PRINTER'S NO. 1140
No. 987 Session of 1983
INTRODUCED BY IRVIS, F. E. TAYLOR, GREENWOOD, JAROLIN, SEVENTY,
STEIGHNER, KASUNIC, DALEY, KUKOVICH, ITKIN, COWELL, PISTELLA,
MURPHY, PRESTON, EVANS, WILLIAMS AND GANNON, MAY 11, 1983
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, MAY 11, 1983
AN ACT
1 Regulating sheriffs' foreclosure and tax sales.
2 The General Assembly of the Commonwealth of Pennsylvania
3 hereby enacts as follows:
4 Section 1. Foreclosure; tax sales; residential real estate.
5 (a) Fair market value; notice.--No sheriff's sale nor writ
6 of execution against residential real estate in a mortgage
7 foreclosure proceeding or real estate tax sale shall be valid
8 nor shall a deed be delivered unless prior thereto, a court-
9 appointed appraiser has determined and published the fair market
10 value of the residence based upon competent evidence including,
11 but not limited to, the original purchase price of the property
12 and such appreciation customary for a property of comparable
13 size, condition and location in its vicinity. Publication shall
14 be given by:
15 (1) Causing a notice listing the property to be sold and
16 the fair market value thereof to be placed in a newspaper of
17 general circulation, as defined by 45 Pa.C.S. Ch. 3 (relating
1 to legal advertising), which is published and circulated in
2 the political subdivision where the sale will be held, or
3 such newspaper of general circulation which has a bona fide
4 paid circulation equal to or greater than any newspaper
5 published in the said political subdivision.
6 (2) Posting a copy of the notice prominently at the
7 principal office of the agency holding the sale or at the
8 public building in which the sale is to be held.
9 (b) Minimum sale price.--No sheriff's sale shall be valid
10 against residential real estate nor shall a deed be delivered
11 unless the proceeds of the sale are not less than 70% of the
12 fair market value of the residence as determined and published
13 by a court-appointed appraiser pursuant to subsection (a).
14 (c) Debts and liens to be listed.--A creditor initiating a
15 sheriff's sale against residential real estate shall provide a
16 list of all debts and liens placed against the property to be
17 sold prior to ten days before the date of sale and the sheriff
18 shall give notice to all creditors and lienholders listed of the
19 date and location of the sale.
20 (d) Payment by successful bidder.--A successful bidder at a
21 sheriff's sale shall deposit not less than 5% of the total
22 amount of the purchase money bid on the date of the sale and
23 shall pay the remainder to the sheriff within 90 days. In the
24 event that a successful bidder is unable to complete payment
25 within 90 days, the sheriff shall put the property up for sale
26 again in accordance with the provisions of subsections (a) and
27 (c).
28 Section 2. Repealer.
29 All acts and parts of acts are repealed insofar as they are
30 inconsistent with this act.
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1 Section 3. Effective date.
2 This act shall take effect immediately.
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