The bill amends Florida's judicial sales procedures, focusing on the sale of real and personal property under court orders. It establishes strict guidelines, including a prohibition on bidding credits or offsets exceeding 10% of the property's assessed value, a requirement for the winning bidder to pay the full purchase price within 30 days, and the voiding of sales that do not meet these conditions. Additionally, it restricts certain individuals and entities from participating in the bidding process and mandates that properties not sold for at least 75% of their assessed value must be reauctioned.

A new section titled "Transparency in Judicial Sales and Foreclosure Sales" is introduced, emphasizing public accessibility and transparency in the sale process. It requires sales to be held in publicly accessible locations with reasonable notice provided, and any non-compliant sales are deemed void. The bill also outlines the qualifications for individuals conducting the sale, mandates the handling of deposits and payments, and specifies the certification process for sales and titles. The act is set to take effect on July 1, 2025.

Statutes affected:
S 48 Filed: 45.031