Queensland Consolidated Acts

LAND ACT 1994 - SECT 116

116 Interests in land may be sold after auction

(1) If an interest in land is not sold at public auction, the interest may be sold—

(a) by accepting the best offer made after the auction that is at least the reserve price or reserve cash premium; or

(b) by reducing the reserve, advertising the reduced reserve and accepting the best offer that is at least the new reserve price or new reserve cash premium.

(2) The conditions of sale stated in the sale notice also apply to the sale.

(3) The advertisement may be made in the same way as the advertisement for the auction.