Buying bank auctioned property

505 votes

Yes, anyone can purchase the property through auction. Interested parties like concerned bank staff, lawyers and other professionals nvolved in the property auction are prohibited to take part in the auction purchase.

LawRato LawRato

668 votes

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

Advocate T Kalaiselvan LawRato

602 votes

Sir
You can.there is no impediment. But at the same you should vigil in verifying the document.of course the bank surely have a clear papers.no doubt. You have to verify any third party involved with the original owner of the property like lease sale agreement mortgage. Any registered or unregistered encumbrances will affect you. The bank will be responsible in this kind of sale only up to the date of sale issues.if any unregistered issues exists, it should be resorted in the manner known to law. Hence think twice and verif the records before buy . Thank you.

Advocate N Sudalai Muthu LawRato