NIAGARA FALLS, N.Y. — Looking to buy a house in Niagara Falls? Grab an auction paddle. 

On Monday night, city leaders provided an overview of a home ownership auction, scheduled for June 19. Ten homes will be on the block that night, with registration starting at 5 p.m. and the auction beginning at 6:30 p.m. 

The homes will go to the highest bidder, but there are some important caveats to keep in mind.

On auction day, bidders will have to give the city a deposit and pay a fee to the auction company.

They will then have 30 days to provide the city with a renovation plan.

Once a buyer closes on the home, they’ll have to pay closing fees, the rest of the bid price and any owed taxes and water fees on the property.

The new buyer also will have to live there for at least five years and will have a year to make good on those renovation plans.

If these terms aren’t met, the ownership of the home goes back to the city.

“We're trying to give as much information as possible. They can also take a look at the inside of the house. [These] are all things to set people up for success,” said Seth Piccirillo, director of community development and code enforcment for the city. 

Potential buyers like Chanelle Scott said they’re grateful for honesty.

"The important thing to know is that these are very old houses. They've been sitting there for years in some cases. And they were very clear about that,” said Scott.

The city will be holding more informational meetings and walkthrough in the coming days.

For more information, click here.