Terms

Terms & Conditions for Bank Properties :

Sale is being held on AS IS WHERE IS , WHATEVER THERE AND WITHOUT RESOURCES basis and the Bank is not responsible for title, condition or any other fact affecting the properties. The properties are under physical possession of the Bank. If Authorised officer not satisfied with the tendered amounts, immediately he will proceed for conducting open auction.

The particulars specified above have been stated to the best of information of the bank and the bank will not be answerable for any error, mis-statement or omission.

*EMD or Earnest Money Deposit - To ensure that a Bidder does not submit a Dummy Bid or back out at time of tender opening, Government Department collects a small refundable fee from each bidder, which is called EMD. EMD is always in form of a Demand Draft & cheques or cash are strictly not allowed. EMD is returned when all Bids are opened & tender is awarded. In case Tender is cancelled, the EMD is returned. Most of the time the EMD is not credited into Government Bank but is kept with Buyers in as it is form. After Tender opening the same is returned.

Demand Draft / Pay Order towards the Earnest Money Deposit is 10%. (Returned if bidder is not successful in Auction)

The person declared to be the successful bidder shall pay forth with, on receipt of such declaration, a deposit of 25% of sale price and remaining amount shall be paid with in 15 days for the date of confirmation of the sale by the bank.

 

Bank shall not be responsible for any change, lien, encumbrance, property tax or any other dues to the Government or anybody in respect of the property under sale. 

The successful bidder shall bear exclusively all the charges/taxes/rates payable for conveyance, any other known / unknown liability, expenses, property tax any other dues to the govt or any body in respect of property / assets sold.