Being an advocate, I can answer your query: What happens when you buy a house at auction? Once you invest in an auction house, you will need to take care of everything about it. The first thing is to get the property registered in your name and make sure all the taxes and loans, if any, are paid. There are other things that must be looked into so let me highlight each of them here.
What Happens After You Buy a House at Auction?
Buying a property at auction is good but you need to take care of a lot of things like:
Pay the entire amount: After winning the bid, make sure you pay the entire amount within the stipulated time, which is usually 15 to 30 days.
Do the legal verification: Usually auction houses are legally verified but there are several cases when they are not. Thus, you should always do the due diligence done on the property by an expert advocate and make sure that the property is free of all disputes.
Move into the house: If the property is empty, take possession of it ASAP. If it is occupied, give the residents the time to move out and make sure they do, or else file a complaint at a local police station. You can also seek a lawyer’s advice in this matter.
Get the Title Registered in Your Property: Make sure you get the property registered in your name and make the property title transferred to your name. This is a MUST and most crucial step.
Extra Payments: Be ready to pay additional charges like stamp duty, registration fees, and other legal expenses.
This is what happens after the bidding is done for an auction property.
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What Happens When You Buy a House at Auction?
Swara
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2024-09-17T08:55:30+00:00 2024-09-17T08:55:30+00:00Comment
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