There are innumerable advertisements in newspapers and on the internet regarding the attachment or taking over the possession of the properties, who have defaulted the repayments by financial institutions/banks and such properties are being auctioned by the financial institutions and the banks.
Some very interesting facts:
a. The deliberate default of the loan repayment – title defect?
YES.
Of late, there are too many properties being auctioned by the financial institutions.
Buyers or the Bidders are WARNED to conduct a thorough and diligent enquiry into the property titles and other related issues, before appearing or even thinking of bidding for auction.
There are agents/managers/banks- who market or sell this type of properties stating that the titles of the properties are VERY GOOD, as it had been attached or seized by the Banks.