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Buying property in bank E auction is it fine
11-Jul-2023 (In Property Law)
I want to buy property in bank e auction. Is there any risk means can owner reclaim property after my purchase? What are the other precautions i should take, please?
This is my response to you:
1. Make sure you read the terms and conditions of the auction;
2. Also do a title search of the property;
3. Do that title due diligence of that property;
4. Also know that you will have to be paying TDS;
5. Once you stake a claim or pay token amount then you cannot back out from the offer;
6. You can ask the bank to sign an indemnity bond to hold the bank liable if the owner does file a case in the future.
1. Make sure you read the terms and conditions of the auction;
2. Also do a title search of the property;
3. Do that title due diligence of that property;
4. Also know that you will have to be paying TDS;
5. Once you stake a claim or pay token amount then you cannot back out from the offer;
6. You can ask the bank to sign an indemnity bond to hold the bank liable if the owner does file a case in the future.
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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