When dealing with bankruptcy in a property transaction, the bankruptcy trustee appointed by the court determines who has the authority to transfer the property. If there is equity in the property, the trustee may sell the property and distribute the proceeds to creditors, with the sale needing approval from the bankruptcy court. If the debt exceeds the value of the property, the trustee may abandon the property, putting it back into the hands of the homeowner.
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Real estate held in a trust
From time to time you have real estate transactions that involve trusts. The main concern is determining who has the authority to sign on behalf of the trust when transferring ownership of the property.
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Real estate mortgage foreclosures
The foreclosure process involves a sheriff sale where the property is auctioned off, and after this sale, there is a redemption period during which the property owner can still do what they want with the property.
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Powers of attorney in real estate transactions
Powers of Attorney can vary in scope, some may allow only simple actions, while others may grant broad authority over finances and properties.
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