N.D.C.C. § 57-28-15 — Annual sale at auction - Sale price - Terms of payment

The annual sale must be conducted in the following manner:
1. Each parcel of land must be sold at auction to the highest qualified bidder for no less
than the minimum sale price as fixed before the sale. The sale may be made either for
cash or one -fourth of the purchase price in cash, and the balance in equal annual
installments over a period of not more than ten years. The purchaser may pay any or
all annual installments with interest before the agreed due date of the installments.
2. If the sale is for cash, the purchaser shall promptly pay the amount bid to the county
treasurer.
3. If the purchase price is to be paid in installments, the purchaser shall pay the first
installment to the county treasurer and be given a contract for deed setting forth the
terms of the sale. The contract for deed must be executed by the purchaser, the
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chairman of the board of county commissioners, and the county auditor. The contract
must give the county the right to cancel the contract by resolution and due notice upon
default by the purchaser.
4. The original contract for deed must be filed with the county treasurer, who shall record
upon it all payments made by the purchaser. The interest rate for the contract must be
established by the board of county commissioners at no more than twelve percent.
5. Upon completion of a cash sale or payments under a contract for deed, the county
auditor shall execute and deliver a deed conveying to the purchaser the entire interest
of the county in the property.
6. Upon the execution and delivery of the deed or contract for deed, the property
becomes taxable to the purchaser.
7. A person is unqualified to be the highest bidder for property if the person owes
delinquent taxes to any county.