Process after winning the Bid on a property in Mumbai
8 months ago
I have won the highest bid for the property in Auction and paid 25% already. I have a mediator who is assisting with these tasks and taking a cut for sure. What I am seeking is advice on post winning the bid there has been no email or communication regarding it but only the mediator mentioning i have won it. The DD was created in the Banks name but without an email proof, it can be done. While doing the Tender the Mediator used his email id and my guess is the bank would have sent the confirmation on his email. I have verified that this person is a bank-certified mediator
I want help to know what documents I should expect including a confirmation that I have won the bid on email as proof, a Sale agreement, etc. Please can I get a list of what all should be covered after payments are done so there is no legal issues arising
If you win the auction, you must have deposited 25% of your bid within 24 hours, including any EMD that was submitted with the tender form. After the bank auction, you have between 15 and 30 days to deposit the remaining 75% of your bid
The highest bidder is declared the winner of the bank auction. If you win the auction then you need to deposit 25% of the bid amount within 24 hours including EMD deposited with the tender form. Balance 75% of the bid amount should be deposited within 15 to 30 days from the date of the bank auction. If you are planning to avail Home Loan then it is advisable to apply for Home Loan from the bank which has auctioned the property. Normally home loan is risky proportion and most of the bank auctions are closed without Home Loan. Banks are not willing to lend on foreclosed properties. Currently, Bank Auctions are hijacked by some agents who charge hefty commissions in this whole process and moreover, the probability of cheating is high through agents. So, try to participate directly in Bank Auction without any intermediaries. In fact, recently banks launched e-auctions which is more transparent and convenient. After the balance, 75% payment is made, you will receive Sale Certificate from Bank but the title transfer remain incomplete till you register the sale certificate in the sub-registrar office. You should insist on the inclusion of the defaulter of Bank Loan as confirming party to complete the process of transfer of title in your favour. If required, reach out to an Advocate for further clarification in the matter and for steps.
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