THIS IS NOT THE SALE OF REAL PROPERTY,

 it is the sale of the Assessment levied against the Real Property.

 This Thursday May 29, 2008, at 11:00 a.m.

The sale will be held at the Clark County Government Center, Commission Chambers (500 S. Grand Central Parkway, Las Vegas, Nevada, 89106).

 Certificate Sale Listing of parcels  http://www.amgnv.com/viewdoc.asp?cat=13&id=75

 From Laura B. Fitzpatrick, Clark County Treasurer, Special Assessment – Frequently Asked Questions Lien Certificates, Revised:  11/04/05 Subject to change without notice

http://trweb.co.clark.nv.us/county/treas/sa_faq.htm

 What is a lien certificate?

A lien certificate is a Certificate of Sale note issued on a property that is sold for non payment of a special assessment.

How often does Clark County conduct sales on delinquent special assessments?

Clark County conducts sales on delinquent assessment parcels three (3) times a year. They are held the last weeks of January, May, and September.

How do you determine the amount of the Certificate of Sale note?

The note is sold for the principal amount of a delinquent assessment plus accrued interest, penalties and costs.  At the option of the County some notes may be sold for the delinquent installment amount plus accrued interest, penalties, and costs.

If I purchase a Certificate of Sale note, do I own the property?

No. You own a note on the property, for a specified redemption period, and earn interest for each month the note remains outstanding. At the end of the redemption period you may request the deed to the property. The buyer has no legal claim or obligations during the redemption period.

How do I obtain the deed to the property once I have purchased a Certificate of Sale?

Notice of the purchasers intention to request a deed to the property must be given to the property owner no earlier than 60 days prior to the end of the redemption period (120 days for vacant land, 2 years for improved property).  The property owner then has 60 days in which to redeem the property.

What if I purchase a Certificate that sells the installment only?

It is the buyers responsibility to keep check on what the next installment is due, because we will sell that delinquent installment as well if payment is not received.

Who can redeem the Certificate of Sale note?

The property owner and other major lien holders (i.e. mortgage company) may redeem the certificate of sale at any time during the redemption period. Payment must be in the form of cash, cashiers check, or money order.

Is the Certificate of Sale a public document?

The Certificate of Sale note is recorded with the Clark County Recorder’s office. The original note will be mailed to the buyer after it is recorded, by the Clark County Recorder.

Where are the sales held?

The Clark County Commission Chambers at the Government Center, 500 S. Grand Central Parkway, Las Vegas, Nevada.

Do I have to be present to purchase a lien or may I do it by mail?

Lien certificates are sold at public sale and you must be present. Should the note holder on a specific property be held by Clark County we are allowed to sell it “over the counter”.

How do I find out what parcels are available for the sale?

The available parcels will be posted to the Clark County Treasurer website, http://trweb.co.clark.nv.us/county/treas/sa_sale.htm at the beginning of the sale month. They will also be published in the Las Vegas Review Journal, one time each week, for the three consecutive weeks prior to the sale date. It should be noted that property owners, or their mortgage company, may bring the parcel current up to the day of the sale. On the sale date they may pay the assessment off before the time of the sale.

How do I purchase a Certificate of Sale note?

All interested parties must register to receive a bidder number. A random number computer program will select the winning bidder. A first and second alternate will also be selected for the parcel from the number selection. The sale will then continue with all bidders eligible for each parcel on the sale list.

What do I need to register to bid?

You must fill out the registration form presented to you and show a valid picture identification (driver’s license) with your current address.  The name on the bidder card is the name in which the certificate of sale will be recorded.  The winning bidder’s name must appear on the certificate although other names may be added. Registration takes place on the day of the sale, in front of the commission chambers.

Do I need to be present to register or may a friend register for me?

You must be present to register. We will not allow a friend or family member to register for you.

What happens if there are back taxes?

The buyer is not required to pay any delinquent property taxes at the time of the sale. Should the buyer wish to protect their interest in the property, they may pay the delinquent tax and have the amount added to the Certificate of Sale. Delinquent taxes must be paid before a deed will be issued on the property.

Will the County assist if a foreclosure is necessary?

No, the County does not assist with foreclosure proceedings.

If I win the purchase of a Certificate of Sale how long do I have to pay the purchase price?

Payment must be received by 10:00 a.m. the day following the sale. Payment must be in the form of cash, cashiers check, or money order made payable to the Clark County Treasurer.

What happens to the parcels that do not sell, or for which payment is not received, by the following day?

The buyer has until 10:00 a.m. the day following the sale to make payment on their purchase.. Parcels that have not been paid for will be offered to the first alternate at 10:01 a.m.. Payment must be made by 2:00 p.m. on that date. At 2:01 p.m., if the parcel has not been paid, the second alternate is called. Payment must be made by 5:00 p.m. that day. If the property has not been paid for or there is no interest in the property the Certificate of Sale will be issued in the name of Clark County. Clark County may then sell the note, over the counter, to any interested party for the sale amount plus 1% interest for each month that Clark County holds the note to the property.

What happens if I do not pay for a parcel after accepting the option?

If you accept an option on a parcel we consider that you have entered into a contract to pay for that parcel. We are currently discussing, with the District Attorney’s office, our options for failure to honor that contract.

Where do I find out information on other liens that may be on the parcels?

We advise you to research the Clark County Assessor and Clark County Recorder records for information on the properties. Your research should be completed prior to the sale date.

What is the length of the redemption period I must hold the note?

The redemption period for vacant land is 120 days and for improved property the redemption period is 2 years.

What is the interest rate I will earn on the note?

The interest rate is 1% per month (12% per annum) for each month the note remains outstanding.

What type of deed will I receive at the end of the redemption period?

Clark County will issue you an absolute deed, upon your request, at the end of the redemption period. Refer to Nevada Revised Statutes 361.585 and 361.590 for information on an absolute deed.

What happens if the property owner files bankruptcy?

Clark County makes every attempt not to sell a bankruptcy parcel. We recommend that you contact your attorney for any recourse you would have should the the property owner file bankruptcy after you have purchased the note.

Will there be additional costs to the buyer?

There are costs associated with the notification procedures to request the deed to the property. However, the County cannot determine what, if any, additional costs the buyer may incur. Reasonable costs may be added to the note (i.e. publication, process server, etc.), prior to the date of redemption, and will earn 1% interest from that date forward. It is the buyer’s responsibility to provide the Treasurer’s office with receipts of the costs.

Laura B. Fitzpatrick, Clark County Treasurer, Special Assessment – Frequently Asked Questions Lien Certificates, Revised:  11/04/05 Subject to change without notice

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