Bank Auction Properties in Virudhunagar

Before you bid

Due diligence for Virudhunagar district auction properties

Most problems with auction properties show up in the records before the auction. Check these, and ask us if anything in a notice is unclear.

• Explosives licences. A fireworks or match unit can only run with explosives licences from PESO and local approvals, which do not pass with the property. Check that they can be had in your name before you bid on such a unit.
• Factory consents. A dyeing, bleaching or processing unit runs on consents from the Tamil Nadu Pollution Control Board. They are not part of the sale, so the new owner must apply afresh; check that the unit can get them.
• Patta and chitta. Check that the land record is in the name the notice gives and matches the survey number. You can view patta, chitta and the A-register extract on the Tamil Nadu e-services website (eservices.tn.gov.in).
• Encumbrance certificate (EC). Download the EC for the survey or document number from TNREGINET (tnreginet.gov.in), the Registration Department’s website, and read every entry for loans, sales and court orders.
• Approvals. For a plot or building, ask whether the layout and building plan are approved (DTCP, CMDA in the Chennai area, or the local body). Unapproved plots can be hard to resell or build on.
• Guideline value and costs. Look up the guideline value on TNREGINET and budget for stamp duty and registration on the sale certificate, plus any property tax, water or electricity dues the notice leaves to the buyer.
• Possession and occupancy. The notice says whether the bank has physical or symbolic possession. With symbolic possession someone may still live there, which can delay handover.
• “As is where is”. Banks sell without promises about condition or hidden dues. Visit the property and, for a high value purchase, get a lawyer’s title report.