Private Asset Auction Instructions

Terms of Sale

Sale of Real Property (Houses, Condominiums, Commercial Properties, not including Cooperative Apartments):

  1. At an auction, the successful bidder must pay at least 10 percent of the bid price (but not less than $2,000). Cash, money orders, and certified checks are accepted for payment. A Memorandum of Sale is issued immediately.
  2. If partial payment is made at the auction, the balance of the bid price must be paid within three business days after the auction.
  3. If the successful bidder/purchaser does not pay the balance within three business days, the sale of that property will be voided and scheduled to be re-sold. Auction attendees who wrote their name and address on the attendance sheet of the original sale will be notified of the resale.
  4. A successful bidder/purchaser who fails to comply with the terms of the sale may be liable for damages to the judgment creditor.
  5. Any taxes or transfer/delivery fees must be paid by the purchaser.
  6. The Sheriff reserves the right of approval on all bids.
     

Sale of Personal Property (all tangible items including cooperative apartments):

  1. Payments must be made in cash.
  2. The Sheriff sells the right, title, and interest only.
  3. The Sheriff reserves the right of approval on all bids.