or ancestral property of the borrower
7)you dont want tomorrow any family members seeking court orders to set aside auction on grounds that it is ancestral property and intervenor has share in said property
8) take physical inspection of the premises .
9) contact a local lawyer
1. First check whether papaer pblication aws made one month beofre the auction sale.
2. If it is complied with and sale certificate is issued then the you can proceed to go for regustration of the same.
3. DO note both sale certificate and registered sale deed is required tp perfect your title.
4. The owner of the proeprty can challenge the auction even after the registration of sale deed if there is infirmity in the auction sale.
5. Since I do not know the case history I cannot comment on validity of the auction sale.
The bank will not issue you a sale deed, but a sale certificate once you make the 100% payment in lieu of the auction of property in your favour. Before you take a final call in the matter of purchasing this property, it is necessary that you physically inspect the property and verify whether or not the Bank is in actual physical possession of the property. Sale in your favour would be complete once the sale certificate is issued to you. On the basis of SC, you may ask the Bank to get the sale deed registered in your favour.
Hello,
Since I do not know the history of the case I cannot comment on validity of the auction sale. YOu will first have to check the paper publication wrt the auction sale, and if the sale certificate has been issued then you can proceed for the registration. In order to make your title perfect both sale certificate and registered sale deed is required. Also the auction can be challenged even after the registration by the owner if there is some gross infirmity.
Regards
You can obtain the title, link documents for title, other relevant documents related to the property held by the bank.
Besides, you should ask the bank to issue you the sale certificate duly registered in your favour.
The bank should handover physical possession of property.
The bank should also produce the copies of loan clearance certificate.
You can take the help of a local lawyer before finalizing the deal
