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Jagadesh   30 March 2024

Bank auction property - mod corrections

Hello All,

Few days back I participate in bank auction and I was the successful bidder, I have paid 25℅ of property value to Bank, when I was checking for the legal of the property, we found that in Bank MOD , sale deed document number was incorrect that is Instead 0f 1234 it was mentioned as 1243 and the land measurement instead of 1000 sq ft in MOD it was mentioned as 1200.we informed this to bank and they replied will check and come back. Please suggest what I can do next and please clarify does bank have rights to rectify this MOD error without old seller.



Learning

 4 Replies

T. Kalaiselvan, Advocate (Advocate)     30 March 2024

If it's an error in the MOD which was prepared by Bank then this can be rectified by bank by executing a registered rectification deed.

Jagadesh   31 March 2024

Thanks for your reply sir, will mortgaged person require for this rectification?

Dr. J C Vashista (Advocate )     31 March 2024

Such glaring mistake cannot be there (practically and factually) in Bank records since title / marketability of the property being mortgaged is vetted by legal department before sanctioning loan to borrower.

T. Kalaiselvan, Advocate (Advocate)     01 April 2024

It is the duty of the person to get the error rectified through appropriate person if he wants to proceed with the purchase.


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