Santa Maria California Form 5498 2024-2025

Santa Maria California Form 5498: What You Should Know

Administrator a sum equal to an estimate of the successful bid's buyer's premium. The Property Appraisal Administrator shall promptly mail a receipt to the successful bidder. Any additional information about this auction can be obtained from Property Appraisal Administrator. See below for the Form to Auction Off Your Property. The Property Appraisal Administrator is not responsible for any errors in its assessment or valuation of property. Note: Form 5498 is NOT an appraisal form. Auction Terms. (3) To be eligible to participate in an auction, a bidder must present a legal instrument (e.g., bill of sale, lease, credit card) that has been obtained for the purpose of this auction and that was issued in California pursuant to the Uniform Commercial Code, Title 6 (commencing at section 954). If the bid is successful, the Property Appraisal Administrator shall deduct from (1) the payment due the appraiser's fee and expenses, and (2) the sale proceeds, the amount obtained by the bidder. If the bidder fails to deliver the appraisal, in either format, within the specified time period, the Property Appraisal Administrator may reject the bid. The appraisal will be presented in a standard format that does not include drawings or measurements. After the appraisal is received and the Property Appraisal Administrator is satisfied that the information contained in the appraisal is satisfactory, the Property Assessment Clerk, who shall have no affiliation with the Property Appraisal Administrator, shall conduct the auction and file a written report with the Property Appraisal Administrator. After the Property Assessment Clerk has completed a post-auction appraisal and the Property Appraisal Administrator's report has been received, the Property Appraisal Administrator shall immediately send notice to the Bidders. (4) Bidders must sign a release and waiver to be signed by all members in writing authorizing the Property Appraisal Administrator to view, copy, and use the completed report/appraisal for the purposes of the Property Appraisal. Bidders must submit a copy or copies of their written release and waiver to the Property Appraisal Administrator within 7 days. The Property Appraisal Administrator shall promptly mail any released materials to the Bidders. If a copy of a released document is not received at any time after the 7-day period, the Property Appraisal Administrator shall require another copy of the document to be submitted.

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