I am planning to purchase an auction property. As I didn’t know what to look for when buying auction property, I called my lawyer friend and asked him about the same. He said since banks don’t take responsibility for auctioned properties, I should check everything before buying an auction property. Here are a few things that he told me.
What are the Things that Need to be Checked Before Purchasing an Auctioned Property?
I have detailed the list of things to keep in mind before buying an auctioned property as suggested by my lawyer.
He said auction properties are sold "as is," so it's important to check for title disputes and get the key documents like the sale deed, etc.
Proper inspection of the property and documents such as approved building plans, NOCs, completion certificates, etc should be carried out as well.
Next, ensuring that there are no unpaid taxes or bills is important. It is also necessary that the bank delivers the property free of encumbrances.
The terms and conditions regarding the possession of the property must be read by the buyer before participating in the bid.
That’s all he told me. And before purchasing the property, I made sure that I followed them accordingly. Hope this helps.
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What to Look for When Buying Auction Property?
Rakesh
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2024-09-26T09:12:11+00:00 2024-09-26T09:12:12+00:00Comment
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