CONDUCT of a BAILIFFS AUCTION
- The Bailiff of the Court by virtue of a warrant directed to him and having seized property is required to sell such property by Public Auction.
- The law provides that he obtain a reasonable price for such property.
- There are a number of conditions of sale
- The highest bidder shall be the purchaser. A bid once made and accepted shall not be retracted.
- The Bailiff accepts no responsibility for the correct description of the property and the property will be sold as is, where is.
- Should any dispute arise, the Bailiff will withdraw the property from sale and then resubmit it for sale.
- The Bailiff's decision shall be final as to the purchaser.
- The Bailiff reserves the right to one bid should it become necessary.
- Once the bid has been accepted, the parties will enter into the contract of sale that has been .prepared for the auction. The purchaser must pay the purchase price within 2 business days of the auction. No adjustments will be made on settlement.
- The purchaser must satisfy themself in relation to all matters regarding the property before making any bid, including the contents of the contract of sale.
- The deposit ( 10% of the successful bid- the purchase price) shall be paid on the fall of the hammer in cash or bank cheque unless previous arrangements have been accepted by the Bailiff.
- The purchaser shall be responsible for paying out any mortagage or making any other arrangements to become the registered owner of the property. The property shall be purchased subject to any mortgages or other encumbrances over the property.
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