South Carolina Code 27-32-345. Public sale procedures; certificate of sale
(B) Any person, including the lienholder, may bid at the sale. The trustee may bid for the lienholder but not for himself or herself. If the trustee designates another person to bid for the lienholder, the trustee may conduct the sale and act as the auctioneer.
Terms Used In South Carolina Code 27-32-345
- Assessment lien: means :
(a) a lien for delinquent assessments as to timeshare estates; or
(b) a lien for unpaid taxes and special assessments. See South Carolina Code 27-32-310 - Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lienholder: means a holder of an assessment lien or a holder of a mortgage lien, as applicable. See South Carolina Code 27-32-310
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Timeshare instrument: means the document or documents which provide the legal framework for the establishment of the method of interval ownership of the timeshare estate and is or are recorded at the office of Register of Deeds in the county in which the timeshare estate is located. See South Carolina Code 27-32-310
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means any person entitled to exercise a power of sale. See South Carolina Code 27-32-310
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(C) The person conducting the sale may postpone the sale from time to time. In such case, notice of postponement must be given by oral public proclamation thereof by the person conducting the sale at the time and place last appointed for the sale. The notice of sale regarding the postponed sale must be mailed and recorded pursuant to § 27-32-330. The effective date of the initial notice of sale for purposes of § 27-32-330 is not affected by a postponed sale.
(D) The buyer must pay in cash or certified funds at the day of sale the price bid to the person acting as the auctioneer. The lienholder must receive a credit on its bid for the amount set forth in the notice of sale as required by § 27-32-330.
(E) Upon the issuance of the trustee’s deed, the buyer at the sale is entitled to possession and use of the timeshare estate in accordance with the timeshare instrument. Foreclosure by an assessment lienholder does not affect the interest of the mortgage lienholder except as provided in § 27-32-320(C). Any other person thereafter claiming possession of the timeshare estate is considered to be a tenant at sufferance, and the buyer is entitled, upon application to a court of competent jurisdiction, to a writ of possession.
(F) On the date of the sale and upon receipt of the amount bid, the trustee must issue to the buyer a certificate of sale stating that a foreclosure conforming to the requirements of this article has occurred, including the time, place, and date of the sale; that the property was sold; the amount of the mortgage lien or the assessment lien, as applicable; the amount of the purchase price; and the name and address of the successful bidder. A copy of the certificate of sale must be mailed by certified or registered mail, postage prepaid, to all persons entitled to receive a notice of sale under § 27-32-330.