Bidding Process
Under the authority of Section 25A of the Real Property Tax Act, the Department of Inland Revenue is enacting a Power of Sale via a public auction against the properties listed on Auction List 1 of 2024 as published on Thursday 22nd February, 2024 in the Nassau Guardian, The Tribune and on the department’s website: inlandrevenue.finance.gov.bs
STEPS FOR PARTICIPATING
1. To participate in this process sealed bids can be submitted starting Tuesday 27th February 2024 at 9:00 am up to Tuesday 2nd April at 4:00pm. No bids will be accepted after 4:00 pm on Tuesday 2nd April, 2024
2. All bids should be delivered via courier or in person to the Collections Section of the Department of Inland Revenue located in Courtesy House (old RBC building on Carmichael Road).
3. Bids must be submitted in a sealed envelope marked:
Department of Inland Revenue
Courtesy House
Carmichael Rd, Nassau, Bahamas
Attention: Head of Public Auction 01 of 2024
Assessment No. : 0123456
4. The envelopes must include the completed bidding form and contain a 10% deposit in the form of a bank draft or certified cheque made payable to the Public Treasury.
5. The opening of bids and the selection of winner for each assessment number will commence on Wednesday 3rd April 2024.
6. The Head of the Auction Panel will report to the Chief Valuation Officer the results of the sale stating the following:
Assessment number
Amount of Bids received
List of Bids Received (inclusive on the name of the bidder and amount of the bid)
The name and address of the highest bidder.
7. The winner of the bid will be notified by phone and email on Monday 8th April 2024.
8. The closing of the transaction or payment of the balance owed on the bid must be completed within 30 days or no later Wednesday 8th May, 2024.
9. The Chief Verification Officer will provide conveyance of the subject property free and clear of all liens and encumbrances. The buyer of the property will also be responsible for paying the Value Added tax due on the purchase on presentation of the conveyance for stamping.
10. Should the successful bidder not complete the sale in accordance with the aforementioned conditions, the deposit will be forfeited, and the next highest bidder may be offered the opportunity to complete the sale at their bid price.
11. On Tuesday 9th April, 2024 unsuccessful hand delivered bids will be available for collection upon presentation of government issued ID. Foreign unsuccessful bids which were delivered by courier will be returned by courier to the mailing address indicated on the bidding form.
12. The Department of Inland Revenue reserves to right to cancel this Power of Sale at any time or void a sale in accordance with subsection 13 of Section 24(A) of the Real Property Tax Act.