Sale of real estate—Condition.
Section 49
SEC. 49. Sale of real estate—Condition.—At any time during the sale or prior to the same, the taxpayer may stay the proceedings by paying the taxes and penalties to the city treasurer or his deputy. Otherwise the sale shall proceed and shall be held either at the main entrance of the City Hall or on the premises to be sold, as the city treasurer or his deputy may determine. The payment of the sale price may be made in installments, at the option of the purchaser, covering a period not exceeding twelvemonths, but the initial payment shall be made at the time of the sale and each subsequent payment shall not be less than twenty-five per centum of the total sale price, and shall in no case be less than two pesos, unless the total or the balance of the amount due to be less than two pesos. The purchaser may occupy the property after paying the first installment, and the usual taxes on the property shall be payable in the year following that in which the sale took place. Any failure of the purchaser to pay the total price of the sale, within twelve months from the date thereof, shall be sufficient ground for its cancellation, and any of, shall be sufficient ground for its cancellation, and any part payment made shall revert to the city government. In case the purchaser should fail to relinquish possession of the property, the city treasurer or his deputy shall immediately take steps for ejecting all the tenants or occupants of the property, in accordance with the procedure prescribed in section forty-five of this Act. The city treasurer or his deputy shall report the sale to the Municipal Board within five days after the sale, of which note shall be made on its records. The purchaser at this sale shall receive from the city treasurer or his deputy a certificate showing the proceedings of the sale, describing the property sold, stating the name of the purchaser, the sale price, the conditions of payment, the amount paid, and the exact amount of the taxes and penalties due.