DEFERRED PAYMENT AGREEMENT
If the high bid on a tax sale item is more than $5,000.00, the successful bidder has the option to pay for the property as follows: A deposit of ten percent (10%) of the purchase price or $5,000.00, whichever is greater, must be made at the time of the sale. For sales between $5,000.00 and $50,000.00, a minimum of $5,000.00 must be deposited. For sales over $50,000.00 a minimum of ten percent (10%) of the sale price must be deposited.
WINNING BID AMOUNT |
$5,000.00 |
$5,000.00 |
$50,000.00 |
MINIMUM PAYMENT REQUIRED |
Payment in full of the Winning Bid Amount plus the Documentary Transfer Tax. |
Payment in full of the Winning Bid Amount plus the Documentary Transfer Tax. |
Payment in full of the Winning Bid Amount plus the Documentary Transfer Tax. |
The remaining balance of the purchase price is due within thirty (30) days of the auction date, Thursday, March 26, 2009. Payment must be in one of the acceptable forms and be received in our office prior to the deadline. Acceptable forms of payment are Cash (or Wire), Cashier’s Check, Money Order, or Traveler's check. A Tax Deed to the Purchaser at Sale will not be recorded to transfer title to the property until the total bid price plus the Documentary Transfer Tax is received.
All purchases must be paid in full on, or before Thursday, March 26, 2009. If the purchaser at sale fails to pay the full amount by 5:00 p.m. on Thursday, March 26, 2009, the deposit and all rights to the property are forfeited (Revenue and Taxation Code Section 3693.1).
