CT SB01059

Authorizes foreclosure by "market sale" for properties with no more than four families, in addition to existing decree of sale and strict foreclosure methods.

Requires parties seeking market sale foreclosure to file a motion with a proposed marketing plan, which must be approved by the court before proceeding.

Establishes a minimum 120-day period for receiving purchase offers after court approval, with court authority to extend this deadline for good cause.

Requires court approval of any offer received, allowing the court to consider contingencies but not reject offers solely based on financing or inspection contingencies.

Sets a 90-day closing period following court approval of an offer, with court authority to determine and approve payment of marketing expenses, attorney's fees, and other closing costs from sale proceeds.

Effective date: October 1, 2013.