Utah Code R907-80-7 - Public Sale - Mail and Live Auctions
Public sales, 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 P.M.
the day before 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.
(6) 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 a live bid may result in the forfeiture of the bid deposit and any other
remedy afforded the department at law or equity.
(7) 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.
(8) 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).
(9) 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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