SALE OF LAND REGULATIONS 2005 (SR NO 28 OF 2005) - SCHEDULE 4
SALE OF LAND REGULATIONS 2005 (SR NO 28 OF 2005) - SCHEDULE 4
Sch. 4
Regulations 5, 6, 7
RULES FOR THE CONDUCT OF PUBLIC AUCTIONS OF LAND—ALL VENDORS INTEND TO BID TO PURCHASE
1. The property at this auction is co-owned by two or more vendors.
Each of the vendors intends to bid to purchase the property at this auction. They may make bids themselves, or through a representative, but not through the auctioneer.
The auctioneer cannot make a bid at this auction.
2. The
auctioneer may refuse any bid.
3. The auctioneer may determine
the amount by which the bidding is to be advanced.
4. The
auctioneer may withdraw the property from sale at any time.
5.
The auctioneer may refer a bid to the vendors at any time before the
conclusion of the auction.
6. In the event of a dispute
concerning a bid, the auctioneer may re-submit the property for sale at the
last undisputed bid or start the bidding again.
7. If a reserve
price has been set for the property and the property is passed in below that
reserve price, the vendors will first negotiate with the highest bidder for
the purchase of the property.
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