Unless the court makes any special condition or gives any special directions the following rules apply to any sale of land under the Remedies of Creditors Act (Chap . 8:09):
----(a) The marshal must offer the land for sale by auction to the highest bidder after advertisement of the sale in-
--------(i) one copy of the Trinidad and Tobago Gazette; and
--------(ii) two days in each week for a period of four weeks in a local daily newspaper.
----(b) The cost of the advertisement must be borne by the party who sought the order for sale ("the applicant") but may be added to the judgment debt to be recovered out of the proceeds of sale if satisfactory evidence of the amount paid is supplied to the marshal.
----(c) The applicant must file at the court office a copy of each advertisement under paragraph (a)(ii) not less than 2 days before the day fixed for the sale.
----(d) If the applicant fails to comply with the requirements of paragraph (a), (b) or (c), the marshal may cancel or postpone the sale.
----(e) Where-
--------(i) the highest bid at the sale does not exceed one thousand dollars the sum bid must be paid immediately in cash; or
--------(ii) the highest bid exceeds one thousand dollars the buyer must immediately pay the price bid, or a deposit of 10% of the price bid (or one thousand dollars if that be more).
----(f) Where the buyer does not make the cash payment required under paragraph (e), the sale must not be closed but continue then or at such other time as the marshal appoints.
----(g) The buyer must pay the balance (if any) of the purchase money within 28 days of the close of the sale.
----(h) Where the buyer does not pay the balance of the purchase price in accordance with paragraph (g) the marshal must again put the land up for sale after re-advertising in accordance with paragraph (a).
----(i) Where the price paid at a resale under paragraph (h) is less than the price bid at the previous sale, the marshal must apply the first deposit as follows:
--------(i) first, in payment of the costs of the resale; and
--------(ii) next, in making good any deficit,
and any balance must be repaid to the depositor.
----(j) The purchase price less any expenses of sale must be paid forthwith into the Treasury to the credit of the action in which the order for sale was made.
Notes
Amended by Legal Notice 233 of 2005.
Amended by Legal Notice 140 of 2000.
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