At an auction, a property is placed on the market to be sold and the sale of the property to the highest bidder will occur when the potential buyer makes a bid to purchase the property and that bid is accepted by the vendor. The highest bidder if accepted by the vendor will be declared the purchaser. The law now requires those bidding at the auction to now register at the auction, to avoid dummy bidding. Dummy bidding occurs when an individual or individuals bid at auction to raise the purchase price for the owner with no intention of purchasing the property themselves.
Posted on Feb 11, 2012 | Comments (0)
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