Sarfaesi Act 2002
5 months ago
How can we validate a property if an X person purchased a property via auction under the Sarfaesi Act 2002? and If X person wants to sell the property to Y person what all documents that needs to be verified by Y person to ensure the property details.
A.Dear Client,
wThe major issue with bank auctions is that you won’t have access to property records for title searches before purchasing. Banks are reluctant to divulge a lot of information. The bank’s only goal is to sell the property. So, buying a house or property at a bank auction involves potential risks. As part of their due diligence, buyers must conduct a title search and verify the property’s ownership. Banks neither take possession of the property nor take on any liability for it. With houses for sale at bank auctions, buyers have few alternatives regarding location or price. It might be difficult for buyers to inspect a home and ascertain its exact physical state. Visit the property, and confirm the vacant status before buying the property before depositing EMD. As there was no organized data in India, this used to be one of the most unpleasant steps. However, this process has now been simplified. The Indian Banks Association (IBA) launched the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal as part of the Department of Financial Services (DFS), Ministry of Finance, overarching policy to provide a common platform to display information about mortgaged properties to be sold at an online auction by Banks, starting with Public Sector Banks. The inspection date and time are now being mentioned by banks in auction notices. To inspect the property, you can go to the location at the appointed time. You can reach the concerned officer using the information provided in the e-auction notice. It is best to get in touch with him and ask for all the information. So, it is advised to contact a lawyer or other specialist for this process before depositing EMD if you are sincere about purchasing the property through an auction
wThe major issue with bank auctions is that you won’t have access to property records for title searches before purchasing. Banks are reluctant to divulge a lot of information. The bank’s only goal is to sell the property. So, buying a house or property at a bank auction involves potential risks. As part of their due diligence, buyers must conduct a title search and verify the property’s ownership. Banks neither take possession of the property nor take on any liability for it. With houses for sale at bank auctions, buyers have few alternatives regarding location or price. It might be difficult for buyers to inspect a home and ascertain its exact physical state. Visit the property, and confirm the vacant status before buying the property before depositing EMD. As there was no organized data in India, this used to be one of the most unpleasant steps. However, this process has now been simplified. The Indian Banks Association (IBA) launched the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal as part of the Department of Financial Services (DFS), Ministry of Finance, overarching policy to provide a common platform to display information about mortgaged properties to be sold at an online auction by Banks, starting with Public Sector Banks. The inspection date and time are now being mentioned by banks in auction notices. To inspect the property, you can go to the location at the appointed time. You can reach the concerned officer using the information provided in the e-auction notice. It is best to get in touch with him and ask for all the information. So, it is advised to contact a lawyer or other specialist for this process before depositing EMD if you are sincere about purchasing the property through an auction
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A.Dear Client,
Firstly, obtain the sale certificate issued by the authorized officer under Sarfaesi Act. Further, verify the auction notice, sale proclamation, and other relevant auction documents. Also, confirm that the sale was conducted in accordance with the Sarfaesi Act procedures.
Firstly, obtain the sale certificate issued by the authorized officer under Sarfaesi Act. Further, verify the auction notice, sale proclamation, and other relevant auction documents. Also, confirm that the sale was conducted in accordance with the Sarfaesi Act procedures.
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