SB 311

Abstract

This Act does the following: (1) Authorizes the bundling of unimproved or vacant real property for sale at sheriff's sale by this State or any political subdivision when the real property is subject to a writ of venditioni exponas filed by this State or a political subdivision due to an outstanding lien or judgement. (2) Authorizes a land bank to acquire unimproved or vacant real property at sheriff's sale by submitting a final apex bid in the amount of the outstanding liens or judgements that are of record 5 days before the date of the sheriff sale, which has the effect of ending a sheriff's sale and selling the real property at issue to the land bank. The owner can redeem the real property by paying the land bank the amount of the final apex bid within 60 days of the approval of the sale to the land bank.