Thanks for all the replies to my previous post..I called the lender of the property (I am leasing) and they say I will receive a 60 notice to vacate once the property is sold at auction. I do have a question about when does the property officially transfer to the bank, because I don't want to be sued for not paying rent but I don't want to keep paying the old owner for nothing.
2007-10-01 02:42:53 · 3 answers · asked by Jon K 2 in Business & Finance ➔ Renting & Real Estate
They'll let you know as soon as they acquire title. Continue paying rent to the owner until then. If they don't notify you of the transfer, it is THEIR problem, not yours.
2007-10-01 02:53:02 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
In the state of CA.
The property will go to auction, if no one bids at the property at auction, it will revert back to the bank. A trustee deed will be issued to either the winning bidder or the bank depending on how the sale went.
When this deed is recorded (usually the immediately) the transfer is official.
Most of the CA counties have info available on-line. For a small fee (about $3 per page) you can print out the notice of sale which will advise you of the auction date. OR you may know because either you got a sign posted on the door or spectators are mingling around the property to see if they wish to buy. (in San Diego County, you can see the transfer infomation online for free you only pay if you want a copy)
What ever you do, keep paying rent! If the property is sold and you do not know who to pay, open an Escrow account with the bank and place it there.
If a third party buys they will get in touch with you!
Keep in mind, once the property is sold
2007-10-02 06:44:08 · answer #2 · answered by greeneyedblond31558 3 · 0⤊ 0⤋
The first step is the public sale the owner of the property will be the successful bidder at that sale, in most cases such bidder is the lender who simply bids what is owed to them. The next step is the approval of the sale by the court, next is the tendering of the master's deed to the successful bidder who then records it. Depending on the state, then the final waiting period before the ownership is clearly in the successful bidder's name, is the time period needed to allow the debtor who lost the property the right to redeem the property by paying what the successful bidder paid.
If you have a concern as to who to pay simply open an account at the bank and place your rental payments there waiting for instructions on what to do with those payments, from the court or the successful bidder.
2007-10-01 02:52:31 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 2⤋