Unformatted text preview: ork at house number 10 Smith Street and not Lot 10. Don approaches the owner of house number
10 requesting permission to remove the pond, waterfall and statues, but the owner refuses. Advise Don. 4 Wang owned a caravan park at a beachside resort. The caravan park was mortgaged to the Ajax Finance
Company. Wang defaulted in the repayment of the loan and the mortgagee decided to exercise the
power of sale.
The mortgagee engaged a firm of real estate agents to sell the property by public auction. The agents
inserted several advertisements in the local newspaper. Two days before the date of the auction, they inserted
an advertisement in one of the major newspapers in the city. However, it wasn’t the edition that regularly
features real estate auctions. The auction was conducted and the property sold to the highest bidder.
Wang was dissatisfied with the price obtained at the auction, claiming it was well below the true
market value and that if the auction had been better and more widely advertised there would have
been a greater likelihood of obtaining the true market value....
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This document was uploaded on 04/23/2012.
- Three '12