Utah Admin. Code R907-80-7 - Public Sale - Mail and Live Auctions
Public sale, mail and live auctions will be conducted as follows:
(1) The Comptroller's Office
of the department will accept sealed bids by any means of delivery until 5:00
P.M. the day prior to the auction.
(2) The officer conducting the auction will
accept sealed bids by personal delivery on the day of the auction up until the
beginning of the auction.
(3) A
sealed bid must contain deposit funds in an amount determined and advertised by
the department , as required by Section
R907-80-4 to
purchase the subject property. The department may require this deposit to
consist of certified funds. Bids and bid deposits must be a specified dollar
amount. The department has the right to reject any bid however
submitted.
(4) The department may
require buyers who have defaulted on certificates of sale in the past to make
larger deposits or submit sealed bids in the form of certified funds even if
such a requirement is not contained in the notice of sale.
(5) The officer conducting the auction will
open sealed bids after declaring that the auction has started. After
determining which sealed bid is highest, the officer will allow bidders willing
to bid more than the highest sealed bid received to participate in live
bidding. Live bids must be for more than the amount of the highest sealed bid,
subject to those terms and conditions set forth in Subsection R907-80-7(6).
Persons who submit sealed bids eligible to participate in the live bidding will
also be allowed to participate by telephone, subject to the terms and
conditions of Subsection R907-80-7(6).
(6) Bids less than the minimum acceptable
selling price will be disqualified, and the bidder will not be eligible for
live bidding even if such bids would otherwise meet those requirements in
Subsections (4) or (6).
(7) Bids,
whether sealed or live, constitute a valid offer to purchase. An attempt to
withdraw a sealed bid after the first sealed bid has been opened, or an attempt
to withdraw or amend an live bid may result in the forfeiture of the bid
deposit and any other remedy afforded the department at law or
equity.
(8) At the conclusion of
the auction and subject to the terms of Section
R907-80-8,
the successful bidder must sign a written offer agreement prepared by the
department that states the terms included in the public sale notice.
(9) If the successful bidder defaults on the
offer agreement, or otherwise fails to meet the requirements of Section
R907-80-12,
and upon approval by the director , the property may be offered for sale to the
person whose bid was second highest at the auction provided that the terms of
the sale meet or exceed the minimum acceptable selling price established for
the subject property. The second highest bidder will have 30 days from the date
of the department 's offer to submit the purchase price balance plus costs
required by Subsection
R907-80-10(5).
(10) Third parties owning authorized
improvements on the parcel at the time of the sale will be allowed 90 days from
the date of the sale to remove the improvements. This provision will not apply
when such improvements are permitted under a valid existing right of record
when such right survives the sale of the parcel, or the improvements are
subject to a separate lease agreement.
Notes
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