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12 U.S.C. § 3763 — Transfer of title and possession
Federal law — U.S. Code and appendices · legal_authorities
**(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) to the mortgaged property, subject to any interest or interests not barred under [section 3765 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3765&num=0&edition=prelim). 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 und
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Source location: Title 12, Chapter 38A, § 3763; chapter-38a-single-family-mortgage-foreclosure.md
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**(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) to the mortgaged property, subject to any interest or interests not barred under [section 3765 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3765&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1452c&num=0&edition=prelim) 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Whenever with respect to a single family mortgage securing a loan under section 1452b 11 See References in Text note below. of this title, the Secretary of Housing and Urban Development or its foreclosure agent forecloses in any Federal or State court or pursuant to a power of sale in a mortgage, the purchaser at the foreclosure sale shall be entitled to receive a conveyance of title to, and possession of, the property, subject to any interests senior to the interests of the Secretary. With respect to properties that are vacant and abandoned, notwithstanding any State law to the contrary, there shall be no right of redemption (including all instances any right to possession based upon any right of redemption) in the mortgagor or any other person subsequent to the foreclosure sale in connection with such single family mortgage. The appropriate State official or the trustee, as the case may be, shall execute and deliver a deed or other appropriate instrument conveying title to the purchaser at the foreclosure sale, consistent with applicable procedures in the jurisdiction and without regard to any such right of redemption.
**(b) Foreclosure by others** Whenever with respect to a single family mortgage on a property that also has a single family mortgage securing a loan under section 1452b 1 of this title, a mortgagee forecloses in any Federal or State court or pursuant to a power of sale in a mortgage, the Secretary of Housing and Urban Development, if the Secretary is purchaser at the foreclosure sale, shall be entitled to receive a conveyance of title to, and possession of, the property, subject to the interests senior to the interests of the mortgagee. Notwithstanding any State law to the contrary, there shall be no right of redemption (including in
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1452c
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Federal law — U.S. Code and appendices · legal_authorities
A sale, made and conducted as prescribed in this chapter to a bona fide purchaser, shall bar all claims upon, or with respect to, the property sold, for each of the following persons:
(1) **Notice recipients** — Any person to whom the notice of default and foreclosure sale was mailed as provided in this chapter, and the heir, devisee, executor, administrator, successor, or assignee claiming under any such person.
(2) **Subordinate claimants with knowledge** — Any person claiming any interest in the property subordinate to that of the mortgage, if such person had actual knowledge of the foreclosure sale.
(3) **Nonrecorded claimants** — Any person claiming any interest in the property, whose assignment, mortgage, or other conveyance was not duly recorded or filed in the proper place for recording or filing, or whose judgment or decree was not duly docketed or filed in the proper place for docketing or filing, before the date on which the notice of the foreclosure sale was first served by publication, as required by [section 3758(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3758/3&num=0&edition=prelim), and the executor, administrator, or assignee of such a person.
(4) **Other persons** — Any person claiming an interest in the property under a statutory lien or encumbrance created subsequent to the recording or filing of the mortgage being foreclosed, and attaching to the title or interest of any person designated in any of the foregoing paragraphs.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3765
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Federal law — U.S. Code and appendices · legal_authorities
Page 1568
TITLE 12—BANKS AND BANKING
§ 3762
Editorial Notes
CODIFICATION
Section is based on section 812 of title VIII of S. 2281,
One Hundred Third Congress, as reported July 13, 1994,
which was enacted into law by Pub. L. 103–327.
§ 3762. Disposition of sale proceeds
(a) Priority payments
Money realized from a foreclosure sale shall be
made available for obligation and expenditure in
the following order:
(1) Costs of foreclosure
To cover the costs of the foreclosure pro-
ceeding described in section 3761 of this title.
(2) Tax liens
To pay valid tax liens or assessments if re-
quired by the notice of default and foreclosure
sale.
(3) Prior liens
To pay any liens recorded before the record-
ing of the mortgage which are required to be
paid in conformity with the terms of sale in
the notice of default and foreclosure sale.
(4) Service charges and advances
To pay service charges and advances for
taxes, assessments, and property insurance
premiums.
(5) Interest
To pay any outstanding interest.
(6) Principal
To pay the principal outstanding balance se-
cured by the mortgage (including expenditures
for the necessary protection, preservation, and
repair of the security property as authorized
under the mortgage agreement and interest
thereon if provided for in the mortgage agree-
ment).
(7) Late charges or fees
To pay any late charges or fees.
(b) Other payments
(1) Other lienholders and the mortgagor
Any surplus of proceeds from a foreclosure
sale, after payment of the items described in
subsection (a) shall be paid in the following
order:
(A) First, to holders of liens recorded after
the mortgage in the order of priority under
Federal law or the law of the State in which
the security property is located.
(B) Second, to the appropri
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3763
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