SECTIONS 873.710-873.790 - California Statutes

CODE OF CIVIL PROCEDURE

SECTION 873.710-873.790

873.710. (a) Upon making a sale of property, the referee shall
report the sale to the court.
(b) The referee's report shall contain, in addition to such other
information as may be appropriate, all of the following information:
(1) A description of the property sold to each purchaser.
(2) The name of the purchaser.
(3) The sale price.
(4) The terms and conditions of the sale and the security, if any,
taken.
(5) Any amounts payable to lienholders.
(6) A statement as to contractual or other arrangements or
conditions as to agents' commissions.
(7) Any determination and recommendation as to opening and closing
public and private ways, roads, streets, and easements.
(8) Other material facts relevant to the sale and the confirmation
proceeding.

873.720. (a) A purchaser, the referee, or any party may move the
court to confirm or set aside the sale.
(b) The moving party shall give not less than 10 days' notice of
motion to:
(1) The purchaser if the purchaser is not the moving party; and
(2) All other parties who have appeared in the action.

873.730. (a) At the hearing, the court shall examine the report and
witnesses in relation to the report.
(b) The court may confirm the sale notwithstanding a variance from
the prescribed terms of sale if to do so will be beneficial to the
parties and will not result in substantial prejudice to persons
interested in the sale.
(c) The court may vacate the sale and direct that a new sale be
made if it determines any of the following:
(1) The proceedings were unfair or notice of sale was not properly
given. If there is no finding at the hearing of unfairness or
improper notice, the sale may thereafter not be attacked on such
grounds.
(2) The sale price is disproportionate to the value of the
property.
(3) It appears that a new sale will yield a sum that exceeds the
sale price by at least 10 percent on the first ten thousand dollars
($10,000) and 5 percent on the amount in excess thereof, determined
after a reasonable allowance for the expenses of a new sale.

873.740. (a) If at the hearing under Section 873.730 a responsible
bidder makes a written increased offer that exceeds the sale price by
at least 10 percent on the first ten thousand dollars ($10,000) and
5 percent on the amount in excess thereof, the court in its
discretion may do either of the following:
(1) Vacate the sale and direct that a new sale be made.
(2) Vacate the sale, accept the increased offer, and confirm the
sale to the offerer.
(b) Except as provided in subdivision (c), the amount by which an
increased offer exceeds the sale price is determined on the basis of
the gross amount of the increased offer including any commission on
the increased offer to which an agent may be entitled.
(c) Where in advance of sale the court has so ordered or the
parties have so agreed, if an increased offer is made by a party to
the action who is not represented by an agent, the amount by which an
increased offer of a nonparty exceeds the sale price is determined
on the basis of the net amount of the increased offer excluding any
commission on the increased offer to which an agent may be entitled.

873.745. The amount of agents' commissions on the sale, if any,
shall be fixed by the court and divided or limited in the manner
provided for private sales of real property in decedents' estates.

873.750. (a) Upon confirmation of a sale, the court shall order the
referee to execute a conveyance or other instrument of transfer, to
collect the proceeds, take security, and perform other acts required
to consummate the sale.
(b) The order may direct the referee concerning the distribution,
deposit, or securing of sale deposits and sale proceeds.

873.760. If the purchaser, after the confirmation of the sale,
fails to pay the sale price, the purchaser is subject to the court's
jurisdiction and to further proceedings in the action. Upon such
failure, a party, or the referee, may upon notice move the court to
order either of the following forms of relief:
(a) Resale of the property upon notice as provided in this
chapter. If any loss is occasioned thereby, the referee may recover
the amount of such loss and costs and expenses incurred, including a
reasonable attorney's fee, from the purchaser who failed to pay.
(b) Maintenance by the referee of an action against the purchaser
for the amount of the sale price. If the referee recovers judgment,
the referee shall be awarded a reasonable attorney's fee against the
purchaser.

873.770. Where the purchaser is a party or lienholder entitled to a
share of the proceeds of sale, the referee may:
(a) Take the purchaser's receipt for so much of the proceeds of
sale as belongs to the purchaser.
(b) Take security, or other arrangement satisfactory to the
referee, for payment of amounts which are or may become due from the
purchaser on account of the expenses of sale, general costs of the
action, and costs of the reference.

873.780. The court may make orders relating to the closing of a
sale after confirmation, including escrow and closing provisions and,
if the referee and purchaser so agree and the court upon noticed
motion determines it will not result in substantial prejudice to the
parties, may make adjustments varying the terms of sale based on
after-discovered defects.

873.790. (a) Upon fulfillment of the terms of sale, the referee
shall execute a conveyance or other instrument of transfer to the
purchaser.
(b) The conveyance or transfer of real property and the order
authorizing such conveyance or transfer shall be recorded in each
county in which the property is located.