§ 3713. — Transfer of title and possession.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3713]
TITLE 12--BANKS AND BANKING
CHAPTER 38--MULTIFAMILY MORTGAGE FORECLOSURE
Sec. 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
accordance with the terms of sale provided in the notice of default and
foreclosure sale.
(b) Quit claim deed
Subject to subsection (c) of this section, 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
foreclosure commissioner, the mortgagor, and any other persons claiming
by, through, or under them, had on the date of execution of the
mortgage, together with all of the right, title, and interest thereafter
acquired by any of them in such property up to the hour of sale, and no
judicial proceeding 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.
(c) Possession by purchaser; continuing interests
A purchaser at a foreclosure sale held pursuant to this chapter
shall be entitled to possession upon passage of title to the mortgaged
property, subject to an interest or interests senior to that of the
mortgage and subject to the terms of any lease of a residential tenant
for the remaining term of the lease or for one year, whichever period is
shorter. Any other person remaining in possession after the sale and any
residential tenant remaining in possession after the applicable period
shall be deemed a tenant at sufferance.
(d) Right of redemption; right of possession
There shall be no right of redemption, or right of possession based
upon right of redemption, in the mortgagor or others subsequent to a
foreclosure pursuant to this chapter.
(e) Imposition of tax on conveyance to the Secretary
When conveyance is made to the Secretary, no tax shall be imposed or
collected with respect to the foreclosure commissioner's deed, whether
as a tax upon the instrument or upon the privilege of conveying or
transferring 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.
(Pub. L. 97-35, title III, Sec. 369E, Aug. 13, 1981, 95 Stat. 430.)
