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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 111568
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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The court ordered property sold at auction in a partition action.

Customer Question

The court ordered property sold at auction in a partition action. The property was sold to the highest bidder. When does the buyer take possession of the property! Do they take possession of the property after the formal closing or do they take possession of the property right after the auction. What determines the date for calculating the percentage of property taxes due back to the former owner. What date is utilized for the calculation of prepaid taxes on the property?
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The new owner takes possession at the date of the auction or upon payment, whichever comes later. The date for property taxes due back to the former owner is the same, the date of the auction or when payment was made whichever is later. As soon as the auction transaction is completed, the winner is the new owner and completing the transaction means making payment.
Customer: replied 1 year ago.

How would the previous owner find out when payment has been made?

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.

The clerk of court should have the information if the court auctioned the property. It should be in the court records.

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