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The Pamphlet Collection of Sir Robert Stout: Volume 71

Terms of Sale

Terms of Sale.

One-fourth of the purchase-money must be paid on the fall of the hammer, and the balance, with Crown-grant fee £1, within thirty days thereafter; or, at the option of the purchaser, to be declared in writing at the close of the auction, one-fourth part of the purchase-money may be paid on the fall of the hammer, one-fourth part thereof within thirty days next after the date of sale, and one-half part thereof, together with Crown-grant fee, £1, in five years from the date of sale, such part to bear interest at the rate of £5 per centum per annum until payment, such interest to be paid by the purchaser at the expiration of every half-year following the date of sale.

The certificate of title shall not issue to the purchaser until full payment of his purchase-money, interest, if any, and fees; and in case the purchaser shall make default in payment of such purchase-money or interest any part thereof respectively, for a period of sixty days after the same has become due, as the case may be, the Minister may cause possession of such land and of all improvements thereon to be recovered on behalf of the Crown, as provided by "The Land Act, 1892," and thereafter may sell or dispose of such land and improvements by public auction on such terms and conditions as he thinks fit, and either for cash or partly for cash and partly upon like terms as the same was originally sold. If the original purchaser has paid any part of the purchase-money before default, the Minister may repay the same to the purchaser with the value of any improvements made on the land, or such part of such purchase-money or value as the Minister thinks fit, and less any loss occasioned to the Crown by such resale, together with the costs and expenses the Crown may have been put to in recovering possession and reselling such land.

Should the purchaser elect to allow one-half of the purchase-money to remain unpaid for five years, then he must insure the buildings on the said land against destruction by lire for the sum of not less than £6,000.