If you are the Purchaser of a property at the auction, you will have finished the day having paid the Auction Deposit for that parcel. You will be required to complete forms verifying your eligibility to purchase property from the City. You will receive a purchaser package including all Instructions & Forms necessary to complete your transaction with the City.
If you wish to assign the Memorandum of Sale 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 the designated 14th day after the auction is the purchaser’s Verified Statement and Tax Affidavit. Both of these forms and the due dates are included with your purchaser package.
Some Purchasers will have made payment in full on the Date of Sale. Most Purchasers, however, will have only paid the Auction Deposit and will owe the Balance of the Purchase Price. The Balance of the Purchase Price is due on the designated 45-day auction due date. THE CITY WILL NOT OFFER MORTGAGES OR ANY OTHER PAYMENT PLANS.
Also due on the designated 45th day auction due date are surveys or any objections to title should you wish to submit them. Survey and title objections must be submitted in the form of a title report issued by a title company. Please refer to the Standard 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 properties 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 conduct a title search on the property before the auction. You may also visit the City or County Clerk’s Office in the borough in which the property is located and research the parcel yourself. This will ensure that you enter the auction with a full understanding of the property you desire to purchase.
Once all post closing requirements are satisfied, a mutually convenient date for Title Closing will be scheduled.