At a Sheriff’s auction where I am a 1/3 owner, if I win the bid do I have to bring the full amount or just what is owed the other partners?
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At a Sheriff’s auction where I am a 1/3 owner, if I win the bid do I have to bring the full amount or just what is owed the other partners?
I have filed a partition suit. There are 3 parties, including myself. If the judge says the property must be sold at auction, and I bid on and win the property, will I have to bring the entire amount if I’m the winning bidder or just the amount owed the other 2 partners? I’m not located in the state, so I can’t go to the Sheriff’s office and ask this. I spent the better part of the day trying to call, but they don’t answer their phone, ever. And they don’t return calls or email. I need to know, because I need to borrow the correct amount of money to bring to the sale.
Asked on June 26, 2012 under Real Estate Law, New York
Answers:
david slater / david p.slater, esq.
Answered 11 years ago | Contributor
You must offer and pay the full amount. The Sheriff does not get involved in division of payouts. The partnership attorney will make that determination after receiving the full amount.
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