Payment and issuance of limited warranty deed

(a)(1) Payment by certified funds:

(A) Is due and payable upon notice that a bid is successful; and

(B) Must match the total amount of the bid less earnest money paid.

(2) Payments made after the ten-business-day payment period or made with insufficient funds will cancel the sale and the bidder shall forfeit the payment of the earnest money of each parcel purchased.

(3) Additionally, the purchaser may be prohibited from bidding in any or all future auctions.

(b) After the unsold-property auction closing date and receipt of payment in full of the bid amount, the Commissioner of State Lands shall issue a limited warranty deed in the name of the successful bidder.