Chapter III The Public Auction Procedure of an Impartial Third Party
Section 3 Auction Proclamation
In auctioning real estate, an impartial third person should publicize the following in the internet, proclaim them at the head office or the branch concerned till the auction date, and publish them in a nation-wide newspaper for more than three consecutive days:
1.The location, kind, actual condition, occupying and utilizing situations, and other relevant matters of that real estate;
2.The date, time, place, and method of auction;
3.The floor price of the auction;
4.The deadline for paying the price; if the payment is to be made in installments, the amount of down payment, the number of installments, and the deadline for payments;
5.The qualifications or conditions, if any, of buying the real estate;
6.The place, date and time of perusing the relevant data of the real estate;
7.The amount of deposit to be paid and the means of payment;
8.Should the winning bidder fail to make the full payment before the deadline, how the deposit would be handled.
The mortgagor, debtor, and creditor should also be advised of the above-mentioned contents of the proclamation.
The date of auction should not be less than seven days and more than 14 days after the proclamation.