House Bill 1375 amends Florida's judicial sales procedures, focusing on the sale of real and personal property. The bill establishes strict guidelines for these sales, including a prohibition on bidding credits or offsets exceeding 10% of the property's assessed value, a requirement for winning bidders to pay the full purchase price within 30 days, and a mandate that properties must be reauctioned if they do not sell for at least 75% of their assessed value. It also restricts certain individuals, such as relatives of attorneys involved in the sale, from participating in bidding and requires that sales be conducted in publicly accessible locations with adequate notice.

Additionally, the bill introduces the "Transparency in Judicial Sales and Foreclosure Sales Act," which aims to enhance transparency and fairness in the judicial sale process. It outlines conditions under which sales may be voided and reauctioned, such as failure to remit payment or if the sale price falls below the assessed value threshold. The legislation mandates that funds related to the sale be held in escrow or trust accounts and prohibits certain preferences in the sales process. The act is set to take effect on July 1, 2025, and emphasizes that courts cannot allow sales that do not comply with the new requirements.

Statutes affected:
H 1375 Filed: 45.031