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can I buy a property before it goes for auction ?
27-Jan-2023 (In Property Law)
We are a group of people who took loan on 5 properties for a business. We have defaulted the loan and now it needs to go for an auction. I want to buy the house back and not interested in the other properties. Is there a way to buy the house back from the bank before it goes for the auction.Please help me with the details.
If the bank is in physical possession of the vacant position of the property, it can be bought by bidding the auction. symbolic possession will not solve the problem of buying. The purchaser has to run behind the occupants to vacate them or face fresh litigation for evicting the occupants before various courts.
The bank may be asked to handover vacant property physically and get it registered on your name, if the bank is not agreeing to it then it is not advisable to go behind such properties which may have a history of stretched and never ending litigation
The bank may be asked to handover vacant property physically and get it registered on your name, if the bank is not agreeing to it then it is not advisable to go behind such properties which may have a history of stretched and never ending litigation
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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