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12 U.S.C. § 3714 — Record of foreclosure and sale
Federal law — U.S. Code and appendices · legal_authorities
**(a)** To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser or prepare an affidavit or addendum to the deed stating—
(1) that the mortgage was held by the Secretary;
(2) the particulars of the foreclosure commissioner’s service of notice of default and foreclosure sale in accordance with sections 3708 and 3710 of this title;
(3) that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale;
(4) a correct statement of the costs of foreclosure, calculated in accordance with [section 3711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711&num=0&edition=prelim); and
(5) the name of the successful bidder and the amount of the successful bid.
**(b)** The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments.
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Source file: Laws/federal/codes/united-states-code/title-12/section-3714-record-of-foreclosure-and-sale--daa79961cf.md
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Source location: Title 12, Chapter 38, § 3714; chapter-038-multifamily-mortgage-foreclosure.md
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**(a)** To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser or prepare an affidavit or addendum to the deed stating—
(1) that the mortgage was held by the Secretary;
(2) the particulars of the foreclosure commissioner’s service of notice of default and foreclosure sale in accordance with sections 3708 and 3710 of this title;
(3) that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale;
(4) a correct statement of the costs of foreclosure, calculated in accordance with [section 3711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711&num=0&edition=prelim); and
(5) the name of the successful bidder and the amount of the successful bid.
**(b)** The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments.
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Federal law — U.S. Code and appendices · legal_authorities
The following foreclosure costs shall be paid from the sale proceeds prior to satisfaction of any other claim to such sale proceeds:
(1) necessary advertising costs and postage incurred in giving notice pursuant to sections 3708 and 3710 of this title;
(2) mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in [section 1921 of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section1921&num=0&edition=prelim) for mileage by the most reasonable road distance;
(3) reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records;
(4) necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and
(5) a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1561
TITLE 12—BANKS AND BANKING
§ 3717
cumstances. If such a procedure for the deposit
of disputed funds is not available, and the fore-
closure commissioner files a bill of interpleader
or is sued as a stakeholder to determine entitle-
ment to such funds, the foreclosure commis-
sioner’s necessary costs in taking or defending
such action shall be deductible from the dis-
puted funds.
(Pub. L. 97–35, title III, § 369D, Aug. 13, 1981, 95
Stat. 429.)
§ 3713. Transfer of title and possession
(a) Payment and delivery of deeds
The foreclosure commissioner shall deliver a
deed or deeds to the purchaser or purchasers and
obtain the balance of the purchase price in ac-
cordance with the terms of sale provided in the
notice of default and foreclosure sale.
(b) Quit claim deed
Subject to subsection (c), the foreclosure deed
or deeds shall convey all of the right, title, and
interest in the security property covered by the
deed which the Secretary as holder, the fore-
closure commissioner, the mortgagor, and any
other persons claiming by, through, or under
them, had on the date of execution of the mort-
gage, together with all of the right, title, and in-
terest thereafter acquired by any of them in
such property up to the hour of sale, and no ju-
dicial proceeding shall be required ancillary or
supplementary to the procedures provided in
this chapter to assure the validity of the con-
veyance or confirmation of such conveyance.
(c) Possession by purchaser; continuing interests
A purchaser at a foreclosure sale held pursu-
ant to this chapter shall be entitled to posses-
sion upon passage of title to the mortgaged
property, subject to an interest or interests sen-
ior to that of the mortgage and subject to the
terms of any lease of a residential tenan
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3714
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