Although not required by law, this form serves to document the sale. If the sale is for residential real property under a power of sale, this form will also document the information required by Tex. Bus. & Com. Code § 22.004.
Foreclosure Sale Transcript
The following transcript covers the foreclosure sale conducted from [time] [a.m./p.m.] to [time] [a.m./p.m.] on [date], at [location] of the county courthouse in [county] County, Texas, on the foreclosure of the deed of trust. [Name of mortgagee’s representative], a representative of the mortgagee, accompanied the [Trustee/Substitute Trustee] to the foreclosure sale to act as bidder at the sale. Material appearing in boxes is instruction to the [Trustee/Substitute Trustee] conducting the sale.
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Read in a clear and audible voice. Identify person conducting sale. |
1.Good [morning/afternoon] ladies and gentlemen. We are in [county] County at [time] on [date]. My name is [name], and I am the [Trustee/Substitute Trustee] on the foreclosures noticed for sale today under my name. Please be advised that all sales conducted by me today are held under the following terms.
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Recite terms of sale. |
2.All property offered for sale today will be sold to the highest bidder for cash or cashier’s checks, subject to the right of the mortgagee to bid credit against the debt owed on the obligations secured by the deed of trust.
The purchase price is due and payable without delay upon acceptance of the bid unless the purchaser and I agree upon a reasonable time for the purchaser to deliver the funds, in which case I will adjourn the sale to a specified time later today. If the funds are not tendered upon acceptance of the bid or within the specified time period, the sale will be reconvened and the property re-auctioned. If you are not the highest bidder, you should reappear at the time of the reconvened sale to verify that the highest bidder produced the cash bid or, if the apparent highest bidder does not produce the cash, to bid again on the property being sold. You must be prepared to pay cash at any reconvened sale.
All property sold is subject to—
a.any statutory or court ordered restraint of the sale arising out of bankruptcy, pending litigation, receivership, or other legal proceedings involving any person who claims a legal or equitable interest in the property;
b.the death or initiation of a probate proceeding of debtor(s), or any person who claims a legal or equitable interest in the property;
c.reinstatement or payoff of the loan secured by the property or any other presale arrangement to satisfy the default; and
d.any matter which may affect the validity of any element of the foreclosure process or foreclosure sale or act as a defense or bar to the foreclosure process.
I specifically make no representations of any nature, either expressed or implied, about the nature or condition of the properties or the status of the title to the properties to be sold.
Successful bidders take the property subject to any matter which may affect the validity of the sale as stated before.
The properties for sale today will be sold “AS IS” in their present condition and subject to any ad valorem taxes for the current and prior years. The properties will be identified by legal description. Any preprinted street address appearing on the Notice of Sale or [Trustee/Substitute Trustee]’s deed may or may not match the subject property.
A [Trustee/Substitute Trustee]’s deed will be prepared and delivered within a reasonable period of time after all have been received from the winning bidder.
In the event a defect or other problem with the sale is discovered before the issuance of the deed, the consideration paid will be returned to the bidder within a reasonable time after verification of the pertinent facts, and the return of the funds shall be the buyer’s sole and absolute remedy. If you are the successful bidder, you will be asked to sign an acknowledgment that the sale was subject to these terms. We will not conclude any sales in which this acknowledgment is not executed. If the purchaser does not wish to execute this acknowledgment, we will reconvene the sale and re-auction the property.
3.I would now like anyone who desires to bid at this sale to complete the bidders’ registration, which I will distribute.
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Distribute bidders’ and attendance registration form among persons at sale. Allow time for identification of potential bidders. |
4.Additionally, I request that any persons observing this sale who are willing to have their attendance recorded sign the attendance registration form, which is being circulated at this time.
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Take list of names of persons in attendance. Attach copy of attendance registration and bidders’ registration to this transcript. |
Are there any questions?
The first sale is the [name of mortgagor] sale.
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Recite facts about the obligations secured and the property being sold. |
5.On or about [date], [name of mortgagor] executed a note and deed of trust filed for record in the real property records of [county] County, Texas, appearing at volume [number], page [number], covering that property known as [legal description].
[Name of debtor] has defaulted in the payment and performance of [its/her/his] obligation to the current beneficiary of the deed of trust, [name of mortgagee], who has requested that I, as the current [Trustee/Substitute Trustee] under the deed of trust, conduct this sale.
The interest of the mortgagor in said property and deed of trust is hereby offered to the highest bidder for cash according to the terms of sale I have just described.
This sale is now opened for bids. Each bidder will please state his or her name, for whom the bid is being made, and the amount of each bid made.
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Identify each person who bids and restate the bid. |
Name:
Representing:
Amount bid:
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Repeat as necessary |
6.On behalf of [name of bidder], I enter an opening bid of $[amount]. Are there any other bids?
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Allow bidding to occur if interest exists, making sure that if the mortgagee has supplied an opening and high bid that the high bid is reached before allowing the property to be sold to a third party. If bidding continues beyond the mortgagee’s high bid, allow bidding until all interest is exhausted. |
7.Are there any further bids? There being no further bids, the property is sold to [name of high bidder] for $[amount of the high bid].
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Include the following information as required by Tex. Bus. & Com. Code § 22.004 if the sale is for residential real property under a power of sale. |
Bidder submitting the highest and best bid:
Name:
Address:
Telephone number:
Email address:
Taxpayer identification number:
Bidder’s principal (if bidder is acting as an agent):
Name of individual or organization:
Name of organization’s contact person:
Address:
Telephone number:
Email address:
Grantee in deed:
Name:
Address:
Party tendering payment of highest and best bid:
Name:
Address:
Telephone number:
Email address:
Government-issued photo identification: [attach copy]
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In the event of a successful third-party high bidder, indicate to the successful bidder when the exchange of money will take place. Also indicate that the exchange of money and receipts will be handled by either you or your assistant. In the event of a third-party sale, continue as follows with the script. If it is a sale back to the mortgagee, do nothing further except announce, “This concludes the sale.” |
8.To anyone interested or a bidder in the case just auctioned, please be advised that in the event the successful bidder does not exchange money and documents as agreed, I will re-auction this property at the end of all my sales today or approximately at [time] [a.m./p.m.].
This concludes the sale.