Supreme Court, New York County Auction Part Rules
An auction will not go forward if it is not on the Auction Calendar
- The Referee and all interested parties must be present on the scheduled auction date at 2:15 p.m. in Room 130 at 60 Centre Street.
- The Terms of Sale must be posted in Room 130 before the auction begins. The Referee shall afford prospective bidders time to review the Terms of Sale.
- At his or her discretion, the Referee may choose not to accept cash.
- A successful bidder must have in his/her possession at the time of the bid the full 10% of the sum bid, in cash (if accepted at the referee’s discretion) or certified or bank check to be made payable to the Referee.
- All persons wishing to bid on properties must register with the clerk and provide proof of identification.
- Bidders will be required to stand and state their names at the time the bid is made.
- No sale will be deemed final until the full 10% deposit has been paid to the Referee and the Terms of Sale has been signed; this must be done immediately following the auction.
- If a successful bidder fails to immediately pay the deposit and sign the Terms of Sale, the property will be promptly re-auctioned the same afternoon.
- Bidders are cautioned that the failure to furnish the 10% deposit or sign the Terms of Sale after winning an auction may result in the loss of future bidding privileges. The Court reserves the right to impose penalties for inappropriate behavior or other misconduct as it sees fit.
- The amount of the successful bid (the purchase price) and the name and address of the successful bidder, will be recorded by a court reporter.
- Bidders are permitted to use cell phones to communicate with business partners via text messages only. Phone calls and video calls (such as FaceTime or Skype) are not permitted.
- A court clerk will be present at all court-ordered foreclosure auctions. The clerk shall record the sale price, the amount awarded in the judgment of foreclosure and sale, the upset price and enter this information in the court’s computer system.
- The clerk will provide the Referee conducting the sale a Surplus Monies Form at the auction to complete. All information must be completed; if there is no surplus, then that must also be indicated.
- The Referee will complete the form at the auction, and deliver the signed form to the court clerk, who shall upload the form to NYSCEF (if an e-filed case) or provide it to the County Clerk (if a paper case).