§ 41:892 — Procedure; deed of sale

§892. Procedure; deed of sale
A. Whenever a sale of property described in R.S. 41:891 is ordered by the school
board, the sale shall be made by the president of the school board in person, through an
auctioneer designated by the school board, or through a licensed real estate broker. The
school board may obtain appraisals from up to three Louisiana state-certified appraisers to
ascertain the current value of the property. The appraisals shall be obtained within six
months prior to the conducting of the sale.
B. The sale at public auction or under sealed bids shall be made only after
advertisement on at least three separate days for at least thirty days prior to the date on which
the land is to be offered for sale in the official journal of the parish in which the land is
situated or, if no newspaper is published in the parish, then by posting a written or printed
notice for thirty days at or near the front door of the court house in the parish in which the
property is situated, at or near the front door of the school board office and at one other
public place in the parish.
C. On the day named in the advertisement, the property shall be sold at public
auction at the school board office, between the hours of eleven a.m. and four p.m., with
appraisement, to the last and highest bidder, upon such terms and conditions as the school
board shall determine. The deeds shall contain the usual security clauses and a stipulation
to pay ten percent attorney fees in the event it becomes necessary to secure the services of
an attorney for the purpose of collection. If the highest bid received is not equal to or greater
than the minimum bid as provided in Subsection E of this Section, the sale shall be cancelled
and no bid shall be accepted.
D. On the date named in the advertisement if the property is to be sold under sealed
bids, the bids shall be opened in the offices of the school board at the hour designated in the
advertisement. The property shall be sold to the highest bidder upon such terms and
conditions as the school board shall determine. The deed shall contain the usual security
clauses and a stipulation to pay ten percent attorney fees in the event it becomes necessary
to secure the services of an attorney for the purpose of collection. The school board shall
reserve the right to reject any and all bids, and all bids shall be rejected if the highest bid
received is not equal to or greater than the minimum bid as provided in Subsection E of this
Section.
E.(1) The first time a school board offers a particular property for sale pursuant to
this Section, the minimum bid shall be eighty-five percent of the appraised value of the
property.
(2) If the school board fails to sell the property because the maximum bid received
was not equal to or greater than the minimum bid established in Paragraph (1) of this
Subsection, the school board may make a second effort to sell the property following the
procedures outlined in this Section. The minimum bid for a second effort to sell the same
property shall be eighty percent of the appraised value.
(3) If the school board has twice failed to sell property because the maximum bid
received was not equal to or greater than the minimum bid otherwise provided in this
Subsection, there shall be no minimum bid at the third effort to sell the property, and the
school board may sell the property to the highest bidder as otherwise provided by this
Section.
F.(1) In lieu of public auction or sealed bids, and when it is in the best interest of the
school board, the school board may contract under policies adopted by the school board for
the services of a licensed real estate broker to conduct the sale of the property. Such policies
shall include the qualifications for a licensed real estate broker and appraiser.
(2) The term of the contract shall not exceed six months. A minimum sale price and
a time period within which the sale is to occur shall be specified by the school board as
conditions of the contract. Payment shall not exceed five percent of the sale price and shall
be contingent upon completion of the sale in accordance with the terms and conditions of the
contract. The school board shall have the right to cancel the contract at any time for any
reason prior to the sale and conduct the sale as otherwise provided by law.
(3) No member or immediate family, as defined in R.S. 42:1102, of the school board
or legislature shall perform the services of appraiser or real estate broker authorized by this
Section.
G. The deed of the president of the school board shall be full and complete evidence
of the sale, shall convey a good and valid title to the property sold, and shall have the force
and effect of a notarial act.

Legislative History

Added by Acts 1962, No. 214, §1. Amended by Acts 1972, No. 291, §1; Acts 2010, No. 526, §1, eff. June 24, 2010; Acts 2017, No. 249, §2.