Legal Question in Landlord & Tenant Law in California
who has ownership?
Does a person own a building until after it is auctioned off for nonpayment of a mortgage, or does the person lose ownership when it is put up for auction? Thank you.
4 Answers from Attorneys
Re: who has ownership?
The building transfers title, and ownership changes ONLY after a successful auction.
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Re: who has ownership?
Title remains with original owner until the auction.
Re: who has ownership?
Title remains with the foreclosed owner until there is a trustee's deed upon sale issued, usually right after the auction.
Re: who has ownership?
A person owns a building until it is sold at an auction.
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