Blog Categories
Auction & Foreclosed Property
Reading a Proclamation of Sale, due diligence before you register to bid, the 10% bank draft and when it is refunded, the non-extendable 120-day balance period under the National Land Code, cash-only lots, which arrears you inherit, getting possession afterwards, and caveats on an auction lot.
Quick summary
Quick answer
Blog Categories
Content angle
| Blog Categories | Auction & Foreclosed Property |
|---|---|
| Content angle | Use this category before you register to bid — after the hammer falls, nothing here can help you. |
9 posts
Auction & Foreclosed Property
Reading a Proclamation of Sale line by line
The Proclamation of Sale is the legal contract governing a foreclosure auction under the National Land Code (Act 828, Revised 2020). Reading its title details, reserve price, deposit terms, balance deadline, and encumbrances protects bidders before the hammer falls.
Auction & Foreclosed Property
Auction due diligence: what to finish before you register to bid
Foreclosure auctions operate on an as-is-where-is basis under the National Land Code (Act 828, Revised 2020). Complete this strict sequence of land searches, physical site inspections, arrears enquiries, and financing checks before submitting your bank draft.
Auction & Foreclosed Property
The 10% bank draft: what it is for, and when you get it back
The 10% bank draft serves two distinct statutory functions under the National Land Code (Act 828, Revised 2020): pre-bid proof of capacity and post-bid earnest deposit. Learn how it is calculated, when unsuccessful bidders are refunded, and how s.267A applies upon default.
Auction & Foreclosed Property
Winning the bid is the easy part: financing and the balance deadline
Winning an auction property triggers a strict statutory deadline: the balance of the purchase price must be settled not later than 120 days from the sale date under s.257(1)(g) and s.263(2)(g) of the National Land Code (Act 828, Revised 2020), with no extension permitted.
Auction & Foreclosed Property
Cash-only auction lots: why they exist and how fast you must pay
Certain foreclosure auction properties require full cash settlement. Rather than seller preference, this arises from title complications, unissued strata titles, or encumbrances under the National Land Code (Act 828, Revised 2020) that preclude bank financing.
Auction & Foreclosed Property
Unpaid maintenance, quit rent and assessment
Liability for outstanding maintenance charges, quit rent, and assessment on an auction property is governed strictly by the Conditions of Sale for that specific lot, with statutory clues found in s.267A and s.268(1)(a) of the National Land Code (Act 828, Revised 2020).
Auction & Foreclosed Property
The previous owner is still living there
Winning an auction grants registered proprietorship under the National Land Code (Act 828, Revised 2020), but not physical vacant possession. Learn the lawful court eviction process and why self-help eviction exposes buyers to civil and criminal liability.
Auction & Foreclosed Property
Caveats and injunctions on an auction lot: when the sale stops
Encumbrances like private caveats under s.322 and court injunctions can disrupt foreclosure auctions. Learn how caveats operate under the National Land Code (Act 828, Revised 2020), how obstructive entries are removed, and the risks bidders face.
Auction & Foreclosed Property
Do you need an agent to bid, and who pays them?
Public foreclosure auctions under the National Land Code (Act 828, Revised 2020) are open for direct public bidding. Understand the role of auction agents, what their professional fees cover, and how commission arrangements operate.