What is a referee in real estate?

The referee is a judicial officer whose job is to be fair, diligent, and essentially act as an auctioneer in the process of selling the real estate. All of the referee's powers will be exercised under the supervision of the court and with full opportunity for the owners to be heard during the process.

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New York Referee's Deed in Foreclosure

New York Referee's Deed in Foreclosure

Category:

Real Estate - Deeds - Statutory

State:

New York

Control #:

NY-02290

Format:

Instant download

Overview of this form

The Referee's Deed in Foreclosure is a legal document used to transfer property ownership when a foreclosure sale takes place. This form is specifically designed to reflect the completion of a foreclosure process, facilitating the formal transfer of property from the debtor to the highest bidder at the foreclosure sale. Unlike other deeds, this deed applies exclusively to properties involved in foreclosure proceedings, ensuring clarity and legal compliance in property transfers due to default on mortgage obligations.

Key parts of this document

Date of execution: Specifies when the deed is officially signed and executed.
Parties involved: Identifies the referee (grantor) and the grantee (new property owner).
Details of the foreclosure action: Includes information about the plaintiffs, defendants, and the mortgage being foreclosed.
Consideration amount: States the price the grantee has paid for the property.
Property description: Provides a legal description of the property being transferred.
Signatures and notary acknowledgment: Required to validate the deed and its compliance with legal standards.

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Situations where this form applies

This form is typically used during the completion of a foreclosure process. You should utilize the Referee's Deed in Foreclosure if you are the referee appointed by the court to oversee the sale of a foreclosed property, or if you are the highest bidder who has won the property at the foreclosure auction. It solidifies the legal transfer of ownership and is necessary for updating public records.

Who this form is for

Referees appointed by the court in foreclosure actions.
Bidders who successfully purchase property at a foreclosure auction.
Legal professionals facilitating property transfers related to foreclosure sales.
Anyone involved in the foreclosure process needing to document the transfer of ownership.

How to complete this form

Identify the date when the deed will be executed.
Fill in the names and addresses of the grantor (referee) and grantee (new owner).
Insert the details of the foreclosure case, including the names of plaintiffs, defendants, and mortgage details.
Specify the amount paid by the grantee as consideration for the property.
Provide a thorough description of the property, including the address and legal description.
Have the grantor and a notary public sign the document to validate its legality.

Does this form need to be notarized?

Yes, this form must be notarized to be legally valid. It requires signatures from both the grantor and a notary public to ensure proper authentication and compliance with state laws. US Legal Forms offers integrated online notarization, making it easy to complete the process securely and conveniently through a video call.

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

Common mistakes to avoid

Failing to include all necessary parties involved in the foreclosure action.
Leaving the consideration amount blank or incorrect.
Not providing a complete and precise property description.
Omitting signatures or acknowledgments from the notary public.
Incorrectly filling in dates, which can lead to legal issues.

Benefits of completing this form online

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Customizable: Tailor the form to fit your specific circumstances.
Reliability: Ensure compliance with legal requirements with professionally drafted templates.
Convenience: Save time with a straightforward process to generate legally binding documents.

Legal use & context

This deed serves as official proof of the transfer of ownership post-foreclosure.
It must be filed with the appropriate county clerkâs office to be enforceable.
Proper completion and notarization are crucial for legal recognition.

What to keep in mind

The Referee's Deed in Foreclosure is essential for documenting property transfer after foreclosure.
Ensure all parties understand their roles in completing this deed.
Notarization is a required step before the deed can be recorded.

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FAQ

If the court grants summary judgment in favor of the bank, typically after a hearing, the bank wins the case, and your home will be sold at a foreclosure sale.order the foreclosure sale, or. dismiss the case, usually without prejudice. (Without prejudice means the bank can refile the foreclosure.)

In a non-judicial foreclosure, the lender is proceeding on the basis that the mortgage or deed of trust provides for its right of foreclosure. This means that your lawsuit will ask the judge to stop the foreclosure proceeding until they can review your argument against the foreclosure.

The Referee is an individual, usually an attorney, who has been appointed by the Court to conduct the auction and transfer the property after a judgment of foreclosure has been obtained by the lender, who is the plaintiff in the foreclosure lawsuit.

If the court grants summary judgment in favor of the bank, typically after a hearing, the bank wins the case, and your home will be sold at a foreclosure sale. If the court denies the bank's motion for summary judgment, though, litigation will continue, including discovery and trial.

The term used for the direction of a court to appoint a refer in order to decide a case.

Once a foreclosure case has successfully been through court proceedings, a judge signs the final judgement. This provides the lender with the legal right to sell the property to regain any losses accrued from nonpayment.

The referee is a judicial officer whose job is to be fair, diligent, and essentially act as an auctioneer in the process of selling the real estate. All of the referee's powers will be exercised under the supervision of the court and with full opportunity for the owners to be heard during the process.

In rare circumstances, you can get a court to set aside (invalidate) a foreclosure sale. Sometimes homeowners aren't aware that a foreclosure sale has been scheduled until after it's already been completed. Even if your home has been sold, you might, in rare circumstances, be able to invalidate the sale.

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Referee's Deed in Foreclosure

Definitions and Terms Relevant to Deeds

Note: The information below is a general statement of the law of deeds and is applicable in most states. However, state laws may vary the general statement slightly or to a large degree. The discussion below is intended as general and not as applicable to a particular state. The actual forms will reflect the requirements of your state.

Types of Deeds:

Warranty Deed - If a deed is intended to be a general warranty deed, it should contain a phase specified by state law such as the phrase "conveys and warrants". These words, called operative words of conveyance, carry with them several warranties which the grantor is making to the grantee. Examples of the warranties are:

First, the grantor warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property.

Second, the grantor warrants that the property is free from all encumbrances or liens.

Third, the grantor warrants that he or she will defend title to the estate so that the grantee and the grantee's heirs and assigns may enjoy quiet and peaceable possession of the premises with the power to convey the property.

Quitclaim Deed - A quit claim deed conveys to the grantee and the grantee's heirs and assigns in fee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. An example of operative words of conveyance are "convey and quit claim." There are no warranties of title.

Special Warranty Deed - In contrast to a general warranty deed, a special warranty deed limits the liability of the grantor by warranting only what the deed explicitly states. A special warranty deed has practically the same effect as a quitclaim deed. Special warranty deeds are generally used by corporations or other entities that want to avoid assuming the liability of a general warranty deed. Like the general warranty deed, the special warranty deed should contain the appropriate language such as "conveys and specially warrants." Usually, the grantor warrants that he or she did nothing to impair title during the period the grantor held the title. While a special warranty deed may contain covenants of title, these covenants will usually cover only those claims arising by, through, or under the grantor.

Fiduciary Deed - This is a deed to be executed by a fiduciary such as a trustee, guardian, conservator, or similar person in their appointed capacity.

Terms Common to Deeds:

Grantor - The person who owns the property and executes the deed conveying the property to another person. This can be one or more persons, a corporation, limited liability company (LLC), partnership or other entity.

Grantee - The person who receives title to the property. The grantee can be one or more persons, a corporation, LLC, partnership or other entity.

Consideration - The value given to the grantor by the grantee in exchange for the conveyance. Some states include the exact consideration in the deed and others do not but instead include a statement of consideration as being 10.00 and other good and valuable consideration.

Operative Words of Conveyance - These are state specific and generally are statutory. They show intent to transfer present title. As previously mentioned, examples are "conveys and warrants", or "convey and quitclaim" or convey and specially warrant".

Legal Description - The legal definition of the property being conveyed. This is contained in the deed where the grantor obtained title to the property and should be used in the deed where the grantor conveys the property exactly as written in the grantors deed unless not all of the property is being conveyed.

Life Estate - A life estate is where a person owns all the benefits of ownership in the property during their life, or the life of another, with the property going to a remainder person after the death of the life tenant.

Tenants in Common - This is how two or more people (co-tenants) may take title to property who intend their share in the property to be separate from the other on death. On the death of the tenant in common the deceased persons ownership in the property is left to his or her heirs or as specified by Will. Compare to Joint Tenants. If tenant in common ownership is desired the deed usually provides, "to Grantees, A and B, as tenants in common and not as joint tenants".

Joint Tenants with Rights of Survivorship - This is how two or more persons may take title to property when the parties want the entire ownership to go to the survivor instead of the heirs of the survivor. On death of a joint tenant with rights of survivorship, the entire interest of the deceased co-tenant goes to the surviving co-tenants. Compare to Tenants in Common. It is common for husband and wife to take title as joint tenants with rights of survivorship. If joint tenant with rights of survivorship ownership is desired, the deed usually provides, "to Grantees, A and B, as joint tenants with rights of survivorship and not as tenants in common".

Community Property - In community property states, special laws govern how property is owned between husband and wife.

Reservation Clause - This is a provision of a deed where the grantor may reserve some right in the property such as mineral rights.

Exception Clause - This is a clause in a deed were exceptions to title conveyed may be listed. Example, "Less and Except a prior reservation of all oil, gas and mineral rights in the property conveyed."

Subject to Clause - This is a clause in a deed where property useage rights may be states. Example: "Subject to all rights of way, easements and protective covenants of record".

Execution and Acknowledgments

Execution - A deed must be in writing and signed by the grantor(s). Generally, deeds conveying a homestead estate must also be signed by the grantor's spouse.

Acknowledgments - In addition to the signature of the grantor(s), deeds must be acknowledged to be recorded and acceptable as evidence of ownership without other proof. Each state has special acknowledgment forms.

Procedural Requirements

Name, Address, phone - The names of the grantor and the grantee should appear on the deed. The address and phone numbers are also usually included.

Recording or Filing Place - Generally, deeds should be recorded in the county in which the real estate is located. Although generally a deed does not have to be recorded to be a valid conveyance, there are practical reasons for recording a deed. Deeds usually do not take effect as to creditors and subsequent purchasers without notice until the instrument is recorded. Thus, unrecorded deeds may be void as to all subsequent creditors and subsequent purchasers without notice until they are filed for record. Recording a deed places subsequent purchasers on constructive notice in that subsequent purchasers are deemed to have actual knowledge of any recorded instrument. Some states are "race-notice" states, which means that the first grantee without notice to record a deed to property will be protected against the interests of other grantees with unrecorded deeds to the same property.

Acceptance and Delivery - Another element of a valid deed is that the deed must be delivered and accepted to be an effective conveyance. Most states assume delivery if the grantee is in possession of the deed. The deed also must be accepted by the grantee. This acceptance does not need to be shown in any formal way, but rather may be by any act, conduct or words showing an intention to accept such as recording the deed.

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Referee's Deed in Foreclosure

Definitions and Terms Relevant to Deeds

Types of Deeds:

First, the grantor warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property.

Second, the grantor warrants that the property is free from all encumbrances or liens.

Fiduciary Deed - This is a deed to be executed by a fiduciary such as a trustee, guardian, conservator, or similar person in their appointed capacity.

Terms Common to Deeds:

Grantee - The person who receives title to the property. The grantee can be one or more persons, a corporation, LLC, partnership or other entity.

Community Property - In community property states, special laws govern how property is owned between husband and wife.

Reservation Clause - This is a provision of a deed where the grantor may reserve some right in the property such as mineral rights.

Subject to Clause - This is a clause in a deed where property useage rights may be states. Example: "Subject to all rights of way, easements and protective covenants of record".

Execution and Acknowledgments

Execution - A deed must be in writing and signed by the grantor(s). Generally, deeds conveying a homestead estate must also be signed by the grantor's spouse.

Procedural Requirements

Name, Address, phone - The names of the grantor and the grantee should appear on the deed. The address and phone numbers are also usually included.

How to Order

To order the deed you have located, close this window and click on the order icon.

New York Referee's Deed in Foreclosure

Overview of this form

Key parts of this document

Related forms

Situations where this form applies

Who this form is for

How to complete this form

Does this form need to be notarized?

Get your form ready online

Common mistakes to avoid

Benefits of completing this form online

Legal use & context

What to keep in mind

Looking for another form?

Viewed forms

Form popularity

FAQ

What happens after Judgement of foreclosure?

Can a judge stop a foreclosure?

What is a referee in a foreclosure?

What happens after foreclosure judgment?

What is an order of reference?

What is a judgment of foreclosure?

What is a referee in real estate?

Can a foreclosure be appealed?

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