70-29-414. Open market sale -- sealed bids -- auction.
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/mt/title-70/chapter-29/part-4/70-29-414·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
70-29-414 . Open market sale -- sealed bids -- auction .
(1)If the court orders a sale of heirs property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.
(2)If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this state to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this state to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court.
(3)If the broker appointed under subsection
(2)obtains within a reasonable time an offer to purchase the property for at least the determination of value:
(a)the broker shall comply with the reporting requirements in 70-29-415 ; and
(b)the sale may be completed in accordance with state law other than this part.
(4)If the broker appointed under subsection
(2)does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may:
(a)approve the highest outstanding offer, if any;
(b)redetermine the value of the property and order that the property continue to be offered for an additional time; or
(c)order that the property be sold by sealed bids or at an auction.
(5)If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction must be conducted under 70-29-301 .
(6)If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.