We have our sale of land for unpaid rates auction this Friday.
I have met with the auctioneer today to discuss, and we have identified something I need help on.
We will have a staff member who will be registering to bid at the auction on a small land locked parcel (one of the VG clean up parcels).
My questions are:
1. What if the parcel doesn’t meet the reserve and is passed in?
2. Under the Real Property act, the auctioneer has advised that the auction doesn’t close until the end of that day. So, does the Real Property Act take effect for the whole day of the auction??
3. When does the private treaty period start?
4. The auctioneer has suggested, in respect of this parcel, if it doesn’t met reserve. The auction is paused to negotiate with the highest bidder.
Hope all that makes sense and someone can offer assistance.
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