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rlp · Joined: 17 Dec 2005 Posts: 1 0.07 Dollars($)

I own a lot as tenant in common with a relative. If I initiate a partition action what are the rules to bid on and "buy out" my relative since I would only have to finance 1/2 the value plus costs?

Guest

Hi, rlp

See i am not very clear about what you are lookig for. Can you be more specific to me.

The only thing which i can make it out from your post is you want to buy your tenant share of property but that can only happen if he is interested in selling you.

Please tell me more so that i can help you out

Anyu

adonis · Posted: Sat Dec 17, 2005 9:25 am Post subject: RE

See your situation comes under Co-owner bidding.

Under the Sale of Land Regulations 2005 which commence on 1 July 2005 and control how co-owners can bid at auctions of their properties.

Through co-owner bidding you can have the property. For this you have to present 2 documents - the information statement and the rules applied documents which will contain the five sets of auction rules must be displayed.

a. Teal rules (PDF) – In this one the auctioneer intends to bid on behalf of the vendor and no co-owner intends to bid to purchase the property.

b. Green rules (PDF) – Here the auctioneer intends to bid on behalf of the vendor and one co-owner intends to bid to purchase the property.

c. Purple rules (PDF) – Under this rule the auctioneer intends to bid on behalf of the vendor and some (but not all) co-owners intend to bid to purchase the property.

d. Red rules (PDF) – Here all co-owners intend to bid to purchase the property (this means there will be no vendor bids).

e. White rules (PDF) – Under this there will be no vendor or co-owner bids.

Hope i have been able to help you

Thanks

Adonis

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