RULE 12
SHERIFF'S SALES
12.01 Bid and Deposit
In every sale of real estate, the Sheriff shall require from the bidder, a deposit of either a certified check payable to the Summit County Sheriff, or cash in the amount of five percent (5%) of the appraised value, but not less than Seven Hundred Fifty Dollars ($750.00) nor more than Ten Thousand Dollars ($10,000.00). The required deposit may be waived where the purchaser is the first lienholder after lien costs, taxes and assessments. When required, such deposit shall be tendered to the Sheriff at the time of acceptance of the bid.
If such deposit is not so tendered forthwith, the Sheriff shall reopen the bidding immediately, starting with the next highest bid, if still available, and continuing until a sale is made to a bidder who meets the requirements of this Rule regarding deposits. The purchaser shall be required to pay interest at the rate of ten percent (10%) on the unpaid balance of the bid amount, unless paid within eight (8) days after the date of sale. The entire balance of the purchase price shall be paid within thirty (30) days after the date of sale. Any interest received shall be applied toward the satisfaction of the judgment in the action.
12.02 Time and Place
Sales shall be held in the rotunda of the Courthouse on Fridays at 10:00 a.m. Eastern Time.
12.03 Sheriff's Return of Sale
Immediately following the sale on Friday, the Sheriff shall make the Return of Sale to the Court showing the name and address of the purchasers and the amount of the bid.
12.04 Confirmation of Sale
Counsel shall prepare and submit to the Court an order of Confirmation of Sale approved by all parties who have entered an appearance in the matter NO LATER THAN 45 DAYS FROM the date of the sale. If consent of all parties cannot be obtained, counsel for plaintiff shall file a Motion for Confirmation of Sale in accordance with Rule 7.14. Upon confirmation of the sale, counsel shall provide a time-stamped copy to the Sheriff with a verification from the FISCAL OFFICER'S, Treasurer's DIVISION in accordance with Rule 11.08. The Sheriff shall forthwith deliver the deed to the purchaser or an escrow agent designated in writing by the purchaser, upon payment of the full purchase price, with interest, if any.
12.05 Fiscal Officer as Party Defendant
In all foreclosure actions it shall not be necessary to name the Summit County FISCAL OFFICER as a party unless a party is contesting the amount of real estate taxes or the FISCAL OFFICER holds a personal property tax lien on the premises. In all actions in which the FISCAL OFFICER has been named a party, and in which the taxes are not in dispute nor is there a personal property tax lien, the FISCAL OFFICER need not file any answer to the complaint or to any cross claims, but shall be served with a copy of the Confirmation of Sale or the dismissal entry.
12.06 Posting of Rules
The Sheriff shall keep a copy of these Rules conspicuously posted at the place where sales are conducted, and shall call attention to them before receiving bids.