Anyone bidding at the foreclosure sale should be aware that a non-refundable deposit is due at the time of the sale. The successful bidder is required to deposit 5% of their final bid. The deposit shall be applied to the sale price at the time of payment. If final payment plus the appropriate Clerk’s Registry fees is not made by 10:30am the next day, the Clerk shall re-advertise the sale as provided in Chapter 45.031 Florida Statutes and pay all costs of the sale from the deposit. Any remaining funds shall be applied toward the judgment.
According to Chapter 28.24 Florida Statutes, the funds will be placed in the Court Registry. Any payment into the registry of the court must be tendered in cash, cashier’s check or money order (drawn on a U.S. bank and made payable to the Clerk of Courts) AND accompanied by payment of the Clerk’s registry fee of 3% of the first $500.00 deposited and 1.5% of each subsequent $100.00. The successful bidder must have the deposit money with them at time of the sale. The balance is due by 10:30am the next business day unless the final judgment states otherwise.
The successful bidder will be billed for a certified copy of the Certificate of Title and Documentary Stamps, which must be paid prior to issuing title. The purchaser of property will be issued a Certificate of Title. This Title contains no warranties.
The Certificate of Title will be recorded on the 11th day after the sale. If the 10th day is a non-business day, the next business day will be treated as the 10th day. The defendant has 10 days to object to the sale. If objections are filed, the Judge will rule at a hearing as to whether or not a Certificate of Title is to be issued. If the defendant files bankruptcy, the Clerk is stayed from issuing a Title or taking any action, pending further order of the Court.
If you purchase any foreclosure property, you may be required to pay Documentary Stamp Tax pursuant to Florida Statute Chapter 201. Pursuant to Florida Administrative Code 12B-4.013(3) Documentary Stamp Tax is to be computed on the amount of consideration paid, WHICH IS THE HIGHEST AND BEST BID RECEIVED FOR THE PROPERTY AT THE FORECLOSURE SALE.