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Buying Property Whenever a player lands on an
unowned property, the player may buy that property from
the Bank at its printed price. The player receives the Title
Deed card showing ownership and places it face up in
front of him/her. If he/she does not wish to buy the
property, it is sold at auction by the Banker to the highest
bidder. The buyer pays to the Bank the amount of the bid
in cash and receives the Title Deed card for that property.
Any player, including the one who declined the option of
buying it at the printed price, may bid. Bidding may start
at any price.
The "face up" terminology seems to indicate that the property will not be in a mortgaged state at time of purchase.