How do I buy a property in bank auctions in India?
Once you fulfilled the obligations of the conditions of auction/tender, the authorized officer of the bank will come and execute the sale deed in your favour in the registrar office. He will also deliver the original title deeds of the previous owner. But the sale is subject to challenge by the previous owner in the court for the deficiencies or lapses on the part of the bank in various forums including Supreme Court. If the previous owner wins, you will have to vacate and get back the money from the bank with difficulty and by suing them. There are some instances happened earlier. The SARFAESI act is a sword given to the banks by Finance ministry and most of the banks perfectly misusing to make their balance sheet better.
