TERMS AND CONDITIONS FOR PRIVATE SELLING OFFICERS AND REMOTE BIDDING

These terms and conditions solely apply to the remote bidding for Private Selling Officers in Ohio.   If the property to be sold is in the other state the terms and conditions below shall apply to other states, unless the other state’s laws are in conflict.  In the event of a conflict with a state’s laws where the property is located, that state’s laws will control the sale of property.

BEFORE BIDDING PLEASE READ OHIO REVISED CODE SECTION (REFERRED TO HEREIN AS “RC”) 2329.152 http://codes.ohio.gov/orc/2329.152 WHICH IS INCORPORATED BY REFERENCE AND REFERRED TO IN THIS TERMS AND CONDITIONS. 

DO NOT BID IF YOU ARE UNABLE TO PAY OR FULFILL THE BID.  IF YOUR BID IS ACCEPTED AND IF THERE IS A SALE AND YOU DO NOT PAY THE AMOUNT OF YOUR BID, YOU MAYBE SUBJECT TO THE COURT’S CONTEMPT OR OTHER POWERS.

In the event the Court appoints Brian Brockman as a private selling officer (PSO), he shall operate the sale through an auction web site such as Bang Auction, Inc, dba Bang Auctions and you may remotely bid submitted in writing via facsimile, electronic mail, or overnight delivery or courier.  And Bang Auctions shall take the following steps prescribed by law:

  1.  The PSO shall hire a title insurance company to assist Bang Auctions in performing administrative services per the Ohio Revised Code section (RC) 2329,152E(1)(b) and to perform title search, escrow and closing services RC 2329.152E(3).
  2. The PSO’s fees and cost incurred shall be taxed as costs in the case up to an amount equal to 1.5% of the sales price (R.C. 2329.152 (D)(1)(c).  If the fees and costs exceed the 1.5%, they will not be charged to costs but will be paid by the judgment creditor or from the portion of the sale proceeds RC 2329.152(D)(1)(c). (see below section 7)
  3. Real Estate taxes shall be paid from the proceeds of a judicial sales per RC 323.47.  The taxes due up to date of sale shall be paid from the proceeds of the judicial sales.  After the sale the taxes that are due but not determined assessed and level shall not be deducted from the proceeds of sale unless approved by the purchaser.  Those taxes will be due and payable on the next succeeding date prescribed for the payment of taxes.
  4. Appraisal shall be by disinterested freeholders who are residents of, and real property owners in, the county where the lands taken in execution are situated, who shall appraise the property so levied upon, upon actual view.  If the appraisal is not timely filed with the Clerk of Courts, then the appraised value shall be the fair market value of the property as shown on the records of the county auditor.  In regards to commercial property, the appraisal shall be returned in accordance with the timing that is established by the sale per RC 2329.17(D) in the County of the property.  The cost of the appraisal required by RC 2329.17 shall be taxed as cost in the case (2329.152(D)(1)(b).
  5. The cost of advertisement required by RC 2329.26 shall be taxed as costs in the case (2329.152(D)(1)(b).
  6. Deposits:  The judgment creditor, if purchaser shall not be required to make a deposit. 
  7. The PSO’s fees and cost incurred shall be taxed as costs in the case up to an amount equal to 1.5% of the sales price (R.C. 2329.152 (D)(1)(c).  If the fees and costs exceed the 1.5%, they will not be charged to costs but will be paid by the judgment creditor or from the portion of the sale proceeds R.C. 2329.152(D)(1)(c).  The fee charged by the PSO and all costs incurred by the private selling officer other than the cost described in divisions (D)(1)(a) and (b) of that section shall be taxed as cost in the case up  to an amount equal to 1.5% of the sale  price of the real estate. To the extent that the fees and costs described in division (D)(1)(c) exceed 1.5%, they shall not be included in the amount  necessary to redeem the real estate per RC 2329.33  or in the calculation of any deficiency judgment under RC 2329.08 , but rather shall be paid by the buyer of the property, the judgment creditor, or from the judgment  creditor’s portion of the proceeds from the sale.

8. All other purchaser shall deposit as follows:

  1. Residential Property:
    1. Property value $10,000-$200,000 deposit is $5,000
    2. Property value $200,000 and above deposit is $10,000
  2. Commercial Property
    1. The amount established by the Court for the sale, as the court has discretion to fashion the requirements on a case by case basis.
  1.  After the sale the PSO shall record the deed within 14 days after the confirmation of sale and payment of the balance due.  Otherwise the purchaser has the rights identified in R.C. 2329.31.

The Purchaser shall buy the property at its own risks.  Bang Auctions has not inspected the property and the Purchaser buys it as is with all faults.  There are no guarantees as to the ownership, survey, zoning, building code violations, title clouds, title problems. 

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