12 U.S.C. § 3763 : US Code - Section 3763: Transfer of title and possession

Search 12 U.S.C. § 3763 : US Code - Section 3763: Transfer of title and possession

(a) Delivery of deeds
The foreclosure commissioner shall, upon delivery of a deed or
deeds to the purchaser or purchasers (which shall be without
warranty or covenants to the purchaser or purchasers) obtain the
balance of the purchase price in accordance with the terms of sale
provided in the notice of default and foreclosure sale.
Notwithstanding any State law to the contrary, delivery of a deed
by the foreclosure commissioner shall be a conveyance of the
property, and constitute passage of title to the mortgaged
property, and no judicial proceedings shall be required ancillary
or supplementary to the procedures provided in this chapter to
assure the validity of the conveyance or confirmation of such
conveyance.
(b) Right of possession
A purchaser at a foreclosure sale held pursuant to this chapter
shall be entitled to possession upon passage of title under
subsection (a) of this section to the mortgaged property, subject
to any interest or interests not barred under section 3765 of this
title. Any person remaining in possession of the mortgaged property
after the passage of title shall be deemed a tenant at sufferance
subject to eviction under local law.
(c) Death of purchaser
If a purchaser dies before execution and delivery of the deed
conveying the property to the purchaser, the foreclosure
commissioner shall execute and deliver the deed to a representative
of the decedent purchaser's estate upon payment of the purchase
price in accordance with the terms of sale. Such delivery to the
representative of the purchaser's estate shall have the same effect
as if accomplished during the lifetime of the purchaser.
(d) Bona fide purchaser
The purchaser of property under this chapter shall be presumed to
be a bona fide purchaser.
(e) No right of redemption
(1) In general
There shall be no right of redemption, or right of possession
based upon a right of redemption, in the mortgagor or others
subsequent to a foreclosure completed pursuant to this chapter.
(2) Certain provisions
Section 1710(l) of this title and section 1452c of title 42
shall not apply to mortgages foreclosed under this chapter.
(f) Taxes
When a mortgage foreclosed pursuant to this chapter is conveyed
to the Secretary, no tax shall be imposed or collected with respect
to the foreclosure commissioner's deed (including any tax
customarily imposed upon the deed instrument or upon the conveyance
or transfer of title to the property). Failure to collect or pay a
tax of the type and under the circumstances stated in the preceding
sentence shall not be grounds for refusing to record such a deed,
for failing to recognize such recordation as imparting notice, or
for denying the enforcement of such a deed and its provisions in
any State or Federal court.