PUBLIC SALE RULES AS APPLICABLE TO (Insert Address or Case Name Here)
Date of Sale:
Place of Sale: (Insert the detailed location for the public sale in conformity with the court rules.)
1. The sale will be conducted in open Court by Michael S. Pecherer, the Court appointed Referee in Partition. All bidders hereby acknowledge that there exists a ratified non-contingent contract for the sale of this property at a price of $(Insert price in contract subject to overbid).. The buyer in that contract shall be referred to herein as the “Original Buyer.” 2. The property is being sold in “AS-IS” condition. By bidding in this auction sale pursuant to Civil Code Sec. 701.570, each bidder represents to the Court that they have independently inspected and investigated the property to their own satisfaction and are not relying upon any disclosures by any person, or upon any representations by the Sellers, by the Referee in Partition, or by any other person whatsoever. 3. All bids are absolute and without condition. No bid may be contingent upon the bidder obtaining financing or upon any other condition. The successful bidder will have no right of inspection as a prerequisite to completion of the sale. Copies of a Phase I environmental report may be obtained from the Referee. 4. Bidders should not assume that the property will appraise for the amount of the bid. 5. If there is a winning overbid, the Referee reserves the discretion to accept a back-up bid if the amount of that back-up bid exceeds the amount offered by the Original Buyer by a minimum of $25,000. If there is not a successful overbid, the contract by the Original Buyer shall be confirmed by the Court. If there is a successful overbid, but not an acceptable back-up bid, the contract of the Original Buyer shall be deemed to be a back-up bid that shall be proceed in conformity with its terms and conditions. 6. The call for bids will be in the usual fashion. Once a bid is made, the Referee will call for higher bids twice and the bid will become final on the cry of “sold” thereafter. The back-up bidder, if any, shall be subject to these Rules except that the Referee shall retain possession of the back-up bidder’s deposit check until such time as the winning bidder is declared in default pursuant to paragraph 9. In the event such a default is declared, the back-up bidder’s deposit check shall be deposited into escrow and shall become non refundable in conformity with Paragraph 7 hereof. 7. On the day of the sale, the successful bidder must deliver to the Court a cashier’s check payable to (Insert title company name here) for 10% of the confirmed bid price. THIS DEPOSIT IS NON-REFUNDABLE AND WILL BE PAID TO THE SELLERS IN THE EVENT THAT THE SUCCESSFUL BIDDER FAILS TO COMPLETE THE PURCHASE SUCH THAT ESCROW SHALL CLOSE AND TITLE TRANSFERRED NO LATER THAN THE CLOSE OF BUSINESS THIRTY DAYS FROM THE DATE OF CONFIRMATION OF THE BID. The Referee can be reached at (Insert Referee's telephone number). If there is no qualifying overbid, the sale of the property to the Original Buyer shall be confirmed and shall proceed as agreed. 8. The first overbid is in the amount of $(Insert the amount calculated in conformity with the statute) Thereafter, bidding shall be in increments of $(insert an appropriate figure here. The overbid increments should be in an amount that reflects the amount of the sale price. For a property selling for less than $1 million, the increments might be $5 or $10 thousand. For a property selling in the millions, the increment might be $25 thousand) until the property is sold. 9. In the event that the successful bidder fails to make the required deposit, or fails to close on or before the date specified in paragraph 7, the successful bidder will be deemed to have defaulted and the Referee will sell the property to the back-up bidder or to the Original Buyer. The Referee shall have sole and exclusive discretion to declare the successful bidder in default provided that the exercise of that discretion shall be subject to review by the Court upon noticed motion to be heard not later than 20 days subsequent to written notice of the Referee’s determination.
I UNDERSTAND AND AGREE TO THE FOREGOING TERMS AND CONDITIONS.
Signature:_____________________________ Date: ________________