Final answer:
The responsibility of a buyer and broker in a judicial foreclosure sale includes investigating the property's condition and the ownership interest. They must ensure the property title is accurate and that there are no title defects, as sales at these auctions come without warranties.
Step-by-step explanation:
When involved in a judicial foreclosure sale, the buyer and broker have crucial tasks to perform regarding the property of interest. It's their responsibility to investigate and determine the condition of the property, as well as to look into the ownership interest and the status of the owner's title that is being conveyed by the court order. Since the sale does not come with any warranties, the buyer must be thorough in their research to ensure there are no outstanding issues that could affect their investment or claim to the property.
Furthermore, to sell land, such as a farm being converted to residential or commercial use, an accurate property title is essential. It is necessary to determine the precise dimensions of the property and calculate the acreage based on these dimensions to establish a legitimate title. Ownership of the property is fundamental for any individual or firm to enter into legally binding contracts concerning that property.