When an item, or goods or a piece of property is sold in public with bidding, this is known as public auction or public sale. Auction is a sale process in which the seller presents the sale-able item to the public and asks them to give their price for that selling item. The person with highest price wins the public sale and buys the sold item. After that, the official announcement or notice that is issued in order to present the results of the public sale is known as the notice of results of public sale.
Brief Description of Notice of Results of Public Sale:
Auction is very common these days especially with the properties and other items being pledged with a bank or loan company. Selling collateral items in public is a very common process for banks to collect their debt from loaners and debtors. There are basically two types of sales including private sale and public sale. In private sale, only one person is asked to buy the collateral where in public sale, all potential buyers are welcomed to put their price tag on the collateral. This process can take time from just a few days to weeks and months.
This depends on the value of the collateral i.e. in case of expensive property; it takes months to find potential buyers where in case of common or low value collateral, the entire process is over within a week. After going through the process, once the collateral is sold to a new buyer, the seller or selling department/company announces the results of the public sale in open. This is a standard procedure to notify the bidders about the price on which the collateral is sold and to notify a particular buyer who won the public sale and now required to make the payment.
Why it’s Importance to create the Notice of Results of Public Sale?
When a public sale takes place, multiple bidders are involved in this process. For example, a bank wants to sale a pledged property in public and it invites potential buyers to buy the property. The people with interest in the property will enter in the public sale and give their bid. Once the documents and offers are processed, the buyer will highest bid or offer will win the public sale. Then the bank or selling party is legally obligated to announce the results in public in order to inform all the buyers about the results and to notify the winning bidder and to ask him to make the payment and transfer the ownership of that property.
How to create the Notice of Results of Public Sale?
When you want to create the notice of results of public sale, you need to mention number of elements in the notice letter. It includes the details of the public sale, the specifics of the item(s) sold in the public sale, the parties or potential buyers who participated in the sale, the person who won the sale and the price on which the item(s) are sold. You also need to mention a specific duration or deadline for the buyer to arrange for the money or you will file a lawsuit against him in order to collect the money.
Here is preview of a Free fillable Notice of results of Public Sale created for anyone to quickly draft such notice,
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Here is download link for this Notice of results of Public Sale,