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A. After a foreclosure sale, the Treasurer shall promptly
deliver a certificate of sale to the purchaser. The certificate of sale
embodies the right to own the property at the end of the redemption
period. The holder of a certificate of sale has no ownership rights and no
possessory interest in the property prior to the completion of the redemption
period and holds the certificate of sale subject to the rights of all persons
having an interest in the property to redeem it, the right of the City to place
additional liens on the property and the right of another unit of government to
foreclose upon the property. All liability remains with the persons having
an interest in the property until the City issues a deed at the end of the
redemption period. B. The certificate of sale shall include the following
information: a description of the delinquent account for which the property was
sold; a description of the property; a statement of the amount for which it was
sold; the redemption interest rate and the amount of the redemption penalty; the
name of the purchaser; and, a statement that the property is being sold subject
to the right of redemption within one year from the date of sale.
C. The Treasurer shall send to the property owner and all
persons known to have a recorded interest in the property a notice of the sale
by registered or certified mail, within 10 working days after the sale. The
notice shall contain the following information: the name of the purchaser; the
right of redemption; the date the redemption period expires; the redemption
price; and, the basis for calculating interest and penalties during the
redemption period.
D. It shall be the responsibility of the purchaser to maintain a
current address on file with the Auditor.
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