A foreclosure auction has been completed in Nassau County, New York, and a third-party investor was the successful bidder. The court-appointed referee has not yet delivered the referee's deed to the bidder. During this interim period, what is the status of legal title to the property?
Correct Answer
C) The original borrower remains the legal owner until the referee delivers the referee's deed to the successful bidder.
In a New York judicial foreclosure, title does not pass at the auction itself — the borrower remains the legal owner until the court-appointed referee actually delivers the referee's deed to the successful bidder, who then records it.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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