Basically there are two types of auction practiced in the market i.e. LACA auction (Loan Agreement cum Assignment) means those properties that do not have title or strata issued or if issued have not been perfected to the first owner where banks can appoint auctioneers to conduct a public auction monthly in various venues which normally held in hotels.
The second type of auction is normally we term it as NLC auction which falls under National Land Code and such auction normally takes place in High Court or Land Offices. Those properties where have their title/strata title issued will be sent to these respective places to be auctioned off.
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