§ 701.547.Statement Relating to Prospective Bidders

Bidders at an execution sale need to know the rules apply to them too, not just to the debtor and creditor. Section 701.547 requires every notice of sale to contain the substance of a statement directing prospective bidders to §§ 701.510 through 701.680 of this code for the provisions governing the sale's terms, conditions, and effect, along with what happens if a bidder defaults.

That cross-reference matters in practice: § 701.600 makes a defaulting bidder liable for the shortfall on resale, accruing costs and interest, and even the creditor's or debtor's attorney's fees in an action to collect. The notice's job is to put bidders on warning before they raise a paddle.