95If no purchaser, land to revert to Crown

95 If no purchaser, land to revert to Crown

(1)  Subsection (2) applies to land, or land and residential premises, authorised to be sold by Homes Tasmania under this Act, if –

(a) the land, or land and residential premises, is offered for sale by public auction; and

(b) either –

(i) the amount of the highest bidding at the sale is not sufficient to satisfy the moneys due to Homes Tasmania, together with the cost and expenses of, or related to, the attempted sale by public auction; or

(ii) there is no bid for the land, or land and residential premises, at the public auction.

(2)  If this subsection applies to land, or land and residential premises, Homes Tasmania may, in –

(a) the Gazette; and

(b) at least one newspaper, once at least in each of three successive weeks –

advertise the land, or the land and residential premises, for private sale.

(3)  An advertisement under subsection (2) in relation to land, or land and residential premises, is to specify a day and time and is to specify that on and at, or after, that day and time, the land, or the land and residential premises, with all improvements, are to revert to the Crown, unless, before the day and the time, enough money has been obtained from the sale of the land, or the land and residential premises, to satisfy –

(a) the moneys due to Homes Tasmania; and

(b) all the costs and expenses of, and related to, the sale and related proceedings.

(4)  The day named in an advertisement under subsection (2) in relation to land, or land and residential premises, is to be a day that is not less than one month from the date of the first of the advertisements under that subsection in relation to the land or the land and residential premises.

(5)  If, by the day and time specified in advertisement under subsection (2) in relation to land, or land and residential premises, insufficient money has been obtained from the sale of the land, or the land and residential premises, to satisfy the moneys due to Homes Tasmania and all the costs and expenses of, and related to, the sale and related proceedings –