(1) Sales of personal property made by order of the court shall be on a credit of three (3) months.
(2) Sales of real property made by court order shall be on a credit of not less than three (3) months nor more than six (6) months, or on installments equivalent to not more than four (4) months' credit on the whole, to be determined by the court.
(3) In all sales on credit, the purchaser shall execute a bond, with good surety, to be approved by the person making the sale, and the bond shall have the force of a judgment.
(4) In sales of real property, a lien shall be retained on the property for its price.
(5) The mortgagee, trustee, or vendor shall publish a notice of the sale in a newspaper published and having a general circulation in the county in which the property is situated or, if this is not available, then in a newspaper of general statewide daily publication one (1) time.
(6) The publication shall be at least ten (10) days prior to the sale.