Obligations of a court-appointed receiver to new owner after a trustee sale?


#1

I am trying to purchase a multi-family property at trustee auction, and there is a court-appointed receiver firm (3rd party property manager) in place for the property. Does the receiver have any obligations (other than a professional courtesy) to help the new owner?

The biggest concern is whether the trustee has an obligation to turn over signed leases for which he may have copies? Other tenant records and files?

Thanks for any help.


#2

I’d look at the Court file. Maybe they have a restraining order to even prevent the sale. At some point, if/when the sale takes place, the Ct. appointed receiver will need to file reports and ask that the Ct awards payment of his fees. If the receiver doesn’t cooperate, you could appear at the Court hearing where the receivership is dissolved. If this happens immediately before the sale, you could get the ct. date when this is scheduled.


#3

Hi MikeT, I always love it when you share your insight!! I know that you are one of the few that are actually out there “doing it” when it comes to trustee sales and foreclosures. Years ago when I worked in property management i was hired to handle the daily operation for the court appointed receiver on a multi unit residential building. I remember having to “create” the tenant files because we were not given any of the property records. I am not sure if that is a unique case or if there are instances where the receiver is not given anything. I do recall that when the property finally went to sale we turned over everything that was created to the new owner. I do not recall that it was a big deal but then again that was 20 years ago and I was not involved in the hearings.


#4

Thank you for the suggestions. What is the best way for a non-lawyer to review a file like this? I know how to see recorded documents at the recorders office. Where should I look for court files on-line?

Your help is much appreciated.


#5

You can read most Ca. Court files in the comfort of your own home. Federal Court files are completely available via service they provide called “Pacer”. In Ca., availability of info online varies widely by County. Eg. In Alameda you have to go to a Courthouse to obtain the case no. If/when you get the case number, you can view the file online. In other counties you can get the case no. on line but can’t view the file. BTW, in many states you can view recorded docs online. Not in Ca. In Ca. all you can view is the Grantor/Grantee index.


#6

thanks miket!


#7

Check This one?http://www.jmbm.com/docs/receiverships101.pdf. They have all the details regarding to your concerns.

http://www.youtube.com/watch?v=WzY4frRYzOk