Commonwealth Consolidated Regulations

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Conditions of sale of property

             (1)  This rule applies to the sale by an enforcement officer of property seized under an Enforcement Warrant.

             (2)  The enforcement officer must specify as a condition of the sale of the property that the buyer:

                     (a)  must pay:

                              (i)  a deposit of at least 10% of the price fixed for the property when the buyer's offer for the property is accepted by the enforcement officer; and

                             (ii)  the balance of that price within the period determined by the enforcement officer; or

                     (b)  must pay the whole of the price fixed for the property when the enforcement officer accepts the buyer's offer for the property.

             (3)  The period mentioned in subparagraph (2)(a)(ii) must:

                     (a)  be determined before the property is offered for sale; and

                     (b)  be a period of no longer than 42 days.

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