Utah Admin. Code R907-80-12 - Contracts of Sale or Exchange
(1) The
department will prepare and deliver a contract of sale to the buyer following a
public auction sale or upon concurrence of the parties in a negotiated sale or
an exchange. This contract must contain the legal description of subject
property or properties, and include:
(a)
information regarding the amount paid or the values of the properties
exchanged;
(b) the identities of
buyer of the land or the entity or entities participating in the exchange with
the department;
(c) remedies the
department may elect in the event of a default; and
(d) any other terms, covenants, deed
restrictions, or conditions the department considers appropriate.
(2) Buyers or persons
participating in a property exchange must execute contracts of sale or exchange
and return them to the department within 20 days from the date the department
delivers the contract. If the department does not receive the contract within
the 20-day period, the department will send notice by a confirmable delivery
method to the buyer or exchanging party giving notice that after 10 days the
transaction may be canceled with monies received by the department, including
any deposit made, will be forfeited to the department. Notification of this
forfeiture provision must accompany the transmittal of the contract.
(3) The department reserves the right to
cancel a sale or exchange of surplus land for any reason prior to execution of
the contract by the director.
(4)
The department will issue a quit claim deed to the appropriate person upon
payment in full or amounts owed to the department and surrender of the original
contract of sale or exchange for any tract of land sold or exchanged.
Notes
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