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How do I fill this out?
To fill out this form, you will need to provide specific details about the property and deposit the earnest money. Make sure to follow the specified timelines and procedures. Detailed instructions are provided for your reference.
How to fill out the AS IS WHERE IS Sale Property Details?
1
Provide the borrower's name and address.
2
Include the bank and branch details.
3
Describe the immovable secured assets to be sold.
4
Deposit the earnest money as per the instructions.
5
Submit the form along with the required documents.
Who needs the AS IS WHERE IS Sale Property Details?
1
Potential buyers interested in acquiring property through auction need this file to understand the details and process.
2
Bank officials use it to communicate the auction process and property details.
3
Legal advisors may need it to review the terms and conditions of the auction.
4
Real estate agents use it to inform their clients about potential investments.
5
Financial advisors may use it to assist clients in making informed decisions about property auctions.
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What are the instructions for submitting this form?
To submit this form, email the filled-out PDF to the State Bank of India, SARB, Panchkula at their official email ID. Alternatively, you can send it via fax to the provided number or use the online submission form available on PrintFriendly. Physical submissions can be made at the bank's address: SARB, SCO-70, Sector-5, Panchkula, 134109. Make sure all necessary documents, including proof of EMD deposit and identification, are attached. It’s advisable to double-check the submission deadline and ensure all fields are accurately completed.
What are the important dates for this form in 2024 and 2025?
The important dates for this form in 2024 and 2025 will include submission deadlines and auction dates. Specific dates will be provided closer to the auction period each year. It's essential to stay updated on any notifications from the auctioning authority.
What is the purpose of this form?
This form serves the purpose of providing detailed information about a property being sold through an auction. The auction is carried out on an 'AS IS WHERE IS' basis, emphasizing the condition and specifics of the property at the time of sale. Potential bidders need this form to understand the property details, auction process, and compliance requirements. It includes sections for borrower information, bank details, property descriptions, encumbrances, and instructions for depositing earnest money. Prospective bidders must follow the outlined steps to participate in the auction successfully. The form ensures transparency and clarity in the auction process. Additionally, this document aids in maintaining legal compliance and documenting all necessary details related to the property sale. By adhering to the provided instructions, bidders can avoid any potential issues or misunderstandings and enhance their chances of securing the property during the auction.
Tell me about this form and its components and fields line-by-line.
- 1. Borrower's Name and Address: This field contains the name and address of the borrower.
- 2. Bank Branch Details: This field includes the name and address of the bank branch handling the auction.
- 3. Property Description: Details about the immovable secured assets to be sold via auction.
- 4. Encumbrances: Information about any known encumbrances on the property.
- 5. Secured Debt: Details of the secured debt being recovered through the auction.
- 6. Earnest Money Deposit: Instructions for depositing the earnest money required to participate in the auction.
- 7. Reserve Price: The minimum price set for the property to be sold.
- 8. Payment Schedule: Timeline and method for making payments post-auction.
- 9. Auction Timing: Specific date and time for the e-auction.
- 10. Inspection Schedule: When and how prospective bidders can inspect the property.
- 11. Bid Submission: Guidelines for submitting bids during the auction.
What happens if I fail to submit this form?
Failing to submit this form can result in missing the opportunity to bid on the auctioned property.
- Lost Opportunity: You will miss the chance to bid on the property.
- Forfeited Earnest Money: Any deposited earnest money may be forfeited.
- Non-Compliance: Non-compliance with auction requirements may restrict future participation.
How do I know when to use this form?
- 1. Property Auctions: To bid on properties being auctioned under 'AS IS WHERE IS' terms.
- 2. Legal Compliance: To meet the legal requirements for participating in the auction.
- 3. Property Inspection: To schedule and document property inspections before the auction.
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