Section R907-80-12 - Contracts of Sale or Exchange(1) The department will prepare and deliver a contract of sale to the buyer following a public auction sale or upon concurrence of the parties in a negotiated sale or an exchange. This contract must contain the legal description of subject property or properties, and include:(a) information regarding the amount paid or the values of the properties exchanged;(b) the identities of buyer of the land or the entity or entities participating in the exchange with the department;(c) remedies the department may elect in the event of a default; and(d) any other terms, covenants, deed restrictions, or conditions the department considers appropriate.(2) Buyers or persons participating in a property exchange must execute contracts of sale or exchange and return them to the department within 20 days from the date the department delivers the contract. If the department does not receive the contract within the 20-day period, the department will send notice by a confirmable delivery method to the buyer or exchanging party giving notice that after 10 days the transaction may be canceled with monies received by the department, including any deposit made, will be forfeited to the department. Notification of this forfeiture provision must accompany the transmittal of the contract. (3) The department reserves the right to cancel a sale or exchange of surplus land for any reason prior to execution of the contract by the director.(4) The department will issue a quit claim deed to the appropriate person upon payment in full or amounts owed to the department and surrender of the original contract of sale or exchange for any tract of land sold or exchanged.Utah Admin. Code R907-80-12
Adopted by Utah State Bulletin Number 2017-12, effective 5/22/2017Amended by Utah State Bulletin Number 2018-11, effective 5/9/2018Amended by Utah State Bulletin Number 2020-24, effective 12/1/2020