- All sales issued on or after September 28th, 2016 shall fall under the following process.
- This will apply to sales that are scheduled for November 23rd 2016 and after.
- Unless specified, all other sale processes will remain the same.
- The Lorain County Treasurer will prorate the tax amount for 3rd party purchasers.
1. Sale Deposit: This will follow the deposit schedule as listed in 2329.211 for appraised properties.
2329.211 Sale deposit.
(A) In every action demanding the judicial or execution sale of residential property, if the judgment creditor is the purchaser at the sale, the purchaser shall not be required to make a sale deposit. All other purchasers shall make a sale deposit as follows:
(1) If the appraised value of the residential property is less than or equal to ten thousand dollars, the deposit shall be two thousand dollars.
(2) If the appraised value of the residential property is greater than ten thousand dollars but less than or equal to two hundred thousand dollars, the deposit shall be five thousand dollars.
(3) If the appraised value of the residential property is greater than two hundred thousand dollars, the deposit shall be ten thousand dollars.
The timing of the deposit and other payment requirements shall be established by the court or the person conducting the sale and included in the advertisement of the sale. If the purchaser fails to meet the timing or other requirements of the deposit, the sale shall be invalid.
(B) In every action demanding the judicial or execution sale of commercial property, the purchaser at the sale shall make a deposit pursuant to the requirements, if any, established for the sale.
Added by 131st General Assembly File No. TBD, HB 390, §101.01, eff. 9/28/2016.
2. Remote Bids:
– All remote bids are to be submitted to the following fax number 440-329-5513.
– The completed purchaser information form shall accompany the bid.
– All remote bids must be received by 4:30 p.m. the day prior to the scheduled sale date.
– The posted remote bid form may be used.
3. 2nd sale date: 2329.52(B)
– Starting with the scheduled sales of 11-23-16, if any sale receives a no bid it shall be scheduled for a second sale date with no minimum bid two weeks from the original scheduled sale date. This is listed on the sale ads.
4. Purchaser information form – 2329.271
– A completed form must be submitted along with the sale bid.
5. Proration of taxes: 323.47The Lorain County Treasurer will prorate taxes for the current year in which the sale takes place. This applies to third party purchasers only. Plaintiff buybacks will not have prorated taxes. The prorates tax amount can be found on the Civil office main page on the prorated tax link.
The Real Estate Tax Worksheet Form is required to be printed on Orange stationary. If the form is not printed on orange stationary it will not be accepted.
You can download the Real Estate Tax Worksheet Form by clicking here.
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