Want to buy a litigation auction property
2 months ago
Hi
Good day to all
I want to buy a property in auction,the borrower was taken a loan in NBFC in 2018 with deposit of title deeds that was not reflected in EC,the same property was sold to another third party person in 2021 with mutual understanding they have some transactions pending issues,here no issues from borrower the issue is with third-party,when we enquire the third party person I purchased the flat I also checked EC no mortages in Banks I will go court.
1.Can I go to that property?
2.Third party person is eligible to go court,if ok judgement is favour to him?
3.im a jobholder if he put the case in court, should I cosits cort regularly when wants?
4.after I got sale certificate can I immediately accupy the flat?
Thanx for.ur valuable time
Until a deed of mortgage is executed and registered between the mortgagor/borrower and the mortgagee/lender, it won't be reflected in the Encumbrance Certificate (EC) of the property. The EC is a vital document that reflects the encumbrances and transactions related to a property. Without proper registration of the mortgage deed, the property cannot be considered a secured asset or mortgaged property.
Engaging in any transaction, even on mutual understanding, regarding a property that has not been properly mortgaged and reflected in the EC could lead to legal complications. The auctioned property, even if a sale certificate is issued by the bank, may involve unacceptable and impermissible affairs due to the lack of proper mortgage documentation.
In summary, it is wise to exercise caution and thoroughly assess the legal status of a property before proceeding with any transaction, especially in the context of mortgage deeds and encumbrance on the property.
Until and unless a deed of mortgage is executed and registered between the mortgagor/borrower and the mortgagee/Lender NBFC, it is not reflected in the EC of the property and a secured asset or mortgaged property, cannot be a subject matter of any transaction even on mutual understanding. So, having so many unacceptable and impermissible affairs involved in an auctioned property, it may not be wise and worthy to go ahead with the property even if a sale certificate is issued by the Bank on receipt of earnest money from the Bidder against an auction sale.
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