1. The person whose bid is approved by the Execution Judge shall, within the ten days following the sale session, deposit the full price approved plus costs, and in the event that the price is paid the Judge shall order that the sale be awarded to them. 2. If the Successful Bidder fails to pay the price in full, then the Execution Judge shall offer the real property to the next bidder in line at the price they had offered. If they agree the Judge shall approve their bid, and they shall deposit the price within the period specified in Clause (1) of this Article. If the second bidder refuses, then the Execution Judge shall effect a new auction within (15) fifteen days under the same procedures as before, in which case the Judge shall order that the auction be awarded to the highest bidder. 3. Any person not prohibited from bidding at an auction may offer an increase on the price within the (10) ten days following the awarding of the auction, but on condition that such increase shall not be less than one-tenth of the price, in which case the bidder shall deposit the full price offered along with costs with the Court's Treasury, in which case the auction shall be held again within (7) seven days, and if nobody offers a higher bid the Judge shall order the award of the sale to them. 4. The defaulting bidder shall be liable for any shortfall in the price of the real property, and the order awarding the auction shall include an order against the defaulting bidder in respect of the difference if any, and they shall have no right to any increase, such increase belongs to the Debtor or the person in possession of the property or the surety in rem as the case may be. 5. In all cases, a guarantee from an approved bank in the State may take the place of a deposit, as may submission of a certified cheque. If the person who is obliged to make the deposit is a Creditor, and the amount of their debt and ancillaries justify their being exempted from making the deposit, the Judge shall exempt them from depositing all or part of the price or the expenses that the law requires that they should deposit. 6. In all events, the conditions of sale may not contain any provision the contradicts the foregoing. 7. If it is impossible for a cause in which the purchaser played no part to complete the sale transaction and registration at the auction value within (30) thirty days from the date of the awarding of the auction, then the purchaser shall have the right to demand that the auction be cancelled and the security deposit that they have paid be returned to them, and upon such application being granted the Execution Judge shall effect a fresh auction. 8. At any time prior the completion of transfer of ownership and registration of the real property in favour of the purchaser as a result of the auction, the Debtor may pay the debt and interest with fees and costs, or sell the real property with the consent and under their supervision of the Execution Judge at a price higher than the price for which the auction was awarded and with an increase of not less than (10%) ten percent of the price at which the auction was awarded.
Interpretation and application must be checked against the official text and current version.