A Notice of Default was recorded on April 1st on a property in Murray, Utah. The trustee then recorded a Notice of Trustee's Sale on July 5th and scheduled the auction for July 26th. A Utah real estate agent reviewing the file believes the trustee's sale cannot legally proceed as scheduled. How many days' notice did the trustee provide between the Notice of Trustee's Sale and the scheduled auction date, and what is the minimum required under Utah law?
Correct Answer
B) The trustee provided 21 days' notice, which meets the 20-day minimum requirement
The trustee provided 21 days' notice between the July 5 Notice of Trustee's Sale and the July 26 auction date when counting from the day after notice through the sale date. Utah's 20-day minimum notice requirement is satisfied. The three-month waiting period after the April 1 Notice of Default was also satisfied because three months after April 1 is July 1, and both the July 5 Notice of Trustee's Sale and July 26 auction date occur after July 1. Therefore, the sale timeline meets both timing requirements.
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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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