Auction caution
Buyer beware: Before buying a house at an auction, the buyer needs to be aware of the issues and complexities involved. Looking at the advertisements in the daily newspapers, it would appear that a large number of properties are being auctioned off every weekend. The indicated prices appear to be way below the market price, making it appear like an attractive purchase. Is it safe to buy a property at an auction, and is the buyer adequately protected by the law? Can properties be auctioned off without a court order? Well, court approval is only required if there is a precondition in the loan agreement requiring approval of the court before it can be sold. Otherwise the court is only involved if the land has a charge registered…. Click here to Read More