In a foreclosure when does property ownership officially end?
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In a foreclosure when does property ownership officially end?
We are tenants.
Asked on February 9, 2012 under Real Estate Law, Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
When real property is foreclosed upon by the lender whose loan has been secured, the legal ownership of the owner whose home has been foreclosed upon officially ends when the trustee's deed executed post the trustee's sale is recorded with the county recorder's office in the county where the foreclosed property is located. The date and time of recording ends the prior owner's ownership interest.
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