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Practice and procedure — sale in execution — application to set aside on grounds that price realised is unreasonably low — market price — ascertainment of.
A piece of immovable property belonging to the appellant was sold to the first respondent in execution of a default judgment obtained against the appellant by the first respondent. The appellant applied unsuccessfully to the High Court to have the sale set aside on the grounds that the price realised was unreasonably low. In support of his contention he placed before the court an unsworn valuation by an estate agent.
Held, that the estate agent's report, however well informed, did not assist in the ascertainment of the market price, if only because it did not indicate the upper and lower limits upon which he arrived at the valuation he did. Little weight could be attached to that valuation in the face of the cogent evidence of a price reached in open competition at an auction sale which was properly advertised and conducted.
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