(a)Following the hearing and order of the court in accordance with Section 11-70B-6, the court shall cause a sale of the real property to be advertised and conducted by the court in a manner similar to the procedure described in Section 40-10-15. The sale shall not occur earlier than 45 days following the date of the order of the court.
(b)(1) Except as otherwise authorized by law, the minimum bid price for the sale of the real property shall be the redemption amount.
(2)a. In the absence of any bid higher than the minimum bid price, the court or its designee shall bid in for the property on behalf of the Class 1 municipality or its designee in an amount equal to the minimum bid price, causing the Class 1 municipality to become the purchaser at the sale pursuant to Section 11-70B-7.
b. A
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(a) Following the hearing and order of the court in accordance with Section 11-70B-6, the court shall cause a sale of the real property to be advertised and conducted by the court in a manner similar to the procedure described in Section 40-10-15. The sale shall not occur earlier than 45 days following the date of the order of the court.
(b)(1) Except as otherwise authorized by law, the minimum bid price for the sale of the real property shall be the redemption amount.
(2)a. In the absence of any bid higher than the minimum bid price, the court or its designee shall bid in for the property on behalf of the Class 1 municipality or its designee in an amount equal to the minimum bid price, causing the Class 1 municipality to become the purchaser at the sale pursuant to Section 11-70B-7.
b. A bid in on behalf of the Class 1 municipality or its designee shall be tendered as a credit bid for the portion of the minimum bid price equal to the municipal code lien payoff. If the minimum bid price bid in by the Class 1 municipality includes a tax payoff amount, the Class 1 municipality shall tender the amount of the tax payoff to the court, which, together with the municipal code lien payoff, shall satisfy the full amount of the minimum bid price.
(c) Payment of the winning bid shall be due immediately after the sale is conducted. The proceeds of the foreclosure sale shall be distributed in the following manner:
(1) If the purchaser is a party other than the Class 1 municipality, the court or its designee shall deposit with the Class 1 municipality the amount of the proceeds equal to the municipal code lien payoff, less any costs incurred or fees charged by the office of the judge of probate.
(2) If the purchaser is the Class 1 municipality, the Class 1 municipality shall tender to the court an amount equal to any costs incurred by the court that are included in the amount of the municipal code lien payoff.
(3) If the minimum bid price includes a tax payoff amount, the court shall deposit the amounts paid with the appropriate parties in accordance with Sections 40-5-10, 40-10-128, 40-10-129, and 40-10-193 and any applicable local laws.
(4) In the event that the foreclosure sale price exceeds the minimum bid price, the surplus shall be distributed by the court to the interested parties, including the owner, as their interests appear and in the order of priority in which their interests exist.
(d) Upon deposit by the court of any tax payoff amounts with the appropriate parties as described in subdivision (c)(3), any and all rights of redemption accorded to interested parties under Chapter 10 of Title 40, Chapter 51 of Title 11, Section 11-53B-10, or Section 11-48-54 are extinguished.
(e) From and after the moment of the sale, the sale shall be final and binding.
(f) Within 90 days following the date of the sale, the court shall cause to be executed a deed to the real property identified in the petition. Upon execution, the court shall cause the deed to be recorded with the office of the judge of probate.
(g) Within 90 days following the date of the sale, the Class 1 municipality shall file a report of the sale with the clerk of the circuit court, which report shall identify whether a sale took place, the foreclosure sale price, and the identity of the purchaser.
(h) The municipality, by ordinance, may adopt forms to implements and administer this section.