Banking: Auctioned property

Have to find out whether arrears of quit rent, taxes, assessment rates including service and maintenance charges up to the date of the auction shall be borne by the Bank, paid out of the purchase money or not. Usually it is a standardize regulation in the Proclamation of Sale that all the above mentioned charges shall be borne by the assignee/the bank. Please note that this payment shall be paid from the auction price and will only be paid after the successful bidder completes the full bid price.

All outstanding charges incurred after the date of the auction shall be borne by the successful bidder/purchaser.

No obligation for the assignee/bank to pay the outstanding water, electricity, telephone, sewerage or other chargers of personal nature. The successful bidder/purchaser shall borne these charges before or/and after the date of the auction.

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