The bill amends various sections of the Revised Code concerning real property foreclosures and estate sales, introducing new provisions and clarifying existing regulations. Key modifications include changes to Section 2127.38, which details the distribution of sale proceeds from real property sold by executors, administrators, or guardians, particularly in cases of estate insolvency. New definitions such as "sale date" and "start date" are added in Section 2329.01, and it mandates that public auctions be conducted by private selling officers who are independent of mortgagees. The bill also outlines the process for judicial or execution sales, allowing judgment creditors to opt for sales by private selling officers, and emphasizes transparency in online auctions by requiring public display of all bids.

Additionally, the bill establishes a statewide official public sheriff sale website and an integrated auction management system, which must be operational by September 28, 2016. It sets forth new public notice requirements for property sales, mandating weekly publications for at least three consecutive weeks prior to the sale date, with specific details included in the notices. The bill also revises the appraisal process, requiring licensed appraisers and setting timelines for submission, while allowing for subsequent sales if properties remain unsold. Overall, these amendments aim to modernize the judicial sale process, enhance transparency, and improve efficiency in real estate transactions in Ohio.

Statutes affected:
As Introduced: 2127.38, 2329.01, 2329.151, 2329.152, 2329.153, 2329.17, 2329.18, 2329.19, 2329.20, 2329.211, 2329.26, 2329.27, 2329.312, 2329.52, 5721.10