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  1. #1
    Join Date
    Jan 2009
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    3

    Default When Does Legal Ownership Change

    My question involves a foreclosure in the State of California.

    The final event in a non-judicial foreclosure is the trustee auction sale.

    Let’s suppose that an individual is the successful bidder for a residential property and immediately gives a cashier’s check to the auctioneer and receives confirmation documentation in return.

    Legally, when does title and legal ownership transfer from the foreclosed upon owner to the new owner?

    1. On the day of the auction sale? _____

    2. On the day that the trustees or sheriffs deed is recorded with the county? ______

    Cast your vote if you know the legal answer.

    Thanks.

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: When Does Legal Ownership Change

    Quote Quoting Cozforus
    View Post
    My question involves a foreclosure in the State of California.

    The final event in a non-judicial foreclosure is the trustee auction sale.

    Let’s suppose that an individual is the successful bidder for a residential property and immediately gives a cashier’s check to the auctioneer and receives confirmation documentation in return.

    Legally, when does title and legal ownership transfer from the foreclosed upon owner to the new owner?

    1. On the day of the auction sale? _____

    2. On the day that the trustees or sheriffs deed is recorded with the county? ______

    Cast your vote if you know the legal answer.

    Thanks.

    The new owner becomes the offical owner when he hands the trustee the cashiers check and the trustee accepts it.

    Of course the deed needs to be recorded but it is considered a DONE DEAL once the trustee is paid

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