looking for an expert advocate to buy flat from a attached bank

792 votes

When buying a bank-attached property due to loan default, it’s crucial to confirm it’s free of encumbrances and understand the bank’s legal authority. Under the SARFAESI Act (2002), Section 13 allows banks to seize and sell a defaulted property without court approval. To verify there are no other liens, obtain an Encumbrance Certificate (EC) from the Sub-Registrar’s Office. This certificate will list any registered charges. The Debt Recovery Tribunal (DRT) can hear appeals under Section 17 of the SARFAESI Act if the defaulted owner contests the attachment, but the likelihood of reclaiming the property decreases if they haven’t repaid the debt. The bank is also responsible for providing key documents, like proof of its authority to sell, title verification, and a Sale Certificate for property registration. To further verify the title, consult the Sub-Registrar’s Office or request a lawyer’s search report. If the defaulted owner files a case after the purchase, they can challenge the auction process but not easily reclaim ownership without valid grounds. Generally, once the Sale Certificate is issued, the transaction is secure, and the bank’s actions under SARFAESI and DRT laws protect your ownership if these steps are followed.

Advocate Rohan Venkatesh Yemul LawRato

614 votes

Well, if you want to buy a Mortgaged Flat, it is best to not rely upon the Title Search Report given to you by Bank, rather, it is always best to get your own Title Search Report by hiring an Advocate.

Advocate Pankaj Bajaj LawRato