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No.22

Question

What are the criteria for an extension of the remaining purchase
price payment period? How many times can a buyer request for such
extension?
Answer

Buyers of immovable properties in a sale by public auction must pay
the purchase price to the enforcement officer in full within 15 days of the
sale date. If a buyer wishes to have the payment period of the remaining
purchase price extended on the grounds of certain necessities, the buyer
must file a request for an extension of payment period to the enforcement
officer before the 15-day due date. The enforcement officer will consider
and grant an extension under the following criteria:
1. The buyer must present evidence of a loan application from a financial
institute, or
2. The buyer must present the grounds for such necessities and his or
her ability to Pay full payment of the purchase price.
The enforcement officer may grant an extension not exceeding three
months from the due date. If upon expiration of the due date and the buyer
still have grounds of necessity, he or she may file for another extension not
less than five day prior to the due date, place additional deposit for the
amount not less than 20 percent of the
purchase price and enter in to a payment
extension agreement. If the enforcement
officer has considered and deemed that
such grounds of necessity are valid, the
enforcement officer will submit his or
her opinion to the Director-General for
consideration and ordering of an extension
of no more than two months.

140 Interesting facts about enforcement of civil case judgment Interesting facts about enforcement of civil case judgment 141