Everything you should know about Judicial Sales
Properties for Sale
🔹The properties scheduled for a Judicial Sale are advertised in the Gazette.
🔹The advertisement contains the deposit amount, the location, size with the surrounding roads, date and time of the sale that may interest the bidder. The sale date and time are fixed and are strictly followed.
🔹You can identify the property of your interest by obtaining the map sheet from the Registry of Lands, or contacting our local team for any advice.
Requirements on the day of the Sale
🔹You must produce your ID before you are allowed to Bid.
🔹In order to qualify, a bidder must present a deposit in the form of a Manager’s cheque/certified Bankers’ cheque made payable to the Accountant General. The Deposit amount is calculated at 10% of the debt owing.
🔹In order for the sale to take place there must be a quorum. A quorum is a minimum of three (3) bidders.
About bidding
🔹The bidder will indicate that he/she wishes to bid. Once called upon the bidder shall give his/her name and indicate what their bid is.
🔹The bidder will indicate that he/she wishes to bid. Once called upon the bidder shall give his/her name and indicate what their bid is.
🔹Verbal bids may be made by proxy. Where a person purchases as proxy for another, he/she must furnish the Sheriff’s Officer with the names and residence of the principal and the Power of Attorney or a ratification of the bid and purchase. Failure to furnish the information, the proxy is held to have purchased in his/her own name.
🔹If the person for whom the proxy acted is not known, cannot be found or is insolvent or is not capable of being a purchaser, the proxy is held to have purchased in his/her own name.
🔹If a bidder fails to deposit forthwith the amount required (i.e. 10% of the debt owing) his bid will be disregarded and the proceedings shall resume upon the previous bid.
When the day of Judicial Sale comes
🔹On the day of the Judicial Sale, the sale is conducted by the Sheriff’s Officer. It usually commences at 10:00am in the parking area of the Registry of the High Court on Peynier Street, Castries unless otherwise indicated in the advertisement in the Gazette.
🔹It has a duration of approximately one hour. Each bidder’s cheque would need to be presented to the Sheriff’s Officer prior to the commencement of the Sale. Thereafter, the Notice of the Proceedings will be read out to the bidders.
Persons who cannot take part in the Sale
🔹The party whose property is being sold, if that party is personally liable for the debt and The Sheriff or other officers conducting the sale.
After the Judicial Sale
🔹After the sale is concluded, the deposit cheques are immediately returned to every bidder except for the purchaser. The deposit received by the Purchaser is retained as part of the purchased price. The purchaser will receive a receipt as proof of payment of the deposit.
🔹Adjudication is not perfected until full price is paid.
Paying the balance of the Purchase Price
🔹The purchaser must pay to the Sheriff via the Sheriff Officer the purchase price less the deposit within six months of the date of the sale with interest at a rate of 6% per annum.
🔹If this not paid, the deposit paid by the purchaser shall be forfeited.
