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Award of property
The award is the act by which ownership of an auctioned property is granted to the best bidder or to the creditor.
Detailed explanation
Once the auction ends, the court awards the asset to whoever made the best bid; if there are not enough bidders, the creditor itself may be awarded it. With the award decree, the awardee obtains the title that allows them to register the property in their name.
Practical example
After an auction with no bids covering the minimum, the creditor bank is awarded the home, which will move into its REO asset portfolio.
When it matters
Understanding the award is important to know when ownership is actually transferred and what legal steps remain after the auction.
At Arkos Investor
At Arkos Investor we support you in auction and auction-assignment deals through to the award and the deed.