We bought a home at trustee’s sale on Monday, May 16th and ReconTrust says that the deed is still in process. Today is day 10 since the sale and I was wondering if anybody knew if the deed will need to be recorded in 15 BUSINESS days or CALENDAR days? If it is CALENDAR days then it falls on Monday, May 30th (Memorial Day) and it would be impossible for us to record it unless we get the deed tomorrow or Friday morning. I’ve sent a letter to ReconTrust already regarding Civil Code ?2924b. I see that they only have to send it to me within 15 business days but I’m under the impression from this forum that we have to record within 15 calendar days. Any information would help!
You will probably get conflicting opinions, here. Mine is, it doesn’t matter. IOW, whether you record within 15 or 150 days. the intent of the law, when it was put in about 10 years ago, was to try and obviate a bk. filing right after the sale. As a practical matter, it doesn’t matter. Title companies treat the sale as happening when it took place. Your 120 days, if their is a Fed tax lien start the day of the sale. If a judgment lien against the former owner hits after the sale, it has no affect.
I have gone over a year 2 or 3 times before recording. These were properties I wasn’t selling and figured I didn’t want to trigger a tax increase (in the days of rising values) or didn’t want to pay the City transfer tax until I had to. I do not recommend this approach (not recording promptly) for newbies. In one case, I didn’t want make it publicly known to my competitors who bought the property.
I often wait until I am ready to sell before recording or even wait until I have a buyer and am ready to open title.
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I agree with MIke that there will be different opinions on 15 recording issue. However, for me, if possible, I will always try to push the trustee to release the doc asap. FOr IRS, title company will treat 120 days from the date of auction(purchase) if deed records within 15 days (roll back clause). Otherwise the date will click from the date of recording. Not only this, just by not recording the deed, it actually opens up chance of getting more troubles. SO again, not MUST, but i would always try my best to get it recorded within that 15 days period. THank you.