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AP IV, Sec. 5 General Provisions of Judicial Sales

Baldwin's Kentucky Revised Statutes AnnotatedAdministrative Procedures of the Court of Justice

Baldwin's Kentucky Revised Statutes Annotated
Administrative Procedures of the Court of Justice
Part IV. Master Commissioners of the Circuit Court (Refs & Annos)
Administrative Procedures, AP IV, Sec. 5
AP IV, Sec. 5 General Provisions of Judicial Sales
(1) The master commissioner shall sell the property in a reasonable time not to exceed 90 days after the date of the order of referral except that property found to be “vacant and abandoned” shall be sold in accordance with KRS 426.205. Upon motion and good cause shown, the court may extend the deadline established by this subsection for a period not to exceed 30 days.
(2) Before any real property is sold under a judgment and order of sale, the appraisal value shall be determined by two disinterested persons both of whom are actively engaged in or have had at least one year of experience in the field of real estate. In accordance with KRS 426.520(2) the appraisal shall be in writing, shall be signed by the persons making it, and shall be filed in the court record prior to the sale.
(3) All sales shall be advertised in accordance with KRS 424.130 as follows: The advertisement shall be published at least once not less than seven days nor more than 21 days before the date of the sale, but may be published two or more times provided that one publication occurs not less than seven days nor more than 21 days before the date of the sale. The advertisement shall include:
(a) The time, place and terms of sale;
(b) A reference to the judgment and order of sale in case number YY-CI-####; and
(c) A description of the property to be sold, which shall include only the street address (or if the property has no street address a brief description of its location) and any number(s) assigned to the property/parcel by the tax assessor for purposes of identification and record keeping such as the parcel or property identification number.
(4) At the time of sale the successful bidder shall either pay full cash or make a deposit of 10% of the purchase price with the balance on credit for 30 days. If the purchase price is not paid in full, the successful bidder shall execute a bond at the time of sale with sufficient surety approved by the master commissioner prior to the sale to secure the unpaid balance of the purchase price. Pursuant to KRS 426.705 the bond shall bear interest at the rate the judgment bears, from the date of sale until paid, and shall have the force and effect of a judgment. In the event the successful bidder is the plaintiff, then in lieu of the deposit the plaintiff shall be allowed to bid on credit up to the judgment amount.
(5) The report of sale shall be filed by the master commissioner no later than three business days after the date of sale.
(6) The master commissioner shall execute and deliver the deed to the purchaser of the property no later than five business days after the court has confirmed the sale and approved the deed and all costs, fees, and other required amounts due and owing, if any, have been paid by the foreclosing mortgagee or lienholder or the purchase price has been paid in full by the third party purchaser.

Credits

HISTORY: Amended by Order 2017-08, eff. 7-6-17; adopted by Order 2015-25, eff. 1-1-16
Administrative Procedures, AP IV, Sec. 5, KY ST ADMIN P AP IV, Sec. 5
Current with amendments received through May 1, 2020.
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