Monmouth County Sheriff’s Office Conditions of Sale Foreclosures
(Effective January 12, 2024)
Please be advised that the following Conditions of Sale apply to every Sheriff’s sale conducted by the Monmouth County Sheriff’s Office. This is an open auction with competitive bidding. The Plaintiff will open the bidding at $1,000.00. Bidding will continue in increments of a minimum of $1,000.00 until the highest bid is reached. Upset figures must be disclosed by the plaintiff. By bidding at this sale you agree to and are bound by these Conditions:
1. The highest bidder, as determined by the Sheriff, shall be the purchaser. The Sheriff’s decision as to the successful bidder is final. If a dispute arises as to who succeeds as the highest bidder, the Sheriff is unable to determine the successful bidder, and the dispute cannot be resolved by the Sheriff, the property will be resold.
2. The purchaser will pay twenty (20%) percent of the purchase price in cash (with a limit of $1,000), certified check or official bank check at the close of sale and sign an acknowledgment of the purchase. By participating in the sale, the purchaser agrees to be bound by the terms set forth on the acknowledgment of purchase if the purchaser is the successful bidder. However, the deposit amount may be different if the purchaser is qualified under the Community Wealth Preservation Program.
3. If the purchaser does not comply with the deposit requirements as specified above, the property will be resold.
4. All successful bidders, including the plaintiff, shall be responsible for payment of the Sheriff’s fees and commissions which will be calculated on the amount of the successful bid.
5. The purchaser must pay the balance of the purchase money within thirty (30) days, which for today’s sale will be ________, or the sale may be voided by the Sheriff and the property rescheduled for sale. Lawful interest will begin to accrue on the balance of the purchase price after then tenth (10) day from the date of sale. Sheriff’s fees and commissions
will be deducted from the bid price.
6. The sale is sold subject to unpaid taxes, assessments, water, rents and such facts as an accurate survey and title search of the premises might disclose. Plaintiff shall disclose and describe the amount of such liens and encumbrances immediately prior to sale. The Sheriff is not responsible for any misrepresentations or omissions, intentional or otherwise, made by the plaintiff as to the existence and amounts of liens and encumbrances or as to the value of the asset being sold.
7. If the purchaser fails to comply with these conditions of sale, the property will be resold at a future date. The defaulting purchaser will be responsible for all such losses and expenses incurred, but receive no benefit from the second sale. Deposits will be retained by the Sheriff and disbursed by Court Order. No portion of the initial deposit monies will be
credited or applied to a successive bid if made by the defaulting purchaser subsequent to a default. If the defaulting purchaser re-bids at a future sale, they will be required to submit an additional twenty (20%) percent deposit in cash (with a limit of $1,000), certified check or bank check at the close of the subsequent sale.
8. Please note that in the event of an assignment of bid, the purchaser must provide the Sheriff with the assignee’s name within seven (7) days from the date of sale. Failure to provide this information will result in preparation of a deed with the original purchaser’s name. If the original deed needs to be amended or replaced, a cost of $100.00 will be charged for the preparation of a new deed.
9. If the plaintiff overbids his judgement amount, plaintiff will be responsible for the surplus which will be remitted to the Court by the Sheriff for application by interested parties for turnover. The plaintiff shall also be responsible for payment of the Sheriff’s fees and commissions which will be calculated on the full amount of the successful bid.
10. If a petition in bankruptcy is filed after the sale occurs, the purchaser’s deposit will not be returned to the purchaser. The Sheriff will hold the deposit without interest until further directed by Court Order.
11. The recording of the Deed and any fees attached, including the realty transfer fee, is the responsibility of the purchaser.
12. If you are planning to bid on an Affordable Housing property – you must be eligible, qualified and meet the criteria for Affordable Housing.
13. Notwithstanding the 10 day redemption that all properties subject to the Sheriff’s sales are accorded. All purchasers are hereby notified that until all monies due and owing are paid in full and a new deed is received and delivered, purchasers are not permitted access to any and all properties purchased at these Sheriff’s sales. If there are people residing on the premises, the purchaser cannot go to the premises and tell the occupants to get out. The purchaser must go through the legal eviction process to remove the occupants from the premises. Also, if the occupants are tenants, the purchaser must go through landlord tenant court to have them removed.