Q: Once the certificate of title is transferred to the purchasing bank in a foreclosure how long does the previous owner
Have to vacate the property?
A: Technically, once title transfers to the new owner the previous owners should vacate immediately. However, that is not feasible in many circumstances, and the new owner who purchased the property at the foreclosure sale may be willing to give the former owner assistance with moving in an agreement that is known as "cash for keys." With a "cash for keys" agreement, the former owner agrees to deliver the home to the new owner in good condition on an agreed upon date at which time the new owner gives the former owner some amount of money to help offset moving expenses. Absent an agreement, the new owner will file an eviction to have the property cleared of any inhabitants after foreclosure. The time for finalizing an eviction varies by county and can be anywhere from several weeks to several months. Whether you are a former owner who needs help with "cash for keys" or a new owner that needs help with an eviction, schedule a free consultation to plan a course of action.
Barbara Billiot Stage agrees with this answer
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