I want to buy a property (Individual House) which is with Bank.

Q: I want to buy a property (Individual House) which is with Bank. The bank is selling the property as the property owner couldn't pay the debts. Can you tell me what are the legal things i should say. What are the documents should i expect from the bank for such transaction. Will it be sales deed or conveyance deed ?

Rajinish Erukulla,

1st January 2015

Legal in Hyderabad

buying property

hyderabad real estate

legal in hyderabad

individual house

buying property through auction

bank auctioned properties

ramchandra puram

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Replies (5)

Apart from that, it is always advisable to take help of Local Competent Property Lawyer before before participating in Bank Auctions as he can help you in understanding the rules and regulations. He can also help you to check property Title and encumbrance on property if any.

Ramesh Hegde, Hyderabad

2nd January 2015

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Hi Pravalika,
Most important point is to insist the bank that original borrower of the property, whose property is being auctioned by bank should become the confirming party in your sale deed/registration with the bank so that in future he should not file case in court to cancel the auction.

Ramesh Hegde, Hyderabad

2nd January 2015

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As a buyer it is very important that you visit and examine the property. Ask for original sales deeds to avoid any hassle in the future. Also see if the property is in good condition or you will need to do some major renovations. Calculate the approximate total cost you will expend on making renovations, paying unpaid bills (if any) along with the approximate price at which you will procure the property. Add it up to see if this is turning out more than the market price.

Pravallika, Hyderabad

2nd January 2015

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It is very important to know if the owner of the property has cleared all his bills. There are many defaulters with unpaid maintenance fee towards their housing society, utility services, etc. Check the bid document and also the municipal records to get an idea about all unpaid bills. Remember, you would need to pay off all the unpaid dues before getting the property transferred in your name.

Pravallika, Hyderabad

2nd January 2015

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HI,
Buying property from bank, this deal looks quite straightforward and lucrative, as the auctioned property is usually good and comes at a price that is around 15% to 20% less than the market price. But as a bidder and buyer, it is vital for you to know a few things and in fact have a checklist with you before bidding or you will be in great distress later on.

Pravallika, Hyderabad

2nd January 2015

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