Auction property purchase
I have chosen a auction property for purchase and intended to go for bidding(sealed cover).
Have conducted few checks on the property and mentioned below came to my notice and some of the doubts to clarify.
1. have visited the property and its under bank possesion and a security guard is appointed to look after.
2. On checking the EC(encumbrance check), Its reflecting the third party name and not the borrower name (as mentioned in the bank notice) or bank name.
3. As per my knowledge it would be banks name reflecting in EC, if any property is mortgaged to bank. correct me if im wrong.
4. How did the bank mortgage the property if the EC reflecting on third party name. May be borrower has resold the property to third party after mortgage to bank.
5.If borrower has resold the property to third party after mortgage to bank, and then third party has done the registration on his name. Is this not the crime done by
borrower and what legal rights would be with third party who has done registration.
6.As per my knowledge bank will keep original documents when property is mortgaged. Then how come another set of original documents be with the borrower to resell the property to others( may be borrower done crime by creating fake documents) in this case would third party would have any leagl rights on the property. As the bank is the first owner of the property
7.If the property is first mortaged to bank then the borrower has resold it to others, Whether i can still go purchase of the property as bank is the first leagal owner of the property. what leagl issues can arrive.
8. If borrower has first sold the property to thrid party and then done mortgage to bank by handling bank people. In this case who is the first legal entity.
9. I knew By SARFESI act bank can take over the property to collect dues irrespective of the real owner.
10. Bank personeel not giving any basic details about the property like when was the property mortgaged to bank and the case no with which bank has ceased the property Even after paying the 10% EMD amount. is it not their responsibility to give full details to a purchaser.
11. If i take this property from bank will bank do registration on my name and deliver the property possesion to me( or they will just give the sale certificate of the property and i have to fight for the title with third party). in this case what leagl issues can arise.
As i am very much intrested in taking this property what leagl issues can arise and whether it can be handled or not. your suggestion and guidance is most important for me.