Tax Parcel Sales' Procedures
Estimated Minimum Time Frame 90 to 120 Days
 

1. Purchaser makes appointment and signs "Offer to Purchase" with good faith deposit of 10% of the agreed purchase price*.  Only certified funds, cashier's checks or money orders will be accepted. No personal checks nor cash will be accepted.  Checks will be made payable to "Shelby County Trustee" and will be cashed.  Closing costs will be on "Offer to Purchase".
    
2. The sale (initial offer) will be advertised in the Daily News for one day for increases of 10%.  For ten (10) working days from the confirmation date of the advertisement, offers will be accepted by the Real Estate Services increasing the initial offer by (minimum) 10%.   No offers will be accepted after the ten (10) working day period has expired.  (The ten (10) working days will based on Shelby County Government's work schedule.)
    
3. If other Offer or Offers are received, a Bid Off will be scheduled at this office.  Details of  Bid Off, date and time will be sent to all participants by Registered Mail.  At the conclusion of the Bid Off, the high bidder's "Offer to Purchase" will be adjusted to reflect the new sales price and the high bidder will adjust their deposit to reflect 10% of the additional sales price (successful bidder given 48 hours to provide certified funds or money order).  If successful bidder fails to adjust deposit in allotted time frame their deposit is forfeited and the second highest bidder will be notified.  The Trustee's Office will be notified to refund the deposits to all unsuccessful bidders.   If no other "Offers" are received there will be no notification given.
    
4. A request is then sent to Shelby County Trustee's Office for preparation of Quitclaim Deed.
    
5. After Quitclaim Deed preparation is completed, a Resolution will be presented to the County Commission for approval of the sale.
    
6. Detailed closing instructions will be mailed to the purchaser after passage of the resolution, execution of the Quitclaim Deed and preparation of any other necessary legal documents.  Estimated minimum time frame from signing of "Offer to Purchase" to closing on property is 90 to 120 days.  The Trustee's Office will have the deed recorded and mail the recorded Quitclaim Deed to the purchaser.  The balance of purchase price is due in full, plus $49.00 advertising fee and cost of recording Quitclaim Deed.   If the Register's Office changes Recording Fees prior to closing, Recording Fee will be adjusted at closing.  Failure to close within 15 days of notice will negate sale and deposit will be forfeited.

Purchaser   (X)______________________________________ Date:  _________________________, 20______

	Purchasers of Shelby County property with improvements (house, duplex, apartment, condo, commercial building, etc.) must contact City of Memphis, Code Enforcement at 901-576-7448 to determine any rehabilitation requirements prior to execution of the "Offer to Purchase."  Initial_______.
*	Deposit Requirements    Sales from $50.00 to $500.00 / Required Deposit 100 %    Sales from $501.00 to $1,000.00 / Required Deposit $100.00