12 U.S.C. § 3713

Transfer of title and possession

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(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), 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.

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, § 369E, Aug. 13, 1981, 95 Stat. 430.)

Notes of Decisions

Cited in 4 cases, 1989–2012 · leading case: Dodge Street, LLC v. Livecchi, 32 F. App'x 607 (2d Cir. 2002).

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Dodge Street, LLC v. Livecchi, 32 F. App'x 607 (2d Cir. 2002). · cites it 2× “Dodge Street contended that it was entitled to immediate possession of the property pursuant to 12 U.S.C. § 3713 (c) but conceded that CRL was a tenant at sufferance.”

Nbc-usa Hous., Inc., Twenty-six v. Donovan, 674 F.3d 869 (D.C. Cir. 2012). “¶ 11; see 12 U.S.C. §§ 3713 , 3714. The foreclosure deed directed the Recorder of Mortgages of Orleans Parish, Louisiana, to “cancel and erase” all listed inscriptions relating to NBC’s Section 811 mortgage on Fortner Manor and its default thereon.”

Davidson Rehab Assocs. v. United States Dep't of Hous. & Urban Dev. (In Re Davidson Rehab Assocs.), 103 B.R. 440 (Bankr. S.D.N.Y. 1989). “Here, 12 U.S.C. § 3713 (d) precludes a right of redemption after the foreclosure sale.”

C.D. Barnes Assocs., Inc. v. Grand Haven Hideaway Ltd. P'ship, 406 F. Supp. 2d 801 (W.D. Mich. 2005). “At oral argument, Stock's counsel presented an argument based upon 12 U.S.C. § 3713 (c), which provides, in part: "A purchaser at a foreclosure sale held pursuant to this part shall be entitled to possession upon passage of title to the mortgaged property, subject to an interest…”

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