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Michael
Michael, Attorney
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I have several questions about a sheriffs sale of personal

Resolved Question:

I have several questions about a sheriff's sale of personal property in Utah.

If real property is sold the buyer typically puts down $5,000 with the rest due in 24 hours.
What about personal property?

Can the seller set his terms?
For example, suppose I have personal property worth $40,000.
May I accept $5,000 down with $35,000 due in 30 days?
If the buyer doesn't come up with the remainder, do I have to resell the property through another Sheriff's sale?
Does the buyer get a Sheriff's bill of sale for this type of transaction?
Submitted: 4 years ago.
Category: Business Law
Expert:  Fran-mod replied 4 years ago.
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Customer: replied 4 years ago.
I am still waiting for an answer.
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Expert:  Michael replied 4 years ago.
Hi there, my name is XXXXX XXXXX I'm a business law attorney with experience in all aspects of business law. I'll do my best to assist you.

In regards XXXXX XXXXX below questions:

Can the seller set his terms?
For example, suppose I have personal property worth $40,000.
May I accept $5,000 down with $35,000 due in 30 days?
If the buyer doesn't come up with the remainder, do I have to resell the property through another Sheriff's sale?

The "seller" is the sheriff. The sheriff's office has to follow certain deposit guidelines when selling which vary with the property's appraised value.

The buyer of foreclosed real estate would receive a "trustee's deed".

An example of the required notices, details, deeds and down-payments is available here: http://www.utcourts.gov/howto/foreclosure/

here:
http://filelibrary.myaasite.com/Content/5/5989/30298382.pdf

and here:
http://www.co.davis.ut.us/sheriff/divisions/justice_services/civil_process/sheriff_sales.cfm

I hope this answer has been helpful. I'd be happy to further clarify my response and follow up with any other questions. If you're satisfied with my answer, remember to hit the "accept" button. Bonuses and positive feedback are always appreciated! -Michael
Customer: replied 4 years ago.
I understand the buyer of foreclosed property would receive a trustee's deed, but what about personal property sold at a Sheriff's sale?
Expert:  Michael replied 4 years ago.
You receive a "certificate of sale", which serves the same function as to what some other states call a "bill of sale". No right of redemption, as-is, subject to any other liens on the property.

With personal property the defendant does have the right to determine the order in which property is sold if they appear at the auction, and to recover any property remaining after the judgment amount is satisfied.

http://le.utah.gov/~code/TITLE78B/htm/78B06_081200.htm
Michael, Attorney
Category: Business Law
Satisfied Customers: 58
Experience: Experienced Business Lawyer
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