Oklahoma County Commissioner Property Sale Bond

OklahomaOn 06/02/2008, there was a new law enacted in the state of Oklahoma labeled HB 2566. HB 2566 approves county commissioner boards to put real property up for sale. The triumphant bids must be 25% more than the certified appraised worth of the real property in order to be considered. The new law states that the successful bidders must post an “irrevocable bond or letter of credit.” The bond must be submitted within 15 days of the sale and must be equivalent to the purchase price; if the surety bond is not submitted within the given time period it will result in a rejection of the bid.