(a) Payment and delivery of deeds
The foreclosure commissioner shall deliver a deed or deeds to the
purchaser or purchasers and obtain the balance of the purchase
price in accordance with the terms of sale provided in the notice
of default and foreclosure sale.
(b) Quit claim deed
Subject to subsection (c) of this section, the foreclosure deed
or deeds shall convey all of the right, title, and interest in the
security property covered by the deed which the Secretary as
holder, the foreclosure commissioner, the mortgagor, and any other
persons claiming by, through, or under them, had on the date of
execution of the mortgage, together with all of the right, title,
and interest thereafter acquired by any of them in such property up
to the hour of sale, and no judicial proceeding shall be required
ancillary or supplementary to the procedures provided in this
chapter to assure the validity of the conveyance or confirmation of
such conveyance.
(c) Possession by purchaser; continuing interests
A purchaser at a foreclosure sale held pursuant to this chapter
shall be entitled to possession upon passage of title to the
mortgaged property, subject to an interest or interests senior to
that of the mortgage and subject to the terms of any lease of a
residential tenant for the remaining term of the lease or for one
year, whichever period is shorter. Any other person remaining in
possession after the sale and any residential tenant remaining in
possession after the applicable period shall be deemed a tenant at
sufferance.
(d) Right of redemption; right of possession
There shall be no right of redemption, or right of possession
based upon right of redemption, in the mortgagor or others
subsequent to a foreclosure pursuant to this chapter.
(e) Imposition of tax on conveyance to the Secretary
When conveyance is made to the Secretary, no tax shall be imposed
or collected with respect to the foreclosure commissioner's deed,
whether as a tax upon the instrument or upon the privilege of
conveying or transferring title to the property. Failure to collect
or pay a tax of the type and under the circumstances stated in the
preceding sentence shall not be grounds for refusing to record such
a deed, for failing to recognize such recordation as imparting
notice or for denying the enforcement of such a deed and its
provisions in any State or Federal court.
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