If you are the successful bidder on a property at the auction, you will have finished the day having paid 20% of the high-bid sales price of that parcel. You will be required to complete forms verifying your eligibility to purchase property from the City.

You will receive a purchaser package on the day of the auction if you are the successful bidder. In this package, you will find all the Instructions & Forms necessary to complete your sales transaction with the City.

Information about financing will also be provided to you. City purchase money mortgages are only available for properties with a sale price of more than $20,000. Interest rates vary from auction to auction; the maximum term of the loan is 15 years. Detailed information about Financing can be found in the Terms and Conditions of Sale (in PDF format) section of your auction brochure. We do not provide any other financing, subsidies, or grants for properties sold at auction.

If you wish to assign the sales contract to another party, you must complete a purchaser assignment form. All assignments must be completed by the designated 14-day auction due date. Also due on designated 14^th day after auction is the purchasers Verified Statement and Tax Affidavit. Both these forms and the due dates are included with your purchaser package Instructions & Forms.

Some purchasers will have made payment in full on the day of sale. Most purchasers, however, will have only paid a deposit and will owe a balance on the sale, which in most cases, will be 80% of the sales price. The balance of the purchase price, or mortgage down payment and completed mortgage application and fee, is due on the designated 45-day auction due date. Also due on the 45^th day after auction are any objections to title or survey. Title and survey objections must be submitted in the form of a title report issued by a title company. Please refer to paragraph 21, of the Terms and Conditions of Sale for more information regarding the submission of Title Objections.

There are never any outstanding real estate taxes owed on the property sold at auction. However, there may be outstanding liens on some parcels. The majority of parcels in the auction have marketable title, however, if any pre-existing liens are identified your title company and the City's Law Department will discuss the issues regarding marketability of title. To ensure that a given property is clear of liens, have a title company run a title search on the property before the auction. You can also visit the City or County Clerk's Office in the borough where the parcel is located and research the parcel itself. This will ensure that you will be entering the auction with a full understanding of the parcel you desire to purchase.

Title closing – or the completion of the sale - should take place within eight (8) months from the date of auction.

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