The bill amends various sections of the Revised Code concerning real property foreclosures and estate sales, focusing on the distribution of sale proceeds and the roles of private selling officers in public auctions. It introduces new provisions that clarify how sale proceeds from properties sold by executors or administrators are handled, including allowing courts to authorize additional costs and fees up to $5,000 for insolvent estates. The bill also defines key terms such as "sale date" and "start date," and mandates that private selling officers remain independent from mortgagees or mortgage servicers to ensure a fair auction process. Furthermore, it outlines procedures for public auctions, including the option for judgment creditors to select a private selling officer when a debtor does not defend against a claim, and establishes conditions for postponing or canceling sales.

Additionally, the bill requires the establishment of a statewide official public sheriff sale website and an integrated auction management system by September 28, 2016, to facilitate the sale of residential and commercial properties. It specifies that appraisals for residential properties must be conducted by licensed individuals not affiliated with the sheriff or private selling officer, and sets a timeline for these appraisals. The bill also revises public notice requirements for land sales, mandating that notices be published weekly for at least three consecutive weeks prior to the sale date, and allows for flexible advertising methods for subsequent sales if properties remain unsold. Overall, the amendments aim to improve transparency, efficiency, and compliance in real property transactions while protecting the interests of all parties involved.

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