Our auctioneers have performed receivership duties on many properties throughout Ohio. We represent Asset Managers, Bankers and the court system. We are a one stop shop for receivership services, property preservation and liquidation of personal and real assets.
As an independent third party individual appointed by the Court, the Receiver temporarily assumes the role of owner and thereby receives the rent, pays the operating and other expenses and performs such other functions as the Court instructs or as may be subsequently approved by the Court.
Once the Receiver’s Oath and Bond have been delivered to the Court, the Receiver will inspect the property, advise and meet tenants and vendors, obtain and review records from the owner and management company, and establish the operational, maintenance and accounting procedures and systems as may be appropriate. An inventory of property controlled by the Receiver is filed with the Court within 10 to 30 days of the appointment as directed by the Court.
Monthly financial reports are submitted to the Court and the litigant parties and periodic narrative reports are provided. Special requests for the Court’s and litigant parties’ approval are made when necessary, i.e. capital expenditures, lease cancellations, etc. At the conclusion of the Receivership, a final accounting is submitted to the Court and the litigant parties for approval. A motion is filed with the Court to terminate the Receivership and the Court issues such an Order.
Our rates and fees are very reasonable. Often our fees are waived if we conduct a Real Estate Auction in conjunction with the Receivership appointment. Call or email to discuss our Receivership services.