i have plan to buy auction property in Mumbai please suggest me what is procidure & which document verify.
1 Reply
NRI LEGAL CONSULTING26 Sept 2013, 12:52
Hi Pravin,
First of all check the RECOVERY CERTIFICATE of that property which is issued by the presiding officer of DRT( debt recovery tribunal) to the recovery officer of the jurisdiction of the property with concerened bank. you have to fill the bidding form one day before the auction date till 5p.m.you have to pay 10% of reserved price of property reserved by the concerned bank.then you will be eligible for bid . if you got success for that property on auction day then you ‘ve to pay 25 % immediate same day and rest 75% within 15 days in white.then after some formalities the authorised person of bank will go along with you to the registrar office to transfer the property in your name and he will also bound to give you the original title deed of previous owner. make sure before this the bank had verified the property before giving loan by your own sources.b’cose some instances happened many times before.you can also get the undertaking from bank where bank will be bound to pay huge penality if you dont get possession or the previous owner challange bank for wrong proceedings. If previous owner wins the you have to vacate the property n get your money back from bank with very difficulty.
For more query contact us (query[at-the-rate-of]nrilegalconsulting[dot]com)
1 Reply
Hi Pravin,
First of all check the RECOVERY CERTIFICATE of that property which is issued by the presiding officer of DRT( debt recovery tribunal) to the recovery officer of the jurisdiction of the property with concerened bank. you have to fill the bidding form one day before the auction date till 5p.m.you have to pay 10% of reserved price of property reserved by the concerned bank.then you will be eligible for bid . if you got success for that property on auction day then you ‘ve to pay 25 % immediate same day and rest 75% within 15 days in white.then after some formalities the authorised person of bank will go along with you to the registrar office to transfer the property in your name and he will also bound to give you the original title deed of previous owner. make sure before this the bank had verified the property before giving loan by your own sources.b’cose some instances happened many times before.you can also get the undertaking from bank where bank will be bound to pay huge penality if you dont get possession or the previous owner challange bank for wrong proceedings. If previous owner wins the you have to vacate the property n get your money back from bank with very difficulty.
For more query contact us (query[at-the-rate-of]nrilegalconsulting[dot]com)