Thomas is a Virginia real estate broker whose client, a lender, has asked him to assist with the sale of a REO (Real Estate Owned) property that was acquired through a non-judicial foreclosure. The lender is now the owner after the trustee's deed was recorded. Which document transferred title to the lender after the foreclosure sale?
Correct Answer
B) A trustee's deed executed by the trustee and delivered to the purchaser at the foreclosure sale
After a non-judicial foreclosure sale in Virginia, the trustee executes and delivers a trustee's deed to the purchaser (in this case, the lender who was the high bidder). The trustee's deed transfers whatever title the trustor conveyed to the trustee under the deed of trust. Recording the trustee's deed in the circuit court clerk's office provides public notice of the transfer and completes the title transfer process.
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