5307.12 [Effective Until 9/13/2010] Conduct of sale - terms. - Ohio Statutes

5307.12 [Effective Until 9/13/2010] Conduct of sale - terms.

A sale of an estate under section 5307.11 of the Revised Code shall be made at the door of the courthouse, unless for good cause the court of common pleas directs it to be made on the premises. The sale shall be conducted as upon execution, except that it is unnecessary to appraise the estate; but it shall not be sold for less than two thirds of the value returned by the commissioner or commissioners. Unless by special order, on good cause shown, the court directs the entire payment to be made in cash, the purchase money shall be payable one third on the day of sale, one third in one year after the sale, and one third in two years after the sale, with interest.

Effective Date: 10-14-1997

This section is set out twice. See also § 5307.12, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.

5307.12 [Effective 9/13/2010] Conduct of sale – terms

(A) A sale of an estate under section 5307.11 of the Revised Code shall be made as follows:

(1) If the sale is made by a sheriff, the sale shall be made at the door of the courthouse, unless for good cause the court of common pleas directs it to be made on the premises. The sale shall be conducted as upon execution, except that it is unnecessary to appraise the estate.

(2) If the sale is made by a licensed auctioneer, the sale shall be made pursuant to Chapter 4707. of the Revised Code.

(B) No property shall be sold for less than two thirds of the value returned by the commissioner or commissioners.

Amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.

Effective Date: 10-14-1997

This section is set out twice. See also § 5307.12, effective until 9/13/2010.