Auctions, in Kenya, may be occasioned by three main events, namely: (i) Distress for rent; (ii) A court judgment leading to a decree extracted in satisfaction of judgment debt; and mostly commonly (iii) A lending realizing the loan security upon default. The primarily law applicable to auctions is the Auctioneers Act No. 5 of 1996 read together with its attendant regulations.
An Auction commences with instructions from the court, advocate or a principal party with interests in the property i.e., bank or a real estate agent. Rule 6 of the Auctioneer Rules requires an auctioneer to keep a record of all warrants and letters of instructions passed to him by a client.
An Auction commences with instructions from the court, advocate or a principal party with interests in the property i.e., bank or a real estate agent. Rule 6 of the Auctioneer Rules requires an auctioneer to keep a record of all warrants and letters of instructions passed to him by a client.
