Question

Under a mortgage foreclosure, K made the highest bid and got the property. Within 24 hours K had paid the full amount to the sheriff. What would K receive?

(a) A bargain and sale deed
(b) A certificate of sale
(c) A quit claim deed
(d) A special warranty deed

Answer 1

K would most likely receive a certificate of sale after paying the full amount to the sheriff for a property won during a mortgage foreclosure auction. The type of deed given can vary, but it often resembles a quit claim deed.

Step-by-step explanation:

After successfully bidding on a property during a mortgage foreclosure sale, and upon full payment to the sheriff within the stipulated time, typically the bidder – in this case, K – would receive a certificate of sale. However, the type of deed issued can vary based on local laws and the terms of the foreclosure sale. Most commonly, the winning bidder may receive either a sheriff's deed, which is similar to a quit claim deed, or a certificate of sale, which is essentially a document indicating that the bidder has purchased the property at the auction. The actual transfer of property title may occur after the confirmation of the sale and the expiration of any statutory redemption period.